Miami’s Crypto Dreams Take a Hit as Andreessen Horowitz Exits
Miami Mayor Francis Suarez’s ambition to make the city the “Silicon Valley of the South” and a cryptocurrency hub has hit another snag. Andreessen Horowitz, a prominent venture capital firm, has closed its Miami Beach office.
The firm, also known as a16z, vacated its 8,300 square foot office at 2340 Collins Ave. in May. The reason? Its South Florida employees weren’t using the space frequently enough, according to Bloomberg sources.
While a16z manages $7.6 billion in crypto-related assets and has a 100-person team dedicated to emerging technologies like AI and fintech, the firm’s decision to leave Miami isn’t an isolated incident.
Miami’s crypto scene has faced several challenges in recent months.
- The collapse of cryptocurrency exchange FTX led to Miami-Dade County reclaiming the naming rights for the Miami Heat arena.
- Blockchain.com backed out of its lease at Cube Wynwd, resulting in a lawsuit.
- Yuga Labs, the Miami-based company behind Bored Ape Yacht Club, announced layoffs and restructuring.
- Solana Spaces, brick-and-mortar locations promoting the Solana coin, closed down.
- MiamiCoin, the city’s own cryptocurrency, ceased trading on major exchanges.
Despite the setbacks, Miami’s office market has remained strong. Tech companies accounted for only 6% of leasing activity in the city through July, with traditional sectors like finance and legal accounting for 39% of deals.
The space vacated by a16z was quickly snatched up by Bausch + Lomb. The move highlights the continued demand for high-quality office space in Miami Beach.
