MIAX insider ownership: who sold, why, and what they still hold

What stands out

Murray Stahl sold $2.2M of stock with no disclosed trading plan. The filings don't state a reason.Largest such sale, Mar 2, 2026

Murray Stahl bought 17K shares for $723K, first on Dec 12, 2025.Purchase, Mar 4, 2026

A share of stake is shown for 0 of the 11 officers and directors who sold. 26 are left out

Left out: Murray Stahl, Talal Al-Bahar, Thomas Gallagher, Barbara Comly, Douglas Schafer Jr., Abdulwahab Alnakib, Judson Teekell, Shelly Brown, John Smollen, Kurt Eckert, Edward Deitzel, Lance Emmons, Cynthia Schwarzkopf, Harish Jayabalan, Mark Massad, Mark Raymond, Paul Stahlin, Lisa Moore, Jamil Nazarali, Kenneth Lozier, Cees Vermaas, Lee Becker, David Brown, John Beckelman, Jill Sommers and Eric Sites (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Thomas Gallagher

Chairman & CEO, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$32.3MDisclosed plan

Douglas Schafer Jr.

EVP and CIO

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$13.7MDisclosed plan

Barbara Comly

EVP, GC & Corporate Secretary

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$10.0MDisclosed plan

Shelly Brown

EVP, Chief Strategy Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$5.0MDisclosed plan

Lance Emmons

EVP and CFO

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$3.5MDisclosed plan

All 11 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026

Oct 2, 2026Douglas Schafer Jr. sold 40K shares ($1.3M) under a disclosed trading plan. 40K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Douglas Schafer Jr. EVP and CIO	40,000	$33.34	n/a	n/a	Oct 2, 2026	Oct 6, 2026

Sep 16, 2026Shelly Brown sold 21K shares ($819K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Shelly Brown EVP, Chief Strategy Officer	21,217	$38.61	n/a	n/a	Sep 16, 2026	Sep 17, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Common questions

Is the Miami International Holdings, Inc. CEO selling stock?

Yes. Thomas Gallagher sold 749K shares ($32.3M) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Miami International Holdings, Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 97% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 3% had no disclosed plan. A trading plan schedules sales in advance.

Are any Miami International Holdings, Inc. insiders buying?

Yes. 1 officer or director reported 3 purchases in the past 12 months (Form 4 code P; rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust are not counted).

The evidence

Who sold11 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Thomas Gallagher Chairman & CEO, Director	$32.3M 749K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Douglas Schafer Jr. EVP and CIO	$13.7M 328K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Barbara Comly EVP, GC & Corporate Secretary	$10.0M 231K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Shelly Brown EVP, Chief Strategy Officer	$5.0M 120K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Lance Emmons EVP and CFO	$3.5M 70K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Edward Deitzel EVP, CRO, CCO MIAX Exchanges	$2.9M 67K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Harish Jayabalan EVP, CISO and CRO	$2.6M 60K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Kurt Eckert Director	$2.2M 55K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Murray Stahl Director	$2.2M 54K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Cynthia Schwarzkopf Director	$1.2M 30K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Judson Teekell Director	$1.0M 24K shares	Not confirmed share of stake is being verified. Why	Disclosed plan

The full ownership picture0 of 26 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 13, 2025

Sold

Held Oct 13, 2026

Still held

Murray Stahl

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Murray Stahl are complete.

Director

n/a

−54K

n/a

Vesting, gifts, unvested awards and holding lines for Murray Stahl

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Murray Stahl are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Talal Al-Bahar

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Talal Al-Bahar are complete.

Director

n/a

Vesting, gifts, unvested awards and holding lines for Talal Al-Bahar

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Talal Al-Bahar are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Thomas Gallagher

Chairman & CEO, Director

n/a

−749K

n/a

Vesting, gifts, unvested awards and holding lines for Thomas Gallagher

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Thomas Gallagher are complete; balances and unit counts will be added when the check is finished.

−2Kgifted (net of own trusts)

−221Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,928	$22.40	Jun 15, 2035	$98K
2,485	$40.24	Jun 15, 2036	$0
237,175	$40.24	Jun 15, 2036	$0
188,000	$12.00	May 28, 2028	$4.0M
241,667	$12.00	Jul 30, 2029	$5.2M
286,860	$15.22	Jan 27, 2031	$5.2M
375,000	$16.14	Sep 9, 2031	$6.5M
97,858	$22.40	Jun 15, 2035	$1.1M

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Barbara Comly

EVP, GC & Corporate Secretary

n/a

−231K

n/a

Vesting, gifts, unvested awards and holding lines for Barbara Comly

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Barbara Comly are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−45Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
13,140	$15.22	Jan 27, 2031	$238K
10,080	$19.84	Mar 28, 2033	$136K
4,980	$20.08	Jun 9, 2034	$66K
4,464	$22.40	Jun 15, 2035	$49K
44,444	$12.00	May 28, 2028	$948K
136,860	$15.22	Jan 27, 2031	$2.5M
150,000	$16.14	Sep 9, 2031	$2.6M
114,920	$19.84	Mar 28, 2033	$1.6M
95,020	$20.08	Jun 9, 2034	$1.3M
70,536	$22.40	Jun 15, 2035	$772K
2,485	$40.24	Jun 15, 2036	$0
37,778	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Douglas Schafer Jr.

EVP and CIO

n/a

−328K

n/a

Vesting, gifts, unvested awards and holding lines for Douglas Schafer Jr.

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Douglas Schafer Jr. are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−174Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
16,666	$12.00	May 17, 2028	$356K
19,710	$15.22	Jan 27, 2031	$357K
10,080	$19.84	Mar 28, 2033	$136K
9	$22.40	Jun 15, 2035	$98
155,334	$12.00	Jul 31, 2029	$3.3M
130,290	$15.22	Jan 27, 2031	$2.4M
150,000	$16.14	Sep 9, 2031	$2.6M
114,920	$19.84	Mar 28, 2033	$1.6M
100,000	$20.08	Jun 9, 2034	$1.3M
66,072	$22.40	Jun 15, 2035	$723K
2,485	$40.24	Jun 15, 2036	$0
21,481	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Abdulwahab Alnakib

Director

n/a

Vesting, gifts, unvested awards and holding lines for Abdulwahab Alnakib

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Abdulwahab Alnakib are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Judson Teekell

Director

n/a

−24K

n/a

Vesting, gifts, unvested awards and holding lines for Judson Teekell

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Judson Teekell are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−5Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
13,500	$12.00	May 31, 2027	$288K
12,833	$12.00	Apr 30, 2028	$274K
12,500	$12.00	May 31, 2029	$267K
5,000	$12.00	Jun 30, 2029	$107K
28,125	$14.00	Jun 30, 2030	$544K
20,556	$16.14	May 31, 2031	$354K
9,247	$25.98	Jun 30, 2032	$68K
5,783	$19.84	Mar 26, 2033	$78K

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Shelly Brown

EVP, Chief Strategy Officer

n/a

−120K

n/a

Vesting, gifts, unvested awards and holding lines for Shelly Brown

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Shelly Brown are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−42Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,928	$22.40	Jun 15, 2035	$98K
41,667	$12.00	Oct 12, 2027	$889K
91,667	$12.00	May 17, 2028	$2.0M
141,667	$12.00	Jul 31, 2029	$3.0M
143,430	$15.22	Nov 30, 2030	$2.6M
18,804	$16.14	Sep 9, 2031	$323K
46,121	$25.78	Mar 9, 2032	$349K
44,959	$19.84	Mar 28, 2033	$607K
75,000	$20.00	Feb 15, 2034	$1.0M
41,072	$22.40	Jun 15, 2035	$449K
2,485	$40.24	Jun 15, 2036	$0
35,861	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

John Smollen

EVP, New Product Development

n/a

Vesting, gifts, unvested awards and holding lines for John Smollen

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for John Smollen are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−362withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,333	$12.00	Jul 31, 2029	$178K
6,570	$15.22	Nov 30, 2030	$119K
7,757	$25.78	Mar 9, 2032	$59K
5,041	$19.84	Mar 28, 2033	$68K
8,928	$22.40	Jun 15, 2035	$98K
75,001	$12.00	May 17, 2028	$1.6M
104,167	$12.00	Jul 31, 2029	$2.2M
80,930	$15.22	Nov 30, 2030	$1.5M
29,743	$25.78	Mar 9, 2032	$225K
32,459	$19.84	Mar 28, 2033	$438K
37,500	$20.08	Jun 9, 2034	$497K
16,072	$22.40	Jun 15, 2035	$176K
2,485	$40.24	Jun 15, 2036	$0
5,184	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Kurt Eckert

Director

n/a

−55K

n/a

Vesting, gifts, unvested awards and holding lines for Kurt Eckert

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kurt Eckert are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
18,000	$12.00	Apr 30, 2028	$384K
22,812	$12.00	May 31, 2029	$487K
125	$12.00	Jun 30, 2029	$3K
30,156	$14.00	Jun 30, 2030	$583K
22,223	$16.14	May 31, 2031	$382K
17,704	$25.98	Jun 30, 2032	$130K
14,729	$19.84	Mar 26, 2033	$199K
539	$20.60	Oct 31, 2033	$7K
2,709	$20.60	Dec 28, 2033	$35K
17,966	$20.00	Mar 31, 2034	$240K
16,611	$22.34	Mar 4, 2035	$183K
7,713	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Edward Deitzel

EVP, CRO, CCO MIAX Exchanges

n/a

−67K

n/a

Vesting, gifts, unvested awards and holding lines for Edward Deitzel

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Edward Deitzel are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−13Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,333	$12.00	Jul 31, 2029	$178K
6,570	$15.22	Nov 30, 2030	$119K
6,195	$16.14	Sep 9, 2031	$107K
10,080	$19.84	Mar 28, 2033	$136K
4,980	$20.08	Jun 9, 2034	$66K
4,464	$22.40	Jun 15, 2035	$49K
66,000	$12.00	Jul 31, 2029	$1.4M
55,930	$15.22	Nov 30, 2030	$1.0M
56,304	$16.14	Sep 9, 2031	$968K
14,920	$19.84	Mar 28, 2033	$201K
20,020	$20.08	Jun 9, 2034	$265K
20,536	$22.40	Jun 15, 2035	$225K
2,485	$40.24	Jun 15, 2036	$0
7,101	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Lance Emmons

EVP and CFO

n/a

−70K

n/a

Vesting, gifts, unvested awards and holding lines for Lance Emmons

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Lance Emmons are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−8.3Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,040	$19.84	Mar 28, 2033	$68K
4,980	$20.08	Jun 9, 2034	$66K
4,464	$22.40	Jun 15, 2035	$49K
102,779	$13.50	Mar 5, 2030	$2.0M
125,000	$15.22	Nov 30, 2030	$2.3M
68,804	$16.14	Sep 9, 2031	$1.2M
164,920	$19.84	Mar 28, 2033	$2.2M
95,020	$20.08	Jun 9, 2034	$1.3M
58,036	$22.40	Jun 15, 2035	$635K
2,485	$40.24	Jun 15, 2036	$0
35,861	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Cynthia Schwarzkopf

Director

n/a

−30K

n/a

Vesting, gifts, unvested awards and holding lines for Cynthia Schwarzkopf

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Cynthia Schwarzkopf are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
11,916	$12.00	May 31, 2027	$254K
21,250	$12.00	Apr 30, 2028	$453K
22,708	$12.00	May 31, 2029	$485K
28,437	$14.00	Jun 30, 2030	$550K
32,501	$16.14	May 31, 2031	$559K
11,321	$25.98	Jun 30, 2032	$83K
7,066	$19.84	Mar 26, 2033	$95K
449	$20.60	Oct 31, 2033	$6K
5,287	$21.32	Sep 29, 2034	$64K
8,305	$22.34	Mar 4, 2035	$91K
5,142	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Harish Jayabalan

EVP, CISO and CRO

n/a

−60K

n/a

Vesting, gifts, unvested awards and holding lines for Harish Jayabalan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Harish Jayabalan are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,333	$12.00	Oct 12, 2027	$178K
8,333	$12.00	May 17, 2028	$178K
6,570	$15.22	Nov 30, 2030	$119K
6,195	$16.14	Sep 9, 2031	$107K
3,878	$25.78	Mar 9, 2032	$29K
5,040	$19.84	Mar 28, 2033	$68K
4,980	$20.08	Jun 9, 2034	$66K
4,464	$22.40	Jun 15, 2035	$49K
17,598	$15.22	Nov 30, 2030	$319K
26,304	$16.14	Sep 9, 2031	$452K
8,621	$25.78	Mar 9, 2032	$65K
57,500	$24.70	Sep 30, 2032	$497K
19,959	$19.84	Mar 28, 2033	$269K
15,020	$20.08	Jun 9, 2034	$199K
45,536	$22.40	Jun 15, 2035	$498K
2,485	$40.24	Jun 15, 2036	$0
34,808	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Mark Massad

Director

n/a

Vesting, gifts, unvested awards and holding lines for Mark Massad

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Mark Massad are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Mark Raymond

Director

n/a

Vesting, gifts, unvested awards and holding lines for Mark Raymond

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Mark Raymond are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
20,000	$14.00	Jun 30, 2030	$387K
12,222	$16.14	May 31, 2031	$210K
3,826	$25.98	Jun 30, 2032	$28K
2,388	$19.84	Mar 26, 2033	$32K

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Paul Stahlin

Director

n/a

Vesting, gifts, unvested awards and holding lines for Paul Stahlin

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Paul Stahlin are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−1.2Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
18,000	$12.00	May 31, 2027	$384K
22,500	$14.00	Jun 30, 2030	$435K
13,889	$16.14	May 31, 2031	$239K
4,464	$25.98	Jun 30, 2032	$33K
2,786	$19.84	Mar 26, 2033	$38K
90	$20.60	Oct 31, 2033	$1K

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Lisa Moore

Director

n/a

Vesting, gifts, unvested awards and holding lines for Lisa Moore

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Lisa Moore are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
628	$20.60	Oct 31, 2033	$8K
1,161	$20.60	Dec 28, 2033	$15K
4,587	$20.00	Mar 31, 2034	$61K
4,153	$22.34	Mar 4, 2035	$46K

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Jamil Nazarali

Director

n/a

Vesting, gifts, unvested awards and holding lines for Jamil Nazarali

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jamil Nazarali are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Kenneth Lozier

Director

n/a

Vesting, gifts, unvested awards and holding lines for Kenneth Lozier

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kenneth Lozier are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
449	$20.60	Oct 31, 2033	$6K
5,287	$21.32	Sep 29, 2034	$64K
8,306	$22.34	Mar 4, 2035	$91K
2,571	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Cees Vermaas

CEO of TISEG

n/a

Vesting, gifts, unvested awards and holding lines for Cees Vermaas

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Cees Vermaas are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
15,000	$23.00	Aug 13, 2025	$155K
4,793	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Lee Becker

Director

n/a

Vesting, gifts, unvested awards and holding lines for Lee Becker

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Lee Becker are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

David Brown

Director

n/a

Vesting, gifts, unvested awards and holding lines for David Brown

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for David Brown are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−171withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
18,750	$16.14	May 31, 2031	$323K
7,500	$16.14	Jul 31, 2031	$129K
11,008	$25.98	Jun 30, 2032	$81K
11,743	$19.84	Mar 26, 2033	$159K
9,174	$20.00	Mar 31, 2034	$122K
8,305	$22.34	Mar 4, 2035	$91K
278	$16.14	May 31, 2031	$5K
5,142	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

John Beckelman

Director

n/a

Vesting, gifts, unvested awards and holding lines for John Beckelman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for John Beckelman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Jill Sommers

Director

n/a

Vesting, gifts, unvested awards and holding lines for Jill Sommers

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jill Sommers are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,709	$20.60	Dec 28, 2033	$35K
8,792	$20.00	Mar 31, 2034	$117K
8,306	$22.34	Mar 4, 2035	$91K
2,571	$40.24	Jun 15, 2036	$0

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Eric Sites

Director

n/a

Vesting, gifts, unvested awards and holding lines for Eric Sites

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Eric Sites are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,500	$16.14	Mar 26, 2030	$129K
7,500	$25.98	Mar 26, 2030	$55K
9,554	$19.84	Mar 26, 2030	$129K
9,174	$20.00	Mar 26, 2030	$122K

Estimate: options held × ($33.34 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Holdings and share of stake for Miami International Holdings, Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$76.6M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $76.6M across 1,786,233 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $74.4M · 97%

The lighter segment is sales with no plan disclosed in the filing ($2.2M), including tax-related sales outside a plan.

No plan disclosed · $2.2M

Sales with no 10b5-1 plan and no tax reference in the filing. $2.2M of it is Murray Stahl. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Murray Stahl, Mar 2, 2026

Taxes

509,168 shares ($21.2M) were withheld by the company for taxes, which isn't a market sale.

Purchases · 1 buyer (3 trades)

1 officer or director bought shares in this period, in 3 trades(Form 4 code P, leaving out rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust). Across all their filings on record there are 19 purchase trades.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Thomas Gallagher Chairman & CEO, Director	749K	$32.3M	100%	42%	Apr 15, 2026 to Sep 3, 2026
Douglas Schafer Jr. EVP and CIO	328K	$13.7M	100%	18%	Mar 17, 2026 to Oct 2, 2026
Barbara Comly EVP, GC & Corporate Secretary	231K	$10.0M	100%	13%	Apr 15, 2026 to Sep 2, 2026
Shelly Brown EVP, Chief Strategy Officer	120K	$5.0M	100%	7%	Mar 23, 2026 to Sep 16, 2026
Lance Emmons EVP and CFO	70K	$3.5M	100%	5%	May 15, 2026 to Aug 17, 2026
Edward Deitzel EVP, CRO, CCO MIAX Exchanges	67K	$2.9M	100%	4%	Apr 7, 2026 to Sep 3, 2026
Harish Jayabalan EVP, CISO and CRO	60K	$2.6M	100%	3%	Jun 8, 2026 to Aug 4, 2026
Kurt Eckert Director	55K	$2.2M	100%	3%	Mar 19, 2026 to Aug 4, 2026
Murray Stahl Director	54K	$2.2M	0%	3%	Mar 2, 2026 to Mar 2, 2026
Cynthia Schwarzkopf Director	30K	$1.2M	100%	2%	Jun 11, 2026 to Aug 17, 2026
Judson Teekell Director	24K	$1.0M	100%	1%	Mar 25, 2026 to Sep 2, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$6.6M	$4.4M	$0	$2.2M
Apr 2026	$12.5M	$12.5M	$0	$0
May 2026	$10.6M	$10.6M	$0	$0
Jun 2026	$9.5M	$9.5M	$0	$0
Jul 2026	$12.8M	$12.8M	$0	$0
Aug 2026	$15.9M	$15.9M	$0	$0
Sep 2026	$7.4M	$7.4M	$0	$0
Oct 2026	$1.3M	$1.3M	$0	$0

Known gaps and uncertainty26 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Miami International Holdings, Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology177 filings on record, 117 filed in the 12-month period, and how we read them

All 177 Forms 3, 4 and 5 on record for Miami International Holdings, Inc. (SEC CIK 1438472), filed from Aug 13, 2025 to Oct 6, 2026; 117 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Miami International Holdings, Inc. insiders sold $76.6M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Common questions

Is the Miami International Holdings, Inc. CEO selling stock?

Why are Miami International Holdings, Inc. insiders selling?

Are any Miami International Holdings, Inc. insiders buying?

The evidence

No plan disclosed · $2.2M

Taxes

Purchases · 1 buyer (3 trades)

Sales by month