Brown Shelly, EVP and Chief Strategy Officer at MIAX, has been a consistent seller of company stock over the past year, with Form 4 filings showing 41 total transactions and zero open-market purchases. The aggregate sell value across all filings reached approximately $4.16 million, while no acquisitions were recorded outside of routine compensation events. The most recent activity, spanning July 2025 through July 2026, shows eight open-market sales totaling roughly $3.4 million, with the largest single disposition occurring on March 23, 2026, when Shelly sold shares valued at $1,019,905.56.
The transaction pattern reveals a clear sell-side bias, with sales clustered around option exercises and equity awards. For example, on July 6, 2026, Shelly exercised options valued at $192,000 and immediately sold the resulting shares for $674,080. Similar paired exercise-and-sell transactions occurred on June 2, May 4, and April 8, 2026, each involving roughly $192,000–$197,000 in option exercises followed by sales ranging from $673,920 to $756,480. Smaller open-market sales on April 6 and April 7, 2026, added $97,414.81 and $37,800, respectively, while a June 15, 2026, sale brought in $208,500.22.
Notably, Shelly’s selling has been punctuated by automatic tax-withholding events (coded “F”) and equity grants (coded “A”) that carry no cash value, indicating the sales are largely tied to compensation mechanics rather than discretionary portfolio decisions. The most recent Form 4, filed July 6, 2026, shows a sale of $674,080 alongside an option exercise, continuing the established pattern of converting vested equity into cash. Over the entire period, Shelly has not made a single open-market purchase, reinforcing a one-directional flow of shares out of the insider’s holdings.
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