Coinbase Leaves Delaware, Reincorporates in Texas as State Rivalry Heats Up

Coinbase has announced plans to leave Delaware and reincorporate in Texas, a move Chief Legal Officer Paul Grewal described as a strategic decision to align with the company’s long-term vision for new product development and regulatory efficiency.

Today @Coinbase is announcing our decision to leave Delaware and reincorporate in Texas. This decision was not made lightly, but we’ll always do what’s best for our customers, our employees, and our shareholders. 1/6

— paulgrewal.eth (@iampaulgrewal) November 12, 2025

“Today Coinbase is announcing our decision to leave Delaware and reincorporate in Texas,” Grewal said on X. “This decision was not made lightly, but we’ll always do what’s best for our customers, our employees, and our shareholders.”

The decision marks a rare departure from Delaware, long considered the premier corporate domicile in the U.S. for its business-friendly laws and established judicial framework. Coinbase’s shift shows a growing trend of companies exploring alternative states offering more agile or tech-forward regulatory environments.

Texas Gains Momentum as a Corporate Hub

Grewal praised Delaware’s legacy but emphasized that it no longer holds a monopoly on corporate law. “The state is now facing stiff competition from others that are innovating to offer the right environment for businesses and innovators to thrive,” he said.

He notes that competition among states is healthy and drives progress. “Texas’ corporate legal framework offers the right mix of efficiency, predictability, and fairness to be our home for incorporation.”

The move was also welcomed by Texas Governor Greg Abbott, whom Grewal thanked publicly for fostering a business climate that embraces innovation. “This is the bedrock of innovation in America,” Grewal wrote, showing Texas’ growing appeal to technology and financial companies.

Delaware’s Grip on Corporate Law Weakens

For decades, Delaware has been the go-to home for major U.S. corporations thanks to its specialized Court of Chancery and consistent case law. However, Coinbase’s exit suggests companies are reassessing traditional norms amid shifting regulatory and judicial conditions

“Coinbase is not the first company to make this decision—and we surely won’t be the last,” Grewal said. “What we are seeing is a return to a free market economy in all things, including regulation and judicial review.”

The company’s shift may inspire others in the tech and crypto sectors to explore alternative jurisdictions offering greater flexibility in governance and innovation policies.

A Broader Push Toward Corporate Decentralization

Coinbase’s move to Texas reflects a broader decentralization trend sweeping both the corporate and crypto worlds. As blockchain and digital assets redefine financial infrastructure, companies are increasingly seeking states that balance oversight with innovation.

Texas, home to a growing crypto mining industry and blockchain-friendly policymakers, is positioning itself as a key player in the new era of digital finance.

“This is about creating an environment where innovation can thrive,” Grewal concluded. “Competition among states is how we build the future.”

Coinbase Abandons Plan to Acquire UK Fintech BVNK

This week Coinbase Global has said it will not proceed with plans to acquire BVNK, a London-based stablecoin infrastructure startup, unwinding what had been a roughly $2b transaction.

“We’re continuously seeking opportunities to expand on our mission and product offerings,” a Coinbase spokesperson told outlets. “After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”