According to Odaily Planet Daily, people familiar with the matter revealed that as the cryptocurrency market slumped, Andreessen Horowitz (a16z) withdrew from the Miami area in May because employees did not use the office frequently enough. A representative of Andreessen Horowitz confirmed that the company no longer has an office in Miami, but declined to comment further.

The exodus highlights potential weaknesses in Miami’s staying power after attracting a flood of financial and technology companies in recent years. Venture capital flows to Miami have been on a downward trend since 2022. Miami companies raised $400 million in the second quarter, compared with $5.5 billion for all of 2022, according to PitchBook data.