Is MIAX or NAKA more undervalued in 2026?

CirclFi compares Miami International Holdings, I (MIAX) and Nakamoto Inc. (NAKA) using 13 institutional-grade valuation models. MIAX has a Quality of Company score of 6.3/10 while NAKA scores 3.9/10.

Which is a better buy — MIAX or NAKA?

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 MIAX and NAKA valuations compare?

MIAX at $47.76 and NAKA at $5.60 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

MIAX vs NAKA Valuation Comparison 2026 — Intrinsic Value Analysis

MIAX

Capital Markets

Miami International Holdings, I

Quality

6.3

out of 10

Value Trap

—

Price

$47.76

Last close

Models

13/13

Active

NAKA

Capital Markets

Nakamoto Inc.

Quality

3.9

out of 10

Value Trap

LOW

Price

$5.60

Last close

Models

9/13

Active

Model-by-Model Comparison

Model	Type	MIAX Fair Value	MIAX Upside	NAKA Fair Value	NAKA Upside
Bayesian DCF	Intrinsic	$18.99	-60.2%	$1.59	-71.5%
Earnings Power Value	Intrinsic	$17.74	-62.9%	—	—
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$6.91	-85.5%	$0.53	-90.5%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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MIAX vs NAKA — Which Stock Is More Undervalued?

MIAX scores higher with a 6.3/10 quality rating vs NAKA's 3.9/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Miami International Holdings, I (MIAX) and Nakamoto Inc. (NAKA) 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.

MIAX currently trades at $47.76 with a QOC of 6.3/10, while NAKA trades at $5.60 with a QOC of 3.9/10.

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).