Is MATH or MIAX more undervalued in 2026?

CirclFi compares Metalpha Technology Holding Lim (MATH) and Miami International Holdings, I (MIAX) using 13 institutional-grade valuation models. MATH has a Quality of Company score of 1.9/10 while MIAX scores 6.3/10.

Which is a better buy — MATH or MIAX?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do MATH and MIAX valuations compare?

MATH at $1.05 and MIAX at $47.76 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

MATH vs MIAX Valuation Comparison 2026 — Intrinsic Value Analysis

MATH

Capital Markets

Metalpha Technology Holding Lim

Quality

1.9

out of 10

Value Trap

—

Price

$1.05

Last close

Models

10/13

Active

MIAX

Capital Markets

Miami International Holdings, I

Quality

6.3

out of 10

Value Trap

—

Price

$47.76

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	MATH Fair Value	MATH Upside	MIAX Fair Value	MIAX Upside
Bayesian DCF	Intrinsic	$0.28	-73.5%	$18.99	-60.2%
Earnings Power Value	Intrinsic	—	—	$17.74	-62.9%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$0.12	-86.4%	$12.93	-72.9%

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MATH vs MIAX — Which Stock Is More Undervalued?

MIAX scores higher with a 6.3/10 quality rating vs MATH's 1.9/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Metalpha Technology Holding Lim (MATH) and Miami International Holdings, I (MIAX) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

MATH currently trades at $1.05 with a QOC of 1.9/10, while MIAX trades at $47.76 with a QOC of 6.3/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).