Cryptocurrency is on its second wind, and Gemini, the cryptocurrency firm backed by billionaire twins Tyler and Cameron Winklevoss, is banking on South Florida.
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New York-based Gemini signed its first South Florida lease for nearly 9K SF in Miami’s Wynwood neighborhood, according to a release.
Gemini expects employees to move into the offices at Chicago-based Sterling Bay's 545wyn by May. It took two prebuilt suites on the third floor of the 10-story, 298K SF office building at 545 NW 26th St.
Other tenants in the building include Sony Music, which signed its lease in October 2023, and PwC. Wynwood has become a draw for tech companies launching Miami hubs. Amazon in January signed Wynwood’s largest office lease at Wynwood Plaza, less than a mile from 545wyn.
Miami-based brokerage firm Blanca Commercial Real Estate's Tere Blanca, Juan Ruiz and Andres del Corral represented Sterling Bay in the transaction.
“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,” Ruiz said in a statement.
The lease also signals a potential comeback for cryptocurrency in Miami.
Mayor Francis Suarez has boasted about his efforts to make the city the “crypto capital” of the world, hosting a major cryptocurrency event in Wynwood in 2022. But that year, the crypto industry sputtered after the dramatic collapse of FTX, led by Sam Bankman-Fried, who was convicted of fraud and sentenced to 25 years in prison.
FTX had agreed to move its headquarters to Miami and paid for naming rights to the city's NBA arena, where the Miami Heat play. Following the firm's collapse, the arena was renamed to Kaseya Center after a deal with the homegrown tech firm.
But the industry has been in the early stages of a renaissance, partially fueled by President Donald Trump's embrace of crypto. The Winklevoss twins have continued to advocate for cryptocurrencies, each donating $1M in bitcoin to Trump's campaign, citing his pro-crypto and pro-business stance, The Guardian reported.
They are also in the midst of a lawsuit with the Securities and Exchange Commission, which charged them with failing to register a cryptocurrency asset lending program before offering it to retail investors with Gemini. The SEC and the Winklevosses are looking to explore resolutions, Reuters reported Tuesday.
Trump is pushing to deregulate the business and signed an executive order to establish a strategic bitcoin reserve and a U.S. digital asset stockpile at the beginning of March.
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