TLDR
- Gemini, the cryptocurrency firm backed by the Winklevoss twins, is opening an 8,840-square-foot office in Miami’s Wynwood neighborhood
- The company plans to occupy the new space by May 2025
- The expansion follows Gemini’s confidential IPO filing earlier this year
- A federal judge recently ordered a 60-day stay on the SEC’s lawsuit against Gemini
- Gemini joins other tech firms like Amazon, Sony, and Ripple Labs that have established presence in Wynwood
Gemini, the cryptocurrency exchange founded by billionaire twins Cameron and Tyler Winklevoss, is expanding its footprint to South Florida with a new office in Miami’s trendy Wynwood district. The New York-based firm has signed a lease for 8,840 square feet at 545wyn, a 10-story office building located at 545 NW 26th Street.
According to a statement released Thursday, Gemini is expected to move into the new space by May. This marks the company’s first physical presence in the South Florida region, adding to its existing offices in New York and Europe.
The 545wyn building, developed in 2020 by Chicago-based Sterling Bay, already houses several major tenants including Sony Group Corp., PwC, and Gensler. The property is situated in Wynwood, a neighborhood known for its transformation from an arts district with warehouses and graffiti murals into a growing hub for both residential and commercial development.
Miami’s Growing Tech Hub
Wynwood has become an attractive location for technology and creative companies in recent years. Earlier this year, Amazon.com agreed to take space at nearby Wynwood Plaza, marking the district’s largest-ever office lease. Other major firms that have established a presence in the area include Marcelo Claure’s investment firm, Peter Thiel’s Founders Fund, and Spotify Technology.
Juan Ruiz, vice chairman of Blanca Commercial Real Estate, which represented the landlord in the deal, noted that
“Gemini’s decision to plant their flag at 545wyn speaks volumes about Wynwood’s evolution from an arts district to a magnet for top-tier technology and creative companies seeking a vibrant, walkable neighborhood.”
Gemini’s move to Miami places it in close proximity to other cryptocurrency companies that have chosen Florida as a base of operations. Ripple Labs already has an office in the Wynwood neighborhood, not far from Gemini’s future location, while BTC miner MARA Holdings is headquartered in nearby Fort Lauderdale.
The appeal of Florida for crypto companies may be linked to the state’s seemingly favorable regulatory environment and the absence of state income tax for residents.
Regulatory Developments
Gemini’s expansion comes as the company appears to be making progress in resolving several regulatory challenges. Recently, a federal judge ordered a 60-day stay on the U.S. Securities and Exchange Commission’s lawsuit against Gemini Global Capital “to allow the parties to explore a potential resolution.”
The SEC had filed the enforcement action in January 2023, alleging that the crypto firm offered and sold unregistered securities through its Gemini Earn program.
In February, Cameron Winklevoss stated that the regulator had closed an investigation into a separate matter involving Gemini. Additionally, the company agreed in January to pay a $5 million penalty imposed by the U.S. Commodity Futures Trading Commission over alleged “false and misleading” statements related to its 2017 bid to offer Bitcoin futures contracts.
These developments appear to be clearing the path for Gemini’s next steps. According to Bloomberg, the company filed confidentially for an initial public offering earlier this year. This move follows the closing of the SEC investigation and the settlement of the CFTC lawsuit.
The company had reportedly considered pursuing an IPO as early as 2021, before shares of many U.S.-based crypto firms were publicly traded.
