MIAMI INTERNATIONAL HOLDINGS, INC.MIAX
MIAMI INTERNATIONAL HOLDINGS, INC. Goodwill & Intangibles Disclosure
GOODWILL AND INTANGIBLE ASSETS
The following table presents the details of goodwill by segment (in thousands):
| Options | Futures | Equities | International | Total | |||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | — | $ | 46,256 | $ | — | $ | 562 | $ | 46,818 | |||||||||||||||||||
| Additions | — | — | — | — | — | ||||||||||||||||||||||||
Balance as of December 31, 2024 | $ | — | $ | 46,256 | $ | — | $ | 562 | $ | 46,818 | |||||||||||||||||||
| Additions | — | — | — | 18,042 | 18,042 | ||||||||||||||||||||||||
| Reclass to assets held for sale | — | (2,520) | — | — | (2,520) | ||||||||||||||||||||||||
| Foreign currency translation | — | — | — | (129) | (129) | ||||||||||||||||||||||||
Balance as of December 31, 2025 | $ | — | $ | 43,736 | $ | — | $ | 18,475 | $ | 62,211 | |||||||||||||||||||
The following table presents the details of carrying value of intangible assets by segment (in thousands):
| Options | Futures | Equities | International | Total | |||||||||||||||||||||||||
| Balance as of December 31, 2023 | $ | — | $ | 107,713 | $ | — | $ | 7,000 | $ | 114,713 | |||||||||||||||||||
| Additions | — | — | — | — | — | ||||||||||||||||||||||||
| Amortization | — | (489) | — | — | (489) | ||||||||||||||||||||||||
| Balance as of December 31, 2024 | $ | — | $ | 107,224 | $ | — | $ | 7,000 | $ | 114,224 | |||||||||||||||||||
| Additions | — | — | — | 76,000 | 76,000 | ||||||||||||||||||||||||
| Reclass to assets held for sale | — | (18,000) | — | — | (18,000) | ||||||||||||||||||||||||
| Amortization | — | (412) | — | (492) | (904) | ||||||||||||||||||||||||
| Changes in foreign currency exchange rates | — | — | — | (546) | (546) | ||||||||||||||||||||||||
| Balance as of December 31, 2025 | $ | — | $ | 88,812 | $ | — | $ | 81,962 | $ | 170,774 | |||||||||||||||||||
The following table presents the gross carrying value and accumulated amortization for intangible assets (in thousands):
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Weighted Average Remaining Useful Life (Years) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation | Impairment | Net Book Value | ||||||||||||||||||||||||||||||
| Exchange licenses | Indefinite | $ | 148,000 | $ | — | $ | (452) | $ | — | $ | 147,548 | ||||||||||||||||||||||||
| FCM license | Indefinite | 6,000 | — | — | — | 6,000 | |||||||||||||||||||||||||||||
| Customer relationships | 13.6 | 20,250 | (2,930) | (94) | — | 17,226 | |||||||||||||||||||||||||||||
| Other | 0 | 200 | (200) | — | — | — | |||||||||||||||||||||||||||||
| Total | $ | 174,450 | $ | (3,130) | $ | (546) | $ | — | $ | 170,774 | |||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Weighted Average Remaining Useful Life (Years) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation | Impairment | Net Book Value | ||||||||||||||||||||||||||||||
| Exchange licenses | Indefinite | $ | 103,000 | $ | — | $ | — | $ | — | $ | 103,000 | ||||||||||||||||||||||||
| FCM license | Indefinite | 6,000 | — | — | — | 6,000 | |||||||||||||||||||||||||||||
| Customer relationships | 12.8 | 7,250 | (2,032) | — | — | 5,218 | |||||||||||||||||||||||||||||
| Other | 0.8 | 200 | (194) | — | — | 6 | |||||||||||||||||||||||||||||
| Total | $ | 116,450 | $ | (2,226) | $ | — | $ | — | $ | 114,224 | |||||||||||||||||||||||||
The Company recorded amortization expense of $1.1 million for the year ended December 31, 2025 and $0.5 million for the years ended December 31, 2024 and 2023. The estimated future amortization expense of the intangible assets is as follows (in thousands):
| 2026 | $ | 1,273 | |||
| 2027 | 1,273 | ||||
| 2028 | 1,273 | ||||
| 2029 | 1,273 | ||||
| 2030 | 1,273 | ||||
| Thereafter | 10,861 | ||||
| Total | $ | 17,226 | |||
In 2021, BSX entered into agreements with a wholly owned subsidiary of Pyth Data Foundation (“Pyth”) to provide certain data to the Pyth Network in exchange for 500 million Pyth tokens. During 2023, pursuant to a replacement token agreement, BSX received 500 million replacement Pyth tokens which were locked and restricted from trading with a four year unlock schedule commencing on May 20, 2024. While the Pyth tokens are locked they are not in the control or possession of BSX, cannot be traded by BSX, and are held by another entity. The Pyth tokens unlock on the schedule based on the agreement under which they were issued, and do not require any further performance by BSX in order to receive the Pyth tokens as they unlock.
On May 20, 2024, 125 million of the 500 million right to receive Pyth tokens were unlocked by the Pyth Network and during the quarter ended June 30, 2024, BSX sold the 125 million tokens for $52.6 million, net of expenses incurred. The net proceeds from the tokens’ sale were recorded as a gain on sale of intangible asset in non-operating (expense) income on the consolidated statement of operations.
On May 20, 2025, the second tranche of the 125 million right to receive Pyth tokens were unlocked by the Pyth Network, BSX sold the entire 125 million tokens for $16.2 million, net of expenses incurred. The Company recorded a loss on sale of $2.1 million, which was the difference between the fair value of the derivative assets and the net proceeds received. The loss on sale of intangible asset was recorded in non-operating (expense) income on the consolidated statement of operations.
Locked Pyth tokens are considered the right to receive crypto tokens. The remaining 250 million locked Pyth tokens as of December 31, 2025 are expected to be unlocked at a rate of 125 million tokens on each of the next two unlock anniversary dates of May 20, 2026 and 2027. The Company received an additional 1.0 million locked reward Pyth tokens, which will be unlocked at various times during 2026 through 2028. When BSX becomes entitled to the right to receive crypto tokens, it assesses if such right includes an embedded feature that meets the definition of a derivative requiring separate accounting treatment. At each reporting date, BSX reevaluates its conclusion on whether there is an embedded derivative based on current facts and circumstances. During the second quarter of 2024, an active market emerged for Pyth tokens, the crypto tokens in which BSX has outstanding rights to receive in exchange for its previous services to certain customers. Prior to the existence of an active market, BSX concluded that the right to receive crypto tokens did not meet the definition of a derivative as there was no market mechanism to net settle the contract so therefore it was not separately accounted for as an embedded derivative. Once an active market was established in the second quarter of 2024, BSX determined that the right to receive crypto tokens included an embedded derivative to be separately accounted for in accordance with Accounting Standard Codification (“ASC”) 815, Derivatives and Hedging. The embedded derivatives are recognized at fair value at each reporting date and recorded in derivative assets (current and noncurrent) in the consolidated balance sheets. Changes in the fair value of the embedded derivatives are reported in unrealized gain (loss) on derivative assets in the consolidated statements of operations.
As of December 31, 2025 and 2024, the Company recognized the fair value of derivative assets on the consolidated balance sheet amounting to $11.1 million and $83.8 million. The corresponding change is fair value during the years ended December 31, 2025 and 2024 resulted in an loss of $54.9 million and a gain of $83.8 million, respectively and was recorded within non-operating (expense) income on the consolidated statement of operations. The derivative assets are classified as current or noncurrent in the consolidated balance sheet based on the timing when tranches of Pyth tokens are expected to unlock.
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.