MIAX

78 atoms · 跨 15 天 · 首见 2026-04-02 · 最近 2026-07-01

三色: 🟦 fact 58 · 🟥 take 20 · stance ▲44/▼6/◆9

叙事状态: 🍂 fading (退潮) · 💤 沉寂 · 策展近14d 0 atom · 🐦 X 近14d 10

状态只算低频策展源 (群/卖方); X firehose 仅作背景音量

来源: X 78

时态: fresh:72 · stale:4 · aging:2

标签: 好数字:41 · 好观点:31 · 好信源:7 · 好思考:4

🟨 AI 综合 · junior analyst 概览

🧭 拥挤度 (一人一票): ▲ 5 位作者 (KOL5) vs ▼ 2 位作者 (KOL2)

⚖️ 多头 5/5 来自KOL

💢 核心分歧 (2 轴)

1. 低倍数估值 vs 技术性卖出与供应压力

*topic: 估值/仓位情绪/价格动态 · 7 bull vs 3 bear*

🟢 bullish 侧:

• <a id="atom-8032b345a5253596"></a>2026-06-02 X·@MoodyWriter13 · 当前环境对他们是梦想般的 · 仓位情绪
  The current environment is a dream for them
  tags: 好观点 · → daily
• <a id="atom-93a4e903a1487dee"></a>2026-06-02 X·@Divergent7651 [老旧] · 新产品的推出是好事 · 仓位情绪
  The approval of a new type of derivate product is a good thing for incumbent exchange businesses.
  tags: 好观点 · → daily
• <a id="atom-b37009d748ede8da"></a>2026-06-23 X·@MoodyWriter13 · FY2026 EV/EBIT 估值倍数 · 估值
  MIAX trades at roughly 11 to 12 times estimated FY2026 EV/EBIT
  tags: 好数字 · → daily
  value: qty=11-12倍 · date=FY2026
• <a id="atom-0859da595267035b"></a>2026-06-23 X·@ragingbullcap · 交易于EBIT的荒谬低倍数 · 估值 +同日1条
  trading at an absurdly low multiple of EBIT and down ~40% over the last 5 weeks
  tags: 好观点 · → daily
• <a id="atom-1c866c926daea1ab"></a>2026-06-29 X·@MoodyWriter13 · 股价接近低点 · 价格动态/仓位情绪
  Yet, despite this backdrop, these stocks are still trading near their lows.
  tags: 好观点 · → daily
  📷 原图

🔴 bearish 侧:

• <a id="atom-617f9756d9897a5d"></a>2026-06-02 X·@MoodyWriter13 · 今日股价下跌 10% · 价格动态
  The 10% drop today in $MIAX
  tags: 好数字 · → daily
  value: qty=-10% · date=2026-06-02
• <a id="atom-9e01b8d58081d393"></a>2026-06-23 X·@ragingbullcap · 股价过去5周下跌约40% · 价格动态
  down ~40% over the last 5 weeks
  tags: 好数字 · → daily
  value: direction=down · qty=40% · date=past 5 weeks
• <a id="atom-04f2c16b3d52ff29"></a>2026-06-28 X·@Blinklebloop · 库存股供应压力 · 供给/仓位情绪
  there is a massive stock overhang -the 180-day lock-up expired Feb 10, 2026, freeing ~80M pre-IPO shares to sell. That post-lock-up supply is the main driver of the slide from $57, and insiders are now selling (e.g., an EVP sold ~$0.67M).
  tags: 好信源 · → daily

2. 新产品和独家产品驱动增长 vs 监管和替代风险

*topic: 竞争格局/监管政策/产品发布 · 5 bull vs 3 bear*

🟢 bullish 侧:

• <a id="atom-ba6b6f2d1a35249e"></a>2026-06-02 X·@Divergent7651 [老旧] · 现有业务线不受永续期货影响 · 营收/竞争格局
  Incumbent revenues and earnings are mostly insulated because perps are not a substitute for their main products and services.
  tags: 好观点 · → daily
• <a id="atom-b3d15b04c722701f"></a>2026-06-03 X·@MoodyWriter13 · 空头替代风险 · 竞争格局
  For $MIAX specifically it’s near zero, they’re almost pure multi-list equity options.
  tags: 好观点 · → daily
  value: direction=near zero
• <a id="atom-1c06c34668804449"></a>2026-06-23 X·@MoodyWriter13 · Bloomberg 产品独家权 · 产品发布/竞争格局
  building through its exclusive Bloomberg products exactly what is the crown jewel at CBOE. An exclusive, regulated index options franchise with SPX and VIX
  tags: 好观点 · → daily
  value: direction=building
• <a id="atom-66bbcdf1a097a0a2"></a>2026-06-09 X·@MoodyWriter13 · short-dated options rollout giving disproportionate share · 产品发布
  The rollout of short-dated options (Monday/Wednesday expirations since January) is giving MIAX a disproportionate share, with additional symbols expected in three to four months
  tags: 好观点 · → daily
  value: date=since January 2026
• <a id="atom-433a438cd2fd2d91"></a>2026-06-24 X·@MoodyWriter13 · 拥有次18微秒执行速度的技术优势 · 技术路线/产品发布
  Sub-18-microsecond execution speeds, outstanding stability, and superior performance during highly volatile trading sessions give it a genuine technological edge
  tags: 好数字 · → daily
  value: qty=sub-18-microsecond

🔴 bearish 侧:

• <a id="atom-766cc66af7f7935b"></a>2026-06-02 X·@Divergent7651 · 股价下跌原因 · 价格动态/监管政策
  So apparently $CBOE $ICE $CME and $MIAX are drawing down because the Commodity Futures Trading Commission has allowed Kalshi and Coinbase to introduce a new derivatives product - perpetual crypto futures.
  tags: 好观点 · → daily
• <a id="atom-d3673c1068e979be"></a>2026-06-09 X·@MoodyWriter13 [老旧] · CEO stance on perpetual futures authorization · 监管政策
  Gallagher reiterated his cautious stance... a broad authorization for perpetual futures on retail products outside of crypto remains... a long way off
  tags: 好观点 · → daily
  value: direction=cautious
• <a id="atom-9996ca46bd5abb25"></a>2026-06-24 X·@MoodyWriter13 · 技术变革威胁核心业务的可能性低 · 技术路线/竞争格局
  fears of a technological disruption that is unlikely to threaten its core business
  tags: 好观点 · → daily

📊 程序化变化 (近 7 天)

• 已过期 forecast: 1 条

🟦 客观事实 (facts) (30)

• <a id="atom-d22b0c7b3157dfb3"></a>🟦 2026-07-01 X·@MoodyWriter13 · Rosenblatt price target · 评级目标价
  a Buy rating and a $61 price target (raised from $59 on May 7)
  tags: 好数字·好信源 · → daily
  value: qty=$61
  📷 原图
• <a id="atom-1a921a75edabaad8"></a>🟦 2026-07-01 X·@MoodyWriter13 · price target multiple · 估值
  The $61 target is based on 17x estimated 2027 adjusted EBITDA versus a peer average of roughly 14x
  tags: 好数字·好信源 · → daily
  value: qty=17x
  📷 原图
• <a id="atom-df413ae30f7fae23"></a>🟦 2026-07-01 X·@MoodyWriter13 · Rosenblatt Buy rating · 评级目标价
  Rosenblatt lists $MIAX as one of its top eight ideas for the second half of the year. ...a Buy rating and a $61 price target (raised from $59 on May 7)
  tags: 好观点·好信源 · → daily
  📷 原图
• <a id="atom-c031b553691e6a3a"></a>🟦 2026-04-02 X·@MoodyWriter13 · 美股期权市场份额排名 · 市场份额
  $MIAX #4 in the US options market
  tags: 好数字·好观点 · → daily
  value: qty=#4 · date=2026-04-02
  📷 原图
• <a id="atom-433a438cd2fd2d91"></a>🟦 2026-06-24 X·@MoodyWriter13 · 拥有次18微秒执行速度的技术优势 · 技术路线/产品发布
  Sub-18-microsecond execution speeds, outstanding stability, and superior performance during highly volatile trading sessions give it a genuine technological edge
  tags: 好数字 · → daily
  value: qty=sub-18-microsecond
• <a id="atom-15362ec7ad581a94"></a>🟦 2026-06-05 X·@MoodyWriter13 · Q1 2026 净营收增长率 · 营收
  net revenue up 40%
  tags: 好数字 · → daily
  value: qty=40% · date=Q1 2026
  📷 原图
• <a id="atom-b51da3c8fac85539"></a>🟦 2026-06-05 X·@MoodyWriter13 · Q1 2026 EBITDA 增长率 · 盈利能力
  EBITDA up 66%
  tags: 好数字 · → daily
  value: qty=66% · date=Q1 2026
  📷 原图
• <a id="atom-e107cdd57efe0c21"></a>🟦 2026-06-05 X·@MoodyWriter13 · Q1 2026 利润率 · 盈利能力
  margin expanded to 51%
  tags: 好数字 · → daily
  value: qty=51% · date=Q1 2026
  📷 原图
• <a id="atom-dd372dc6dcd161ff"></a>🟦 2026-06-05 X·@MoodyWriter13 · 美国期权市场份额排名 · 市场份额
  climbed to the number three spot
  tags: 好数字 · → daily
  value: qty=第三 · date=2026
  📷 原图
• <a id="atom-5019b18c1caa1ba7"></a>🟦 2026-06-05 X·@MoodyWriter13 · 当前股价 · 价格动态
  the stock price...sits at around $40
  tags: 好数字 · → daily
  value: qty=$40 · date=2026-06-05
  📷 原图
• <a id="atom-9fb7ed1a0d137585"></a>🟦 2026-06-05 X·@MoodyWriter13 · 远期 EV/EBITDA 倍数（2026 年估计） · 估值
  forward EV/EBITDA of just 10x on 2026 estimates
  tags: 好数字 · → daily
  value: qty=10x · date=2026
  📷 原图
• <a id="atom-a8aa60b1974e5000"></a>🟦 2026-07-01 X·@MoodyWriter13 · market share 2015 · 市场份额
  MIAX's market share increasing from roughly 7% in 2015 to around 16–17% by 2025/26
  tags: 好数字 · → daily
  value: qty=7% · date=2015
  📷 原图
• <a id="atom-1ac0321d32e835c8"></a>🟦 2026-07-01 X·@MoodyWriter13 · market share 2025/26 · 市场份额
  MIAX's market share increasing from roughly 7% in 2015 to around 16–17% by 2025/26
  tags: 好数字 · → daily
  value: qty=16-17% · date=2025-2026
  📷 原图
• <a id="atom-b9a8b64d37d78266"></a>🟦 2026-06-30 X·@JonahLupton · Rosenblatt top pick for 2H 2026 · 评级目标价
  Rosenblatt put on a note today on their top picks for 2nd half of 2026 — $MIAX
  tags: 好信源 · → daily
  📷 原图
• <a id="atom-0cf3a4d739111ba6"></a>🟦 2026-06-29 X·@marinvonwegen · 净营收与运营费用增速 · 营收增长/盈利能力
  Net revenue is growing at 40%, operating expenses at 20%, bullish!
  tags: 好数字 · → daily
  value: qty=40% · date=2026-06-29
• <a id="atom-aa9e47b1d107943a"></a>🟦 2026-06-28 X·@Blinklebloop · 交易清算收入净额 · 营收/成本结构
  Biggest revenue segment is Transaction & Clearing fees (of which options) is 72% of total revenue BUT that 72% of revenue has a big cost attached to it- the net capture is $74m because the cost attached to that revenue is $223m of liquidity payments
  tags: 好数字 · → daily
  value: qty=$74M
• <a id="atom-b5740ee17a3ca198"></a>🟦 2026-06-28 X·@Blinklebloop · 接入与市场数据收入及增长率 · 营收增长/盈利能力
  The opportunity lies in Access & Market Data fees which are $46m - but this is basically 100% margin (36% of NET revenue) and grew at 45% YoY.
  tags: 好数字 · → daily
  value: qty=$46M · date=YoY
• <a id="atom-495e5e9c92f6fde3"></a>🟦 2026-06-23 X·@MoodyWriter13 · 股价 · 价格动态
  At a share price of 37 dollars
  tags: 好数字 · → daily
  value: qty=37美元 · date=2026-06-23
• <a id="atom-8a4afd79905080a0"></a>🟦 2026-06-23 X·@MoodyWriter13 · Robinhood 预测市场持股 · 合作客户
  MIAX, after selling its majority stake, still holds 10 % of Robinhood’s prediction market
  tags: 好数字 · → daily
  value: qty=10%
• <a id="atom-9e01b8d58081d393"></a>🟦 2026-06-23 X·@ragingbullcap · 股价过去5周下跌约40% · 价格动态
  down ~40% over the last 5 weeks
  tags: 好数字 · → daily
  value: direction=down · qty=40% · date=past 5 weeks
• <a id="atom-cac1d606239bc8e5"></a>🟦 2026-06-17 X·@MoodyWriter13 · 机构客户占比 · 市场份额
  MIAX’s business is driven by institutional, hedging-focused activity, the stable 70–80% of the market.
  tags: 好数字 · → daily
  value: qty=70-80% · date=当前
• <a id="atom-5807dba46441fd7a"></a>🟦 2026-06-17 X·@MoodyWriter13 · 期权交易量在抛售日高于平均水平 · 交易量
  On the day of the selloff, actual options volume was above average.
  tags: 好数字 · → daily
• <a id="atom-2ba7079541e3d671"></a>🟦 2026-06-09 X·@MoodyWriter13 · Q1 2026 adjusted EBITDA growth · 盈利能力
  Adjusted EBITDA up 66 percent, margins above 50 percent (up 800 basis points)
  tags: 好数字 · → daily
  value: qty=66% · date=Q1 2026
• <a id="atom-514885883091aec1"></a>🟦 2026-06-09 X·@MoodyWriter13 · Q1 2026 margins · 盈利能力
  margins above 50 percent (up 800 basis points)
  tags: 好数字 · → daily
  value: qty=above 50% · date=Q1 2026
• <a id="atom-ec741d6f1cf6fa32"></a>🟦 2026-06-09 X·@MoodyWriter13 · Q1 2026 average daily volume growth · 出货量
  Average daily volume (ADV) up 27 percent
  tags: 好数字 · → daily
  value: qty=27% · date=Q1 2026
• <a id="atom-55ccfd1adfe27b24"></a>🟦 2026-06-09 X·@MoodyWriter13 · Q1 2026 ADV growth vs industry · 市场份额
  roughly 60 percent faster than the industry (up 17 percent)
  tags: 好数字 · → daily
  value: qty=roughly 60 percent faster than the industry · date=Q1 2026
• <a id="atom-9424fa6ed1e1824a"></a>🟦 2026-06-09 X·@MoodyWriter13 · current market share · 市场份额
  After ten years focused on market share (now 17.25 percent)
  tags: 好数字 · → daily
  value: qty=17.25% · date=2026-06-09
• <a id="atom-7fb1254a21df008d"></a>🟦 2026-06-09 X·@MoodyWriter13 · new Miami trading floor market share · 市场份额
  The new Miami trading floor (opened September 2025) is still at 0.4 to 0.5 percent market share
  tags: 好数字 · → daily
  value: qty=0.4 to 0.5 percent · date=2026-06-09
• <a id="atom-cbcd56fc32d888af"></a>🟦 2026-06-09 X·@MoodyWriter13 · Bloomberg B100/B500 daily average contracts · 出货量
  The Bloomberg B100/B500 products have been live since May 17, averaging around 13,000 contracts per day
  tags: 好数字 · → daily
  value: qty=13,000 contracts per day · date=since May 17, 2026
• <a id="atom-d3750121fd9e7b84"></a>🟦 2026-06-09 X·@MoodyWriter13 · target number of retail brokers onboarded for B100/B500 by year end 2026 · 合作客户
  The goal is to have five major retail brokers fully onboarded by year end
  tags: 好数字 · → daily
  value: qty=5 · date=by year end 2026

🟥 多头 takes (bullish) (17)

• <a id="atom-946aada12a621569"></a>🟥 2026-06-28 X·@Blinklebloop · 营收结构分析 · 营收构成/盈利能力
  $MIAX has real operating leverage in its options-revenue segment through its Access & Market Data fees.
  tags: 好观点·好思考 · → daily
• <a id="atom-b37009d748ede8da"></a>🟥 2026-06-23 X·@MoodyWriter13 · FY2026 EV/EBIT 估值倍数 · 估值
  MIAX trades at roughly 11 to 12 times estimated FY2026 EV/EBIT
  tags: 好数字 · → daily
  value: qty=11-12倍 · date=FY2026
• <a id="atom-c44af895ccb33e9c"></a>🟥 2026-06-09 X·@MoodyWriter13 · new Miami trading floor potential share of floor volume · 市场份额
  with potential for 6 to 8 percent of floor volume
  tags: 好数字 · → daily
  value: qty=6 to 8 percent · date=future unspecified
• <a id="atom-3a558dfae159e0c9"></a>🟥 2026-06-24 X·@MoodyWriter13 [老化中] · CEO在会议发言后股价有吸引力 · 管理层表态
  It’s hard not to buy $MIAX after listening to the ceo at that conference and looking at where the stock trades today
  tags: 好观点 · → daily
• <a id="atom-790c3d51c3967a51"></a>🟥 2026-06-24 X·@MoodyWriter13 · 在高度波动交易时段表现优异 · 技术路线
  sub-18-microsecond execution speeds, outstanding stability, and superior performance during highly volatile trading sessions give it a genuine technological edge
  tags: 好观点 · → daily
• <a id="atom-dbb949083581f514"></a>🟥 2026-06-02 X·@MoodyWriter13 · 投资者会议听起来非常正面 · 管理层表态
  To me, the investor conference today sounded very positive
  tags: 好思考 · → daily
• <a id="atom-6b1a4da5396aa837"></a>🟥 2026-06-02 X·@MoodyWriter13 · IPO 供应将增加（如 SpaceX、Anthropic 等） · IPO
  With upcoming IPOs like SpaceX, Anthropic, and others, the "casino" is getting fresh supply
  tags: 好思考 · → daily
• <a id="atom-f4fc52ad8766c433"></a>🟥 2026-06-29 X·@MoodyWriter13 · 在行为金融市场周期第三和第四阶段表现强劲 · 市场周期/营收驱动
  Options exchanges such as $CBOE and $MIAX thrive during Phases 3 and 4 of the Behavioral Finance market cycle.
  tags: 好观点 · → daily
  📷 原图
• <a id="atom-1c866c926daea1ab"></a>🟥 2026-06-29 X·@MoodyWriter13 · 股价接近低点 · 价格动态/仓位情绪
  Yet, despite this backdrop, these stocks are still trading near their lows.
  tags: 好观点 · → daily
  📷 原图
• <a id="atom-1c06c34668804449"></a>🟥 2026-06-23 X·@MoodyWriter13 · Bloomberg 产品独家权 · 产品发布/竞争格局
  building through its exclusive Bloomberg products exactly what is the crown jewel at CBOE. An exclusive, regulated index options franchise with SPX and VIX
  tags: 好观点 · → daily
  value: direction=building
• <a id="atom-0859da595267035b"></a>🟥 2026-06-23 X·@ragingbullcap · 交易于EBIT的荒谬低倍数 · 估值
  trading at an absurdly low multiple of EBIT and down ~40% over the last 5 weeks
  tags: 好观点 · → daily
• <a id="atom-2ba65c92b261886b"></a>🟥 2026-06-23 X·@ragingbullcap · 技术性卖出和恐惧导致荒谬估值 · 估值/仓位情绪
  technical selling + likely irrational fears resulting in an obscene multiple for a scaled and perpetual asset light tollbooth on endlessly growing trading activity
  tags: 好观点 · → daily
• <a id="atom-bd477646cbd2ef69"></a>🟥 2026-06-21 X·@negligible_cap · 被提及为值得深度研究的对象 · 仓位情绪
  That said exchanges are definitely starting to look interesting here. I’ve been looking for a reason to deep dive $MIAX
  tags: 好观点 · → daily
  [图: Cboe Global Markets Inc (BATS: CBOE) 的一个月股价走势图及相关财务数据 — 股价: 249.10 USD; 月变动: -102.84 (-29.22%); 市值: 26.07B; 市盈率 (P/E ratio): 21.27; 52周区间: 225.00 - 371.18]
  📷 原图
• <a id="atom-b3d15b04c722701f"></a>🟥 2026-06-03 X·@MoodyWriter13 · 空头替代风险 · 竞争格局
  For $MIAX specifically it’s near zero, they’re almost pure multi-list equity options.
  tags: 好观点 · → daily
  value: direction=near zero
• <a id="atom-8032b345a5253596"></a>🟥 2026-06-02 X·@MoodyWriter13 · 当前环境对他们是梦想般的 · 仓位情绪
  The current environment is a dream for them
  tags: 好观点 · → daily
• <a id="atom-93a4e903a1487dee"></a>🟥 2026-06-02 X·@Divergent7651 [老旧] · 新产品的推出是好事 · 仓位情绪
  The approval of a new type of derivate product is a good thing for incumbent exchange businesses.
  tags: 好观点 · → daily
• <a id="atom-ba6b6f2d1a35249e"></a>🟥 2026-06-02 X·@Divergent7651 [老旧] · 现有业务线不受永续期货影响 · 营收/竞争格局
  Incumbent revenues and earnings are mostly insulated because perps are not a substitute for their main products and services.
  tags: 好观点 · → daily

🟥 空头 takes (bearish) (2)

• <a id="atom-9996ca46bd5abb25"></a>🟥 2026-06-24 X·@MoodyWriter13 · 技术变革威胁核心业务的可能性低 · 技术路线/竞争格局
  fears of a technological disruption that is unlikely to threaten its core business
  tags: 好观点 · → daily
• <a id="atom-766cc66af7f7935b"></a>🟥 2026-06-02 X·@Divergent7651 · 股价下跌原因 · 价格动态/监管政策
  So apparently $CBOE $ICE $CME and $MIAX are drawing down because the Commodity Futures Trading Commission has allowed Kalshi and Coinbase to introduce a new derivatives product - perpetual crypto futures.
  tags: 好观点 · → daily

⏱ 时间轴 (近 20)

• 🟦 2026-07-01 · narrative · Rosenblatt Buy rating · → daily
• 🟦 2026-07-01 · fact · Rosenblatt price target · → daily
• 🟦 2026-07-01 · fact · market share 2015 · → daily
• 🟦 2026-07-01 · fact · market share 2025/26 · → daily
• 🟦 2026-07-01 · fact · price target multiple · → daily
• 🟦 2026-07-01 · fact · author holds shares · → daily
• 🟦 2026-06-30 · narrative · Rosenblatt top pick for 2H 2026 · → daily
• 🟦 2026-06-29 · fact · 净营收与运营费用增速 · → daily
• 🟥 2026-06-29 · narrative · 在行为金融市场周期第三和第四阶段表现强劲 · → daily
• 🟥 2026-06-29 · narrative · 股价接近低点 · → daily
• 🟥 2026-06-28 · narrative · 营收结构分析 · → daily
• 🟦 2026-06-28 · fact · 交易清算收入净额 · → daily
• 🟦 2026-06-28 · fact · 接入与市场数据收入及增长率 · → daily
• 🟦 2026-06-28 · fact · 库存股供应压力 · → daily
• 🟥 2026-06-24 · position · CEO在会议发言后股价有吸引力 · → daily
• 🟥 2026-06-24 · narrative · 技术变革威胁核心业务的可能性低 · → daily
• 🟦 2026-06-24 · fact · 拥有次18微秒执行速度的技术优势 · → daily
• 🟥 2026-06-24 · narrative · 在高度波动交易时段表现优异 · → daily
• 🟦 2026-06-23 · fact · 股价 · → daily
• 🟥 2026-06-23 · forecast · FY2026 EV/EBIT 估值倍数 · → daily

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