v3.26.3
Condensed Consolidated Statement of Operations (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Total revenues $ 376,183 $ 339,778 $ 1,133,502 $ 994,639
Cost of revenues:        
Liquidity payments 206,313 217,286 636,472 606,983
Brokerage, clearing, and exchange fees 14,212 11,612 45,849 42,547
Section 31 fees 23,028 0 46,004 35,225
Other cost of revenues 1,621 1,397 4,462 3,855
Total cost of revenues 245,174 230,295 732,787 688,610
Revenues less cost of revenues 131,009 109,483 400,715 306,029
Operating expenses:        
Compensation and benefits 40,286 68,753 125,642 146,734
Information technology and communication costs 9,601 9,290 29,286 25,689
Depreciation and amortization 9,453 8,229 26,319 21,337
Occupancy costs 2,938 3,568 9,158 9,018
Professional fees and outside services 15,386 10,807 38,241 30,159
Marketing and business development 1,249 759 5,409 2,077
Acquisition-related costs 0 0 0 2,901
Litigation settlement 0 0 30,000 0
General, administrative, and other 4,892 8,382 15,691 18,835
Total operating expenses 83,805 109,788 279,746 256,750
Operating income (loss) 47,204 (305) 120,969 49,279
Non-operating (expense) income:        
Change in fair value of puttable common stock 0 (338) 0 (2,229)
Change in fair value of puttable warrants issued with debt 0 (255) 0 (1,172)
Interest income 5,941 2,658 15,581 5,371
Interest expense and amortization of debt issuance costs (42) (3,378) (131) (12,710)
Loss on sale of intangible asset 0 0 0 (2,054)
Unrealized gain (loss) on derivative and digital assets 9,797 7,979 6,919 (39,039)
Loss on debt extinguishment 0 (107,656) 0 (107,656)
Gain on sale of business 0 0 50,570 0
Other, net 1,181 (1,595) (998) 10,765
Income (loss) before income tax provision 64,081 (102,890) 192,910 (99,445)
Income tax benefit (expense) (11,609) 810 73,994 (528)
Net income (loss) attributable to Miami International Holdings, Inc. $ 52,472 $ (102,080) $ 266,904 $ (99,973)
Weighted-average shares of common stock outstanding        
Basic (in shares) 99,113,041 70,128,197 95,430,903 66,168,315
Diluted (in shares) 110,799,280 70,128,197 110,249,406 66,168,315
Net income (loss) per share attributable to common stock        
Basic (in dollars per share) $ 0.53 $ (1.46) $ 2.80 $ (1.51)
Diluted (in dollars per share) $ 0.47 $ (1.46) $ 2.42 $ (1.51)
Transaction and clearing fees        
Revenues:        
Total revenues $ 316,420 $ 292,814 $ 963,714 $ 868,257
Access fees        
Revenues:        
Total revenues 36,949 27,096 105,247 77,285
Market data fees        
Revenues:        
Total revenues 13,877 10,730 39,038 30,625
Other revenue        
Revenues:        
Total revenues $ 8,937 $ 9,138 $ 25,503 $ 18,472