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Condensed Consolidated Statement of Operations (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Total revenues $ 387,629 $ 327,784 $ 757,319 $ 654,861
Cost of revenues:        
Liquidity payments 206,633 195,651 430,159 389,697
Brokerage, clearing, and exchange fees 15,360 14,481 31,637 30,935
Section 31 fees 22,976 11,815 22,976 35,225
Other cost of revenues 1,547 1,175 2,841 2,458
Total cost of revenues 246,516 223,122 487,613 458,315
Revenues less cost of revenues 141,113 104,662 269,706 196,546
Operating expenses:        
Compensation and benefits 40,966 40,210 85,356 77,981
Information technology and communication costs 10,202 8,851 19,685 16,399
Depreciation and amortization 8,778 6,938 16,866 13,108
Occupancy costs 2,977 3,002 6,220 5,450
Professional fees and outside services 11,448 10,095 22,855 19,352
Marketing and business development 3,176 555 4,160 1,318
Acquisition-related costs 0 2,247 0 2,901
Litigation settlement 30,000 0 30,000 0
General, administrative, and other 5,769 5,473 10,799 10,453
Total operating expenses 113,316 77,371 195,941 146,962
Operating income 27,797 27,291 73,765 49,584
Non-operating (expense) income:        
Change in fair value of puttable common stock 0 (1,688) 0 (1,891)
Change in fair value of puttable warrants issued with debt 0 (1,486) 0 (917)
Interest income 5,254 1,418 9,640 2,713
Interest expense and amortization of debt issuance costs (44) (4,902) (89) (9,332)
Loss on sale of intangible assets 0 (2,054) 0 (2,054)
Unrealized loss on derivative and digital assets (337) (4,605) (2,878) (47,018)
Gain on sale of business 23 0 50,570 0
Other, net (3,911) 10,681 (2,179) 12,360
Income before income tax provision 28,782 24,655 128,829 3,445
Income tax benefit (expense) 15,426 (1,128) 85,603 (1,338)
Net income attributable to Miami International Holdings, Inc. $ 44,208 $ 23,527 $ 214,432 $ 2,107
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Basic (in shares) 95,305,096 64,942,755 93,559,319 64,249,928
Diluted (in shares) 110,713,513 78,458,195 109,943,953 77,952,959
Earnings Per Share Reconciliation [Abstract]        
Basic (in dollars per share) $ 0.46 $ 0.36 $ 2.29 $ 0.03
Diluted (in dollars per share) $ 0.40 $ 0.30 $ 1.95 $ 0.03
Transaction and clearing fees        
Revenues:        
Total revenues $ 331,884 $ 286,139 $ 647,294 $ 575,443
Access fees        
Revenues:        
Total revenues 34,941 26,106 68,298 50,189
Market data fees        
Revenues:        
Total revenues 12,206 10,253 25,161 19,895
Other revenue        
Revenues:        
Total revenues $ 8,598 $ 5,286 $ 16,566 $ 9,334