Gallagher Thomas P.

Gallagher Thomas P., Chairman and CEO of MIAX, has been a consistent net seller of company stock over the past year, with open-market sales totaling roughly $21.9 million against just $276,000 in purchases. The selling pattern is concentrated and recurring: between April and July 2026 alone, he executed nine open-market sales (code "S") with values ranging from roughly $756,000 to $4.5 million, including a $2.98 million sale on July 13, a $1.19 million sale on July 7, and a $1.76 million sale on July 6. These dispositions were frequently paired with option exercises (code "M")—for example, the July 13 sale was accompanied by an $840,000 exercise, and the July 7 sale by a $338,736 exercise—suggesting a routine of converting vested options into cash rather than accumulating additional shares. The only purchase activity in the dataset is a single $276,000 open-market buy (code "P"), which is dwarfed by the sell volume and does not appear in the recent trades list. The most recent transactions show no buying at all: the last nine filings are all sales, exercises, or compensation-related grants (code "A" on June 16, 2026, valued at $0). The pattern is one of steady monetization—selling into strength across multiple dates, with the largest single sale ($4.51 million on April 15, 2026) occurring alongside two other sales that same day totaling over $7.7 million. Tax-withholding dispositions (code "F") and a gift (code "G") round out the activity, but the dominant signal is a clear sell bias, with no recent open-market accumulation to offset the outflow.