MIAX MIAMI INTERNATIONAL HOLDINGS, INC.
Price Chart
Executive Summary
Seven MIAX insiders, including the Chairman & CEO and multiple EVPs, sold a total of $7.71M in open-market transactions on 2026-06-02, concurrent with derivative exercises. The sales represent ~0.2% of market cap and appear overwhelmingly driven by option exercise/tax planning — the entire C-suite exercised options at $12 and sold the resulting shares at ~$42, capturing ~$30/share spread. While the cluster size is notable, the pattern is best explained by a single vesting/expiration event, not coordinated bearish conviction. Historical calibration shows score-7 reports in this segment have only 31% win probability at T+20, but cross-filing amplifiers moderately increase signal value here.
Key Financial Metrics
Actionable Insight
Monitor MIAX for any upcoming earnings or material announcements in the next 2-4 weeks. The synchronized option exercise pattern at $12 with same-day sale at ~$42 is characteristic of a scheduled 10b5-1 plan or blackout-window expiring event rather than new negative information. The proportionality (0.2% of market cap) is below the significant threshold, but the C-suite-wide participation warrants attention. If the stock breaks below $40 without news, this cluster's signal strength increases.
Key Facts
- Seven insiders sold a total of $7.71M in shares on 2026-06-02, representing ~0.20% of MIAX's $3.8B market cap
- Chairman & CEO Thomas P. Gallagher sold 70,000 shares for ~$2.97M, exercising options at $12 each
- EVP & CIO Douglas M. Schafer sold 48,000 shares for ~$2.06M, also exercising options at $12
- EVP, GC & Corporate Secretary Barbara J. Comly sold 28,000 shares for ~$1.20M, exercising options at $0 and $12
- Director Kurt M. Eckert and Director Judson Gray sold smaller amounts, with Eckert also exercising options at $12
- No open-market buying was reported in this cluster — net direction is entirely selling
- All option exercises at $12 with sales at ~$42 suggest lockup/vesting expiration rather than opportunistic selling
Financial Impact
$7.71M total insider sales, ~0.2% of $3.8B market cap
Risk Factors
- Coordinated C-suite option exercises and same-day sales could presage adverse earnings or regulatory developments
- Zero insider buying creates an asymmetric information signal — management has no skin-in-the-game at current prices
- Historical calibration: score-7 reports at this issuer segment have only 31% T+20 win probability with symmetric downside risk
Market Snapshot
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-MIAX-1780606628749 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 4, 2026
2d ago
|
Insider Cluster
| — | awaiting T+20 | — | — |
|
Jun 4, 2026
2d ago
|
Insider Cluster
| — | awaiting T+20 | — | — |
|
Jun 4, 2026
2d ago
|
Insider Cluster
| — | awaiting T+20 | — | — |
|
Jun 4, 2026
2d ago
|
Insider Cluster
| — | awaiting T+20 | — | — |
|
May 6, 2026
4w ago
|
8-K
| $49.77 $40.33 | ▼ −18.97% | ▼ −22.10% | $39.21 (−21.22%) |
|
May 4, 2026
4w ago
|
Insider Cluster
| $47.31 $46.10 | ▼ −2.56% | ▼ −8.20% | $39.21 (−17.12%) |
|
May 4, 2026
4w ago
|
Insider Cluster
| $47.31 $46.10 | ▲ +2.56% | ▲ +8.20% | $39.21 (+17.12%) |
|
May 4, 2026
4w ago
|
Insider Cluster
| $47.31 $46.10 | ▼ −2.56% | ▼ −8.20% | $39.21 (−17.12%) |
|
May 4, 2026
4w ago
|
Insider Cluster
| $47.31 $46.10 | ▼ −2.56% | ▼ −8.20% | $39.21 (−17.12%) |
|
Apr 27, 2026
5w ago
|
DEFA14A
| $46.72 $49.21 | ▲ +5.33% | ▲ +0.37% | $39.21 (−16.07%) |
US Market Status
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