Coinbase officially ditched Delaware for Texas in November 2025, following Tesla’s earlier corporate exodus. The crypto giant’s move reflects growing disillusionment with Delaware’s business climate. Texas offers friendlier regulations and lower taxes—no surprise there. Foley & Lardner LLP handled the legal gymnastics, with partners who actually helped craft Texas’s business-friendly laws. Delaware’s iron grip on American incorporation is slipping. The corporate map of America? It’s getting a serious redraw.
Breaking from Delaware’s grasp, cryptocurrency giant Coinbase has officially planted its flag in Texas soil. The November 2025 move marks another corporate giant fleeing the First State’s increasingly unfriendly legal climate. Texas, with its business-friendly regulations and open arms, won this corporate relocation lottery. Not shocking. Tesla blazed this trail already, and Coinbase simply followed the breadcrumbs.
Foley & Lardner LLP handled the legal heavy lifting as Texas counsel. They maneuvered through the maze of multi-jurisdictional paperwork, filed the necessary documents, and made sure Coinbase didn’t trip over any regulatory hurdles. The kind of boring but crucial work that keeps corporate attorneys employed. The legal team, led by partners Chris Converse and Christopher Babcock, provided expertise as Converse had contributed to drafting and advocating for Senate Bill 29 that modernized Texas business laws.
The reincorporation isn’t just paperwork and legal posturing. It affects real dollars. Shareholder rights? Different now. Corporate taxes? Potentially lower. Investors who dig Texas-based companies? They’re probably smiling. The company’s valuation might even get a boost from the reduced regulatory risk profile. Makes sense when your business operations are increasingly Texas-centered anyway.
Texas is rapidly becoming crypto central. Who would’ve thought? The state known for oil and cattle now wants Bitcoin and blockchain. The competitive advantage is clear—align with Texas’s economic policies and suddenly you’re the cool kid at the business table. Talent will follow. Money talks.
Mid-November 2025 saw the final papers signed and stamped. The shift required careful coordination between regulatory agencies in both states. Not a simple “change of address” form, that’s for sure.
Shareholders got the memo about their new corporate home. Employees adjusted to new governance rules. Investors recalculated their risk spreadsheets. Local Texas officials probably popped champagne.
This exodus from Delaware to Texas isn’t just Coinbase being quirky. It’s part of a larger corporate migration. Delaware’s iron grip on American incorporation is slipping. Texas is eating their lunch with pro-business reforms. Other crypto companies are watching closely. The corporate map is being redrawn, one headquarters at a time.
