Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * STAHL MURRAY 2. Issuer Name and Ticker or Trading Symbol MIAMI INTERNATIONAL HOLDINGS, INC. [MIAX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 470 PARK AVE S, 8TH FLOOR SOUTH 3. Date of Earliest Transaction (Month/Day/Year) 09/26/2025 (Street) NEW YORK, NY 10016 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 09/26/2025 P 4 A $41.76 4,557,923(1)(2) I Horizon Kinetics Asset Management LLC

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

OPTIONS

$16.14(3)

08/13/2025

05/31/2031

Miami International Holdings Inc

2,500

2,500

D

OPTIONS

$16.14(3)

08/13/2025

07/31/2031

Miami International Holdings Inc

7,500

7,500

D

OPTIONS

$25.98(3)

08/13/2025

06/30/2032

Miami International Holdings Inc

10,000

10,000

D

OPTIONS

$19.84(3)

08/13/2025

03/26/2033

Miami International Holdings Inc

14,331

14,331

D

Warrants

$20.5(1)(4)

08/13/2025

11/15/2026

Miami International Holdings Inc

24,878

24,878

I

Horizon Kinetics Asset Management LLC

Warrants

$20.5(1)(4)

08/13/2025

02/05/2027

Miami International Holdings Inc

27,561

27,561

I

Horizon Kinetics Asset Management LLC

Warrants

$15(1)(4)

08/13/2025

04/08/2026

Miami International Holdings Inc

21,290

21,290

I

Horizon Kinetics Asset Management LLC

Warrants

$20.5(1)(4)

08/13/2025

10/17/2026

Miami International Holdings Inc

38,927

38,927

I

Horizon Kinetics Asset Management LLC

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
STAHL MURRAY 470 PARK AVE S 8TH FLOOR SOUTH NEW YORK, NY 10016	X
HORIZON KINETICS ASSET MANAGEMENT LLC 470 PARK AVE S 8TH FLOOR SOUTH NEW YORK, NY 10016		X

Signatures

/s/ Jay Kesslen, attorney-in-fact		09/30/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Murray Stahl serves as Chairman, Chief Executive Officer, and Chief Investment Officer of Horizon Kinetics Asset Management LLC ("HKAM"), which manages funds and accounts (the "Managed Accounts") that hold securities of the Issuer. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer that are beneficially owned by the Managed Accounts. Mr. Stahl disclaims beneficial ownership over the securities reported, except to the extent of his pecuniary interest therein, if any. The filing of this Form shall not be deemed an admission that the Mr. Stahl is the beneficial owner of such securities for purposes of Section 16 or any other purpose.
(2)	Includes 5,000 shares of Series B Preferred Stock that have been converted into Common Stock on a one-for-one basis upon the closing of the Company's initial public offering and which have no expiration date and 14,998 shares of Non-Voting Common Stock that have been converted into shares of Common Stock on a one-for-one basis upon the closing of the Company's IPO and which have no expiration date.
(3)	The Options given to Mr. Stahl are fully vested.
(4)	The Warrants are currently vested and presently exercisable until the expiration date show.

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