MIAX (Miami International Holdings, Inc.) presents a materially improved balance-sheet posture as of March 31, 2026 relative to its pre-IPO state, driven primarily by three structural changes: (1) full repayment of the $140M 2029 Senior Secured Term Loan using August 2025 IPO proceeds, eliminating the dominant liability that previously subordinated equity recovery; (2) a large cash accumulation — unrestricted cash and cash equivalents of $550.8M versus $129.8M at March 31, 2025 — reflecting both IPO proceeds and the $59.8M net proceeds from the January 2026 sale of 90% of MIAXdx to a Robinhood/SIG joint venture; and (3) a full deferred tax valuation allowance release generating a $70.2M non-cash tax benefit that increased retained earnings. Under the liquidation lens, the asset side is dominated by cash ($550.8M at 100% recovery), broker-dealer receivables ($149.3M, subject to clearinghouse counterparty risk), accounts receivable ($106.9M at 90-95% haircut), and margin deposit assets ($278.4M restricted, recovery uncertain under wind-down). The liability stack is relatively lean: total liabilities of $378.6M consist predominantly of current payables ($350.9M current liabilities), with long-term debt reduced to a nominal $1.5M unsecured promissory note maturing December 2026. Operating lease obligations total $21.6M present value ($34.7M undiscounted), which do not extinguish on windup. Goodwill of $61.9M and intangible assets of $169.2M (predominantly exchange licenses, which are indefinite-lived) carry zero liquidation value. PP&E net of $53.5M applies a 50-70% haircut. The large retained earnings deficit of $(462.1M) is an accounting artifact of pre-IPO equity compensation and cumulative losses, not a cash obligation. The 10% retained equity stake in MIAXdx (now 'Rothera') is carried at an undisclosed fair value within long-term investments of $29.2M; the filing does not separately tag or quantify the Rothera interest in XBRL. The Pyth token derivative asset of $8.6M (250M locked tokens) applies fair value accounting but is illiquid and would likely recover at a significant discount in a forced liquidation. The Futures segment carries $335.3M in clearing participant deposits and $278.4M in margin deposits, both of which offset matching liabilities; net recovery to the corporate entity on these items is de minimis. Net equity recovery under liquidation is modestly positive given the cash-heavy balance sheet, but is eroded by the intangibles/goodwill writedown and operating lease obligations. The filing discusses litigation costs as a meaningful and growing recurring expense ($2.8M in Q1 2026 professional fees classified as litigation), representing a contingent liability not fully quantified in XBRL.
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