ICE trades at a discount to exchange peers (P/E 22.1 vs median 27.0) after a 13% decline, while delivering record open interest and accelerating revenue growth to $12.6B in 2025. The launch of GPU compute futures and crypto perpetuals expands its addressable market, but a DCF-based fair value estimate of $129 and persistent insider selling by the CFO cap near-term upside. The stock is a high-quality compounder, but technical weakness and valuation debate warrant patience until growth catalysts translate into price momentum.