US EditionElon Musk Urges 'Move' To Austin After Coinbase Follows Tesla To Texas - Dropbox (NASDAQ:DBX), Coinbase Global (NASDAQ:COIN)
Coinbase cites unpredictable Delaware court rulings and prefers Texas' business-friendly laws amid a growing trend of firms relocating their legal domiciles.
- On November 12, 2025, Coinbase filed with the U.S. Securities and Exchange Commission to redomicile in Texas, citing a more pro-business, crypto-friendly climate as states compete to host digital-asset firms.
- After high-profile Delaware rulings, companies began reassessing legal risk when the Delaware Court of Chancery voided a $56 billion Tesla pay package, and Elon Musk publicly urged peers to leave Delaware, sparking the 'Dexit' trend.
- Texas built new courts and passed laws to make incorporation more predictable, establishing the Texas Business Court in 2023 and enacting Senate Bill 29 as part of Gov. Greg Abbott's pro-business agenda.
- Delaware remains dominant but faces a growing drain of incorporations as dozens of firms relocate since 2024 and Texas plans a stock exchange to boost its business status.
- Since 2024, relocation announcements have multiplied across states as dozens of firms including Roblox, Dropbox, TripAdvisor, and Andreessen Horowitz have left Delaware, while the Texas Stock Exchange is expected to open next year.
22 Articles
22 Articles
Coinbase Legal Chief: Delaware Not Good for Business
In a move that reverberated across corporate and legal circles this week, Coinbase — the largest U.S.-based cryptocurrency exchange — announced that it will formally leave Delaware and reincorporate in Texas. The decision, disclosed in a filing with the Securities and Exchange Commission, was accompanied by a sharply worded Wall Street Journal opinion piece from Paul Grewal, Coinbase's chief legal officer, who argued that Delaware's once-gold-st…
Major Crypto Exchange Flees Delaware for Y’All Street
Major cryptocurrency exchange company, Coinbase, announced plans to reincorporate in Texas. Coinbase is relocating to the state of Wyoming, a move that has become so common that it has been termed a “Dexit.” “For decades, Delaware was known for predictable court outcomes, respect for the judgment of corporate boards and speedy resolutions,” Coinbase chief legal officer Paul Grewal said in a Wall Street Journal op-ed. Grewal explained that Delawa…
The Center Square
Coinbase reincorporating in Texas from Delaware, citing new Texas business court
(The Center Square) – Coinbase, the largest U.S.-based cryptocurrency exchange, is reincorporating in Texas. Its reason: failed policies in Delaware and Texas’ new business court and business friendly environment.
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