Coinbase, the largest U.S. cryptocurrency exchange by trading volume, is leaving Delaware and reincorporating in Texas, citing its crypto-friendly environment and “strong culture that celebrates builders.”
The publicly traded company, which has a remote-first policy for its employees, was legally based in Delaware, but said Wednesday in a regulatory filing with the SEC that Texas is a better fit for it.
In the editorial of wall street journalCoinbase Chief Legal Officer Paul Grewal I wrote “Texas offers efficiency and predictability, thanks in part to recent corporate law reforms that enhance governance flexibility and legal predictability.”
“Delaware’s legal framework once provided consistency for businesses,” he wrote. “But no more. Delaware’s Chancery Court has been filled with unpredictable results in recent years.”
“Coinbase has always been about increasing economic freedom, and this is a factor in the states in which we choose to incorporate,” Coinbase CEO Brian Armstrong said in a post on X on Wednesday.
He added, “Texas has a strong culture that celebrates the builders who are growing the economy and creating prosperity for everyone. They also embrace cryptocurrencies.”
Coinbase has always been about increasing economic freedom, and this is a factor in deciding which state we establish in. Texas has a strong culture of celebrating builders who are growing our economy and creating prosperity for all. They also accept cryptocurrencies.
According to this indicator… https://t.co/os2RWBqlB3
— Brian Armstrong (@brian_armstrong) November 12, 2025
U.S. companies have long chosen to register in Delaware because the state’s court system, the Court of Chancery, is famous for resolving corporate disputes.
But top U.S. companies such as electric car maker Tesla and bank Charles Schwab have moved to the Lone Star State in recent years, seeking lower taxes and business-friendly regulations.
“Never set up a company in Delaware,” Tesla co-founder and CEO wrote in a January 2024 post about X.
Do not form a company in Delaware
— Elon Musk (@elonmusk) January 30, 2024
Listed on Nasdaq, Coinbase allows customers to buy and sell digital coins and tokens, as well as bet on future prices. Published In 2021.
This year’s company is signed It entered into an agreement with JPMorgan Chase that aims to help customers buy cryptocurrencies faster and easier than before, and filed for a National Trust Company Charter with the Office of the Comptroller of the Currency.
Coinbase stock was trading above $303 on Wednesday, down the better part of a percentage point, according to Yahoo Finance data. COIN has fallen over 14% over the past month.
