Miami International Holdings, Inc.

Miami International Holdings reported record second-quarter results, with net revenue rising 35% year over year to $141 million and adjusted EBITDA jumping 57% to $77 million. Options revenue increased 34% to $124 million on average daily volume of 11 million contracts, though management expects second-half revenue per contract to normalize as market share rebounds. The company lowered its full-year adjusted operating expense outlook to between $260 million and $270 million. MIAX is advancing the rollout of its Bloomberg-branded futures products toward retail distribution, with brokers progressing on connectivity and clearing.

Nasdaq and Miami International Holdings have resolved a multi-year patent dispute that began in 2017, with a court dismissing all related claims and confirming Miami International Holdings can operate and develop exchanges without restriction. The dismissal with prejudice removes the risk of ongoing or renewed litigation on these specific claims, clearing a long-running legal overhang for Nasdaq. The outcome addresses questions around technology rights and market access between the two exchange groups, though it also shows that parts of Nasdaq's patent portfolio can be challenged successfully. With this dispute closed, Nasdaq can focus more fully on its exchange and technology platforms without allocating management time or legal budget to the case.

Nasdaq has resolved its nearly decade-long litigation with Miami International Holdings, with all claims and counterclaims dismissed, and is selling its fund secondaries business to its former affiliate, Nasdaq Private Market. The stock trades around $90.42, up 9.6% over the past 30 days but down 6.5% year to date and 2.1% over the past year, while showing a 55.6% gain over five years and an 87.4% return over three years. The litigation resolution removes a legal overhang and the sale simplifies Nasdaq's private markets exposure, potentially influencing capital allocation and management focus. Investors may watch for any discussion of proceeds use and how the refocused business mix affects revenue and profit contributions.