Coinbase has officially announced its decision to leave Delaware and reincorporate in Texas, marking a monumental shift in how major U.S. companies are choosing their corporate homes.
The decision, revealed by Coinbase Chief Legal Officer Paul Grewal, signals a growing exodus from overregulated states toward those prioritizing business freedom and innovation.
Grewal framed the decision as part of a larger trend—a return to free-market competition between states, one in which the “laboratories of democracy” are finally reviving what the Founders intended: states vying to create the best conditions for prosperity.
Grewal gave special thanks to Governor Greg Abbott, praising his leadership for building a welcoming business environment.
Grewal wrote on X:
“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.
I’ve had great experiences in Delaware as a lawyer and judicial colleague, but the state no longer has a monopoly on corporate law. And it’s now facing stiff competition from other states that are innovating to offer the right environment for business and innovators to thrive.
Coinbase is not the first company to make this decision. We surely won’t be the last. What we are seeing is a return to a free market economy in all things, including regulation and judicial review.
Competition among states is healthy and it empowers businesses and innovators that are on ambitious paths. Texas’ corporate legal framework offers the right mix of efficiency, predictability, and fairness to be our home for incorporation.
I’d be remiss not to thank @GregAbbott_TX for all he has done to create an environment that welcomes ambitious companies like Coinbase with open arms. This is the bedrock of innovation in America.
We remain laser focused on our mission to increase economic freedom by building the onchain economy. And today’s decision keeps us on that road. You can read more about @Coinbase’s decision in my op-ed for the WSJ or in our prelim. info statement filed with the SEC. https://www.wsj.com/opinion/why-coinbase-is-leaving-delaware-for-texas-3a6c34a3“
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
Elon Musk praised the decision, stating, “Delaware continues to bleed companies …”
After a Delaware judge voided his $56 billion pay package at Tesla, Inc., Musk didn’t just accept the ruling quietly. He publicly blasted Delaware’s legal environment—writing on X, “Never incorporate your company in the state of Delaware.”
He followed it up by transferring the incorporation of Tesla and SpaceX from Delaware to Texas and urged other businesses to consider doing the same.
Delaware continues to bleed companies … https://t.co/LRDpc9UHpO
— Elon Musk (@elonmusk) November 12, 2025
Musk added, “Move to Austin! It gets better very year. So many cool, world-class people are moving to Austin from SF, LA, NY, London and many other parts of the world! Austin++”
Move to Austin! It gets better very year.
So many cool, world-class people are moving to Austin from SF, LA, NY, London and many other parts of the world!
Austin++ https://t.co/xUsdHHeeAa
— Elon Musk (@elonmusk) November 12, 2025
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