Key Points
Schafer Jr. disposed of 48,000 shares at $45.71 per share, for a total transaction value of $2.2 million, on August 4.
The transaction involved a same-day exercise of 48,000 stock options at a strike price of $12.00 followed by an immediate open-market sale.
The activity was executed under a Rule 10b5-1 trading plan established on December 16, 2025, indicating a pre-scheduled liquidity event.
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Douglas M. Schafer Jr, EVP and CIO of Miami International Holdings, Inc. (NYSE:MIAX), reported a sale of 48,000 shares on August 4, according to an SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Transaction value | $2.2 million |
| Shares sold | 48,000 |
| Post-transaction shares (directly held) | 387,414 |
| Post-transaction value | $17.57 million |
Transaction value based on SEC Form 4 weighted average sale price ($45.71); post-transaction value based on August 04, 2026 market close ($45.34).
Key questions
- What was the primary driver of this transaction?
The sale was conducted under a Rule 10b5-1 trading plan adopted on December 16, 2025. These plans allow corporate insiders to schedule share sales in advance to meet liquidity or diversification needs, providing a defense against potential claims of trading on material non-public information. - What is the executive's remaining equity exposure following the sale?
After the reported disposition, Schafer Jr. maintains a direct ownership position of 387,414 shares. In addition to this common stock, the executive holds 43,334 stock options, representing continued long-term alignment with company performance. - How does the execution price compare to recent market levels?
The 48,000 shares were sold at a weighted average price of $45.71, with individual trades occurring between $45.09 and $46.78. This weighted average price is narrowly above the $45.34 market close on the transaction date and slightly below the $45.96 close as of the August 5 market close. - What are the current financial metrics for the company?
Miami International Holdings, which operates various exchange platforms for options, futures, and equities, has a market capitalization of $4.4 billion as of the August 5 market close. The firm reported trailing twelve-month revenue of $1.5 billion and net income of $142.3 million.
Company Overview
| Metric | Value |
|---|---|
| Share Price (as of market close 2026-08-05) | $45.96 |
| Market Capitalization | $4.4 billion |
| Revenue (TTM) | $1.5 billion |
| Net Income (TTM) | $142.3 million |
Company Snapshot
- Miami International Holdings operates a diversified marketplace ecosystem that provides trading venues for options, futures, and cash equities, generating revenue through transaction fees, market data services, and technology licensing across its MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Pearl Equities, and MIAX Futures platforms.
- The company generates revenue through a transaction-based model, capturing fees from trading volume across its multiple exchange platforms, supplemented by ancillary revenue streams, including market data dissemination, connectivity services, and regulatory fees.
- The company serves institutional investors, retail traders, market makers, and broker-dealers seeking access to diversified trading venues for options, equities, and futures products in the United States capital markets.
Miami International Holdings is a mid-cap financial services infrastructure provider with a $4.4 billion market capitalization, serving as a critical marketplace operator in U.S. capital markets. The company's diversified platform architecture across options, equities, and futures segments positions it to capture trading volume across multiple asset classes. MIAX maintains competitive advantages through its technology infrastructure, regulatory approvals across multiple asset classes, and established relationships with market participants seeking alternative execution venues.
What this transaction means for investors
Schafer runs MIAX's technology, which is the product itself for an exchange operator, so his filing might tempt a closer look, but this is still just a plain plan sale set months ago, and he still kept some 387,000 shares.
More importantly for long-term investors, the systems Schafer oversees carried a record quarter. MIAX grew second-quarter net revenue 35% to $141 million as options volume rose 25% to 11 million contracts a day, and the operating leverage in that technology model pushed adjusted margins above 54%. Gallagher called it "another record quarter" powered by options and the new Bloomberg futures suite. The platform reliability behind that volume is Schafer's remit, which makes his continued large stake more telling than the slice he sold. Still, options market share slipped a touch, to 16.5% from 16.7%, which serves as a reminder that MIAX is defending its turf against bigger exchanges even as volume climbs.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Miami International. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
