Coinbase announced it would leave Delaware and reincorporate in Texas, a move confirmed by chief legal officer Paul Grewal in a November 12 post on X.
The company, which operates 8 million active accounts, is described as the world’s largest custodian of bitcoin, holding 2.4 million, worth about $245 billion, according to Forbes.
Coinbase co-founder and CEO Brian Armstrong said the decision reflects the company’s commitment to economic freedom and the states it chooses to incorporate in.
Coinbase’s decision is part of a broader trend of tech firms relocating to Texas as the state cements its role as a growing tech hub.
Nasdaq Texas, the Texas-based exchange launched by Nasdaq, Inc. on November 12, aims to expand services across the state and grow investment opportunities, with its services estimated to come online in 2026.
Abbott said in the announcement, “Texas is the financial services capital of America.”
The move underscores Texas’s pro-crypto environment and its appeal to digital-asset firms.
Meta has also been connected to Texas relocation plans; The Wall Street Journal reported that Meta was weighing reincorporation from Delaware to Texas, following prior expansion through data centers in Dallas and Temple, and moves to relocate content moderators from California to Texas.
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