Thomas P. Gallagher, the Chairman and Chief Executive Officer of MIAMI INTERNATIONAL HOLDINGS, INC. (NASDAQ:MIAX), has completed a significant transaction involving the disposal of company equity. According to filings, Gallagher acquired 70,000 shares of common stock through the exercise of nonqualified stock options and subsequently sold all 70,000 shares on July 13, 2026. The aggregate value generated from this disposal was $2,976,400.
The shares were sold at prices ranging from $42.00 to $43.49, resulting in a weighted average sale price of $42.52 per share. At the time of reporting, the stock was trading at $41.27, placing the current price below Gallagher's sale price. Market analysis suggests that MIAX may be undervalued at current levels, with fair value models indicating potential upside. The exchange operator, which carries a market capitalization of $4.02 billion, is trading at a high earnings multiple, a factor highlighted in comprehensive research reports.
These transactions were executed indirectly by Gallagher Investments, LLC. Mr. Gallagher maintains beneficial ownership over this entity, including dispositive and voting control. Both the acquisition of the shares through option exercise and the subsequent sale were conducted pursuant to a Rule 10b5-1 trading plan established by Mr. Gallagher on December 29, 2025. The exercise of the nonqualified stock options involved 70,000 shares of common stock at an exercise price of $12.00 per share, totaling $840,000 for the acquisition. These options were fully vested and carried an expiration date of August 2, 2026.
Following these transactions, Mr. Gallagher, through Gallagher Investments, LLC, indirectly holds 1,723,275 shares of MIAMI INTERNATIONAL HOLDINGS, INC. common stock.
In parallel with executive transactions, MIAMI INTERNATIONAL HOLDINGS, INC. has reported operational developments. The MIAX Exchange Group experienced a 26% rise in year-to-date average daily volume, reaching 10.9 million contracts through June 2026. The company also disclosed unregistered stock issuances, having issued 1,881,554 shares of common stock to various investors and consultants between April and June.
Corporate governance updates include the approval of all fifteen nominees to the board of directors at the annual meeting, with vote totals ranging from over 50 million to nearly 67 million shares in favor. Additionally, the company has adopted a new Senior Executive Annual Bonus Plan for 2026, focusing on performance metrics for determining awards. This plan will be managed by the Compensation Committee for executive officers and by the CEO for other employees.
Operational enhancements include the Options Clearing Corporation beginning to provide clearing and settlement services for MIAX Futures Exchange. This follows the listing of Bloomberg equity index futures by MIAX in May. These developments reflect ongoing strategic initiatives and operational enhancements within the company.