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MIAX Customer Relationships: Who Bought MIAXdx and What That Means for Investors

Miami International Holdings (MIAX) operates regulated exchanges and related market infrastructure, monetizing through transaction and listing fees, market data and distribution arrangements, and strategic equity stakes in exchange ventures. The company now focuses on core market venues while realizing capital from asset sales and retaining minority positions to preserve upside exposure. For investors, the recent repositioning around MIAXdx materially changes revenue dynamics, counterparty profile, and operating exposure. Learn more about the implications at NullExposure.

The structural shift: MIAX sold 90% of MIAXdx — headline facts and consequences

In January 2026 MIAX completed the sale of 90% of MIAX Derivatives Exchange (MIAXdx) to a joint venture established by Robinhood Markets in partnership with Susquehanna International Group, while retaining a 10% equity stake. According to MIAX’s Q4 2025 earnings call, management framed the transaction as a strategic sale, enabling MIAX to crystallize value from MIAXdx while keeping a minority position for future upside (MIAX Q4 2025 earnings call, March 2026). The company also issued a formal press release via PR Newswire announcing the closing and the joint-venture structure (PR Newswire, March 2026).

This is a transformational deal for MIAX: it converts a wholly owned operating asset into a minority financial interest plus upfront consideration, thereby reducing operating responsibility and reallocating capital toward other growth initiatives or shareholder returns. For customers and counterparties, the buyer consortium (Robinhood + Susquehanna) becomes the new commercial steward of MIAXdx’s product distribution and platform strategy.

The customer and partner roster you need to know

Below I cover every relationship flagged in the available records, with a concise, plain-English summary and source reference for each.

Susquehanna International Group

Susquehanna partnered with Robinhood to acquire 90% of MIAXdx, taking an active ownership role in the derivatives venue and aligning the exchange with a major market-making and trading operation. This was confirmed in MIAX’s Q4 2025 earnings call and reiterated in transaction announcements (MIAX Q4 2025 earnings call; PR Newswire, March 2026).

Robinhood Markets (Robinhood / Robinhood Markets, Inc.)

Robinhood led the joint venture that purchased 90% of MIAXdx from MIAX, signaling a vertical move by a retail platform into exchange ownership and distribution. Multiple news reports and MIAX’s press release corroborate the transaction close in January 2026 (PR Newswire, March 2026; TradingView / Finance Magnates, March 2026).

CME Group

CME Group is noted as a distribution partner for MIAX products rather than an acquirer; industry reporting describes CME as a channel that helps disseminate MIAX-listed products to a broader institutional ecosystem. Financial media coverage cited this partner role in commentary on MIAX’s competitive landscape (Finviz news coverage, FY2026).

How these relationships shift MIAX’s operating model and risk profile

  • Contracting posture: By selling 90% of MIAXdx, MIAX shifts from an operator to a minority investor in that business line. That reduces MIAX’s direct contracting obligations tied to MIAXdx operations, while preserving contractual rights and upside through its 10% equity interest (company earnings call; PR release).

  • Concentration: The transaction introduces concentration in the sense that MIAX’s former asset is now materially influenced by a small set of strategic owners (Robinhood and Susquehanna). However, MIAX’s retained 10% stake keeps a continuing, but minority, exposure.

  • Criticality: For MIAX as an enterprise, MIAXdx’s strategic importance decreases operationally but remains financially material through the retained stake and any potential revenue-sharing or distribution arrangements. For customers using MIAXdx, the new ownership by market-facing firms likely increases operational depth but also changes governance and product roadmaps.

  • Maturity and counterparty quality: The buyer consortium consists of established market participants—Robinhood as a major retail distribution channel and Susquehanna as a deep liquidity provider—bringing operational scale and trading expertise to MIAXdx. That is a credit-positive structural shift for the exchange’s future development (PR Newswire; TradingView).

No additional constraints or customer-level limitations were reported in the relationship records provided; this absence itself is a signal that transaction terms and public communications are the dominant observable inputs to evaluate MIAX’s customer posture.

Read deeper background research and relationship mapping at NullExposure.

What investors should focus on next

  • Revenue mix evolution. Expect MIAX’s near-term revenue profile to reflect fewer operating income streams from MIAXdx and instead show proceeds from the sale plus potential equity-accounted returns from the 10% stake; watch upcoming financial statements for how sale proceeds are classified and redeployed (MIAX Q4 2025 earnings call; PR Newswire).

  • Counterparty and governance risk. With Robinhood and Susquehanna controlling 90% of MIAXdx, investors need to track how governance changes impact product pricing, distribution agreements, and data commercialization—areas that directly influence MIAX’s remaining economics from the minority stake.

  • Distribution partnerships matter. CME Group’s role as a distribution channel underlines that MIAX relies on third-party partners to extend product reach — an important commercial lever that supports liquidity and fee generation without direct ownership.

  • Operational de-risking vs. strategic upside. The sale reduces MIAX’s operational footprint (less direct execution risk) while retaining upside via a minority interest—this tradeoff is central to valuation and capital-allocation debates going forward.

Final takeaways and next steps for analysts

  • MIAX converted an operating asset into capital and a minority interest, aligning long-term upside with strategic partners while reducing day-to-day operating obligations (MIAX Q4 2025 earnings call; PR Newswire, March 2026).
  • Robinhood and Susquehanna are now the principal owners of MIAXdx, reshaping the competitive dynamics and execution environment for the venue (TradingView; PR Newswire).
  • CME Group remains an important commercial distribution partner, reinforcing MIAX’s strategy of leveraging third-party channels to scale product reach (Finviz, FY2026).

For investors and operators monitoring counterparty exposure, governance changes, and revenue reclassification, the MIAXdx transaction is a pivotal event that warrants focused follow-up in MIAX’s 2026 disclosure cycle. For additional relationship intelligence and to track evolving partner dynamics, visit NullExposure.

If you want a bespoke brief summarizing how this transaction alters MIAX’s income statement and counterparty concentration metrics, contact the research team at NullExposure for a tailored report.