Company Overview - MIAX operates multiple trading exchanges, including MIAX Options, Miami International Securities Exchange, Bermuda Stock Exchange, and International Stock Exchange, with a focus on electronic trading in various markets [1][3] - The company was founded in 2007 and is recognized for its innovative technology in digital trading, providing low latency and customizable risk protections [2][3] IPO Activity - MIAX went public on August 14, 2023, with an IPO priced at $23 per share, raising $396.75 million in gross proceeds by offering 15 million shares [7] - The stock opened at $31 and has since gained over 18% [7] Market Position and Growth - MIAX's market share in the US options market has increased from 7% in 2015 to 16% in 2025, attributed to superior technology and product innovation [8] - The company is expected to sustain approximately 20% top-line growth and significant margin expansion potential [8] Analyst Ratings - Analyst Chris Brendler from Rosenblatt has given MIAX a Buy rating with a price target of $50, indicating a potential upside of 36% [8] - The stock currently has a Moderate Buy consensus rating based on 7 reviews, with 4 Buys and 3 Holds, and is trading at $36.81 [8] Bullish Overview - Bullish is a fintech company providing a global digital asset trading platform, focusing on institutional investors, and operates regulated trading exchanges [10][11] - The company launched in 2021 and has a reserve of Bitcoin, Ethereum, and stablecoins valued at $3.5 billion, positioning it to compete with Coinbase [11] Bullish IPO Details - Bullish priced its IPO at $37 per share, raising over $1 billion, with shares opening at $90 and closing at $68 on the first day of trading [13] - Despite a 40% decline since the IPO, Bullish maintains a market cap of $7.8 billion [13] Analyst Outlook for Bullish - Brendler sees potential for Bullish to benefit from improved political conditions and increasing institutional adoption of cryptocurrencies [15] - The analyst has given Bullish a Buy rating with a price target of $60, suggesting a 12% upside potential [16] - The stock has a Moderate Buy consensus rating with 4 Buys and 6 Holds, currently trading at $53.39 [17]

Core Viewpoint - Urbana Corporation's investee company, Miami International Holdings Inc. (MIH), successfully completed an initial public offering (IPO) on the New York Stock Exchange (NYSE) [2][3] Group 1: IPO Details - MIH shares began trading on the NYSE on August 14, 2025, with an IPO price of US$23.00 per share [3] - The IPO raised a total of US$396,750,000 by issuing 15,000,000 shares, including an over-allotment option for an additional 2,250,000 shares [3] - MIH shares closed at US$31.12 on August 15, 2025, indicating a strong market performance post-IPO [3] Group 2: Urbana's Investment - Urbana owns 663,810 shares of MIAX, with an acquisition cost of CAD$12.3 million [4] - The market value of Urbana's MIAX shares was approximately CAD$28.5 million as of August 15, 2025, reflecting an unrealized gain of about CAD$16.2 million, or approximately 132% [4] Group 3: Company Background - Urbana Corporation is a diversified entity focusing on financial services, information services, and innovative technologies, aiming for income and capital appreciation through public and private investments [6] - Miami International Holdings, Inc. is a technology-driven leader in operating regulated financial markets across various asset classes, owning multiple exchanges including MIAX and the Bermuda Stock Exchange [7]