of 2025, and of the 250 million Pyth tokens that remain locked by the Pyth Network as of December 31, 2025. (10)One time IPO bonuses paid to certain employees and termination payments to former directors.(11)Represents expense recognized upon the extension of expiration date of certain warrants.(12)Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan.Year Ended December 31, 2024OptionsEquities ...

Core Insights - Thomas P. Gallagher, Chairman and CEO of Miami International Holdings, Inc. (MIAX), was awarded Chief Executive of the Year at the FOW International Awards 2026, recognizing his leadership and contributions to the company [1][1][1] Company Overview - MIAX is a technology-driven leader in building and operating regulated financial markets across multiple asset classes, currently operating eight exchanges including options, futures, equities, and international markets [1][1][1] - The company has expanded from a single options exchange to a global exchange group since Gallagher became chairman in 2008 and CEO in 2012 [1][1][1] Recent Achievements - In 2025, MIAX successfully completed its initial public offering and secondary offering, launched the MIAX Futures Onyx trading platform, announced the strategic sale of 90% of MIAXdx, and opened the MIAX Sapphire options trading floor in Miami [1][1][1] - Gallagher dedicated the award to the entire MIAX team, highlighting the collective effort and vision that contributed to the company's success over the past 18 years [1][1][1] Industry Recognition - The FOW International Awards have been celebrating excellence, innovation, and leadership in the global derivatives industry for over two decades, making it a trusted accolade in the market [1][1][1]

Core Insights - The launch of the MIAX Sapphire options trading floor marks a significant milestone for MIAX, enabling access to 100% of the multi-listed options market [2] - Miami is emerging as a global financial center due to its favorable business climate, tax advantages, and growing talent pool in financial services [2] - MIAX Sapphire is the first national securities exchange trading floor in Miami and only the second open outcry trading floor to launch in the last 50 years [2] Company Overview - Miami International Holdings, Inc. (MIAX) operates nine exchanges across various asset classes, including options, futures, and equities [4] - MIAX Sapphire is MIAX's fourth national securities exchange for U.S. multi-listed options, complementing an electronic exchange launched in August 2024 [3] Facility Features - The MIAX Sapphire trading floor spans 38,400 square feet and is located on the ninth floor of the 545 Wyn building in Miami's Wynwood district [2] - The facility includes a state-of-the-art trading floor, office space, conference facilities, and a Bloomberg TV broadcast studio, designed for optimal sound quality, lighting, and layout [2][3] Technological Advancements - MIAX Sapphire utilizes proprietary technology aimed at maximizing liquidity and enhancing price discovery while automating manual processes to improve efficiency [3]