The cluster is routine — all sales followed derivative exercises at a $12 strike price, with proceeds likely used for tax withholding. The dollar amount is immaterial relative to MIAX's $4.5B market cap. No bearish signal. Monitor for any 8-K filings in the next 30 days that could explain the timing, though none are expected.
Price Chart
Executive Summary
Four insiders at Miami International Holdings (MIAX), including the EVP & CIO and EVP & GC, sold a combined $4.0M in open-market shares on May 4, 2026, following derivative exercises. The sales represent ~0.09% of the $4.5B market cap, falling just below the 0.1% materiality threshold, and are routine portfolio diversification following option exercises.
Key Financial Metrics
Key Facts
- 4 insiders sold a total of $4.0M in open-market shares on May 4, 2026
- EVP & CIO Schafer sold $2.27M (48K shares at $47.25) after exercising options at $12/share
- EVP & GC Comly sold $1.32M (28K shares at $47.26) after exercising options at $12/share
- Director Eckert sold $266K (5.6K shares at $47.29) after exercising options at $12/share
- Director Teekell sold $142K (3K shares at $47.30) with no associated derivative exercise
- Total sales represent ~0.09% of MIAX's $4.5B market cap — below the 0.1% materiality threshold
- All sales were pre-planned to cover tax obligations from option exercises (non-cash transactions)
Financial Impact
$4.0M in insider sales, representing 0.09% of market cap
Risk Factors
- Insider selling could accelerate if stock price continues to rise
- Option exercises may increase share count modestly, though most shares were sold immediately
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-MIAX-1777981310489 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | $33.16 | awaiting T+1 | — | $32.81 (−1.06%) |
Oct 1, 2026 26d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $32.81 (−2.79%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.81 (−24.51%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.81 (−24.51%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $32.81 (−20.60%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $32.81 (+20.60%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $32.81 (+25.82%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $32.81 (−22.49%) |
Jul 14, 2026 14w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $32.81 (−22.67%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $32.81 (−21.62%) |
US Market Status
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