The cryptocurrency company Gemini, backed by Cameron and Tyler Winklevoss, intends to move into a South Florida office space as the US Securities and Exchange Commission (SEC) enforcement case may have reached its end. The firm intends to move into the new office in May.
The size of the new office that Gemini agreed to lease is 8,840 square feet (821 square meters) at 545wyn, located in the Wynwood neighborhood of Miami.
Wynwood has developed into a new business growth centre, attracting numerous firms
Wynwood, a neighborhood in Miami well-known for its warehouses and graffiti murals, has developed into a new centre for residential and business growth.
In support of this, several firms have established offices in the neighborhood in recent years. This includes Spotify Technology SA, Peter Thiel’s Founders Fund, and Marcelo Claure’s investment firm. In addition, Amazon.com Inc. also signed an office lease in Wynwood. Its office was the largest in the district’s history this year.
Furthermore, in 2020, Sterling Bay developed the 545wyn office building, a 10-story building, in Miami’s Wynwood neighborhood and accommodated Gensler, Sony Group Corp., and PwC. Following the firms’ addresses in the Wynwood neighborhood, Gemini’s address is 545 NW 26th St., while Gensler, Sony Group Corp., and PwC’s address are 545 NW 26th St.
Based on Gemini’s decision to open a new office in Wynwood, a vice chairman of Blanca Commercial Real Estate, Florida’s top independently owned commercial real estate services company, Juan Ruiz, said:
“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.”
Blanca also acted as the landlord’s agent in the deal.
Gemini files for a confidential IPO application
Gemini recently filed confidentially for an initial public offering (IPO). The crypto exchange and custodian is working with Goldman Sachs Group Inc. and Citigroup Inc. on the offering, according to individuals whose identity was not revealed because the information was confidential.
Notably, Gemini was thinking about going public as soon as this year. In February, Cameron Winklevoss posted on X that a listing would come after a U.S. Securities and Exchange Commission investigation into the exchange was concluded.
According to a January filing, a lawsuit that the Commodity Futures Trading Commission earlier brought, the business paid $5 million to settle.
If Gemini moves forward with the public listing process, it will be part of a small but growing number of crypto-native companies considering an IPO in the U.S. stock exchanges, including Kraken, Circle, Bullish (parent company of CoinDesk) and Blockchain.com.
Gemini recently appointed a new chief financial officer as it positions itself for a potential initial public offering. The company’s latest hire, Dan Chen, who previously served as vice president of capital markets at Affirm, announced the move in a social media post.
Sources said that discussions are still ongoing, and no final decision has been made regarding the IPO. Representatives from Goldman Sachs and Citigroup declined to comment, while a Gemini spokesperson did not respond immediately to requests for comment.
Interestingly, since President Donald Trump’s administration has embraced cryptocurrency, the industry has seen a boom in IPOs.
