November 14, 2025
DExit: Coinbase to Reincorporate in Texas; Cites Support for Crypto
The latest development in the DExit debate is Coinbase’s announcement that it will reincorporate in Texas. Stockholder approval was already received by written consent, and the company filed a preliminary information statement on Wednesday. That same day, the WSJ ran an op-ed penned by Paul Grewal, Coinbase’s CLO, “Why Coinbase Is Leaving Delaware for Texas.”
Even just due to the company’s size and name recognition, this move is a notable one. I also thought it was interesting that one of the reasons given in the information statement is the nature of Coinbase’s business and how the State of Texas is approaching digital assets. I haven’t seen industry-specific factors like this commonly cited as a reason to reincorporate.
Texas’ Public Support for Blockchain and Crypto Innovation. The State of Texas has firmly established itself as a national leader in digital asset adoption—viewing crypto not as a niche experiment, but as a cornerstone of its economic future. With clear rules, a supportive pro-innovation government, and world-class energy and technology sectors, Texas has earned recognition as one of the most crypto-friendly states in the nation.
State lawmakers have enacted legislation formally recognizing digital assets under Texas commercial law, providing clarity and confidence for innovators and investors alike. Governor Greg Abbott and other state leaders have consistently demonstrated steadfast support for blockchain and cryptocurrency innovation. Most recently, Texas created a Strategic Bitcoin Reserve—one of the first-of-its-kind state-managed fund designed to hold Bitcoin and other eligible digital assets.
Texas is also home to a thriving blockchain ecosystem, including one of the largest concentrations of Bitcoin mining operations in the world. Industry leaders and advocacy organizations continue to work closely with policymakers to ensure Texas remains at the forefront of forward-looking crypto policy and sustainable innovation.
– Meredith Ervine
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