Gemini Exchange Leases Miami Office Space as SEC Case Paused

TLDR

• Gemini has signed a lease for an 8,840 square foot office in Miami’s Wynwood Art District
• The exchange plans to move into the space by May 2025
• A federal judge ordered a 60-day stay on the SEC’s lawsuit against Gemini
• Gemini recently filed confidentially for an IPO with Goldman Sachs and Citigroup
• Several crypto firms have established offices in Miami’s Wynwood neighborhood

Cryptocurrency exchange Gemini, founded by twins Cameron and Tyler Winklevoss, is expanding its operations to Miami, Florida. The company has signed a lease for office space in Miami’s Wynwood Art District, with plans to move in by May 2025. This expansion comes as the exchange faces a possible resolution in its ongoing case with the Securities and Exchange Commission (SEC).

The new Gemini office will occupy 8,840 square feet at 545wyn, a 10-story building developed by Sterling Bay Properties in 2020. The building already hosts companies like Gensler, Sony Group Corp., and PwC.

This move marks Gemini’s first South Florida location, adding to its existing offices in New York and Europe. The company has not yet commented on the exact reasons for the expansion.

Legal Proceedings and Regulatory Matters

The Miami expansion comes at a time when Gemini may be resolving its regulatory challenges. A federal judge recently ordered a 60-day stay on the SEC’s lawsuit against Gemini Global Capital “to allow the parties to explore a potential resolution.”

The SEC filed an enforcement action against Gemini in January 2023. The regulator alleged that the crypto firm offered and sold unregistered securities through its Gemini Earn program.

In February, Cameron Winklevoss stated that the SEC had closed an investigation into a separate matter involving the exchange. The firm also agreed to a $5 million penalty imposed by the U.S. Commodity Futures Trading Commission in January over alleged “false and misleading” statements related to its 2017 bid to offer Bitcoin futures contracts.

These regulatory developments may signal a clearing path for Gemini’s reported plans to go public. According to sources, the exchange filed confidentially for an initial public offering (IPO) earlier this year.

Miami’s Growing Crypto Hub

Gemini’s choice of Wynwood for its expansion aligns with the neighborhood’s emergence as a business growth center. Once known primarily for warehouses and graffiti murals, Wynwood has attracted numerous tech and creative companies in recent years.

“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,” said Juan Ruiz, vice chairman of Blanca Commercial Real Estate.

The area has become particularly attractive to crypto and tech firms. Ripple Labs has an office in Wynwood, not far from Gemini’s future location. Other companies with offices in the neighborhood include Spotify Technology SA, Peter Thiel’s Founders Fund, and Marcelo Claure’s investment firm.

Amazon.com Inc. also signed what was reportedly the largest office lease in the district’s history this year. This clustering of tech firms may create synergies and community for the growing crypto industry in South Florida.

IPO Preparations

Gemini appears to be positioning itself for a public offering. The exchange is reportedly working with Goldman Sachs Group Inc. and Citigroup Inc. on the offering, though discussions are still ongoing and no final decision has been made.

In preparation for a potential IPO, Gemini recently appointed Dan Chen as its new chief financial officer. Chen previously served as vice president of capital markets at Affirm.

If Gemini proceeds with its public listing, it will join a small but growing number of crypto-native companies considering IPOs on U.S. stock exchanges. Others in this group include Kraken, Circle, Bullish, and Blockchain.com.

The timing may be favorable for crypto companies looking to go public. Since President Donald Trump’s administration has embraced cryptocurrency, the industry has seen increased interest in IPOs.

Gemini had reportedly considered going public as early as 2021, before shares of many U.S.-based crypto firms were publicly traded. Cameron Winklevoss indicated in February that a listing would come after the conclusion of the SEC investigation into the exchange.

The exchange’s expansion to Miami, potential resolution of regulatory issues, and IPO preparations suggest Gemini is entering a new phase of growth. The company now joins the growing roster of crypto firms establishing a presence in Florida, likely attracted by the state’s favorable regulatory environment and lack of state income tax for residents.