Coinbase Global, Inc. filed an Information Statement with the U.S. Securities and Exchange Commission on November 12, 2025, to reincorporate in Texas. The filing follows stock‑holder approval of the move on November 4 and will take effect no earlier than 20 calendar days after the statement is mailed, placing the effective date in mid‑December.
The company cited Texas’s new business‑judgment rule, codified in Senate Bill 29, and the establishment of a Texas Business Court system as key drivers. These legal reforms provide clearer protections for directors and officers and are designed to reduce litigation risk, aligning with Coinbase’s long‑term vision for product development and regulatory efficiency.
Coinbase is not alone in this shift. Tesla, SpaceX, Andreessen Horowitz, and Dropbox have also left Delaware in recent years, reflecting a broader “Dexit” trend as firms seek more predictable legal environments. The move underscores the growing perception that Delaware’s Chancery Court has become less predictable for corporations.
Financially, Coinbase reported Q3 2025 revenue of $1.87 billion to $1.90 billion, up from $1.20 billion in Q3 2024, and net income of $433 million versus $75 million in the prior year. Transaction revenue rose to $1.05 billion, while subscription and services revenue reached $747 million, driven by growth in USDC and the derivatives segment following the acquisition of Deribit. The strong results demonstrate the company’s ability to scale and support its strategic shift to Texas.
Chief Legal Officer Paul Grewal said Delaware’s Chancery Court had become unpredictable, and Texas offers “efficiency and predictability” that will help Coinbase reduce litigation risk and streamline governance for its global operations. He noted that the move also aligns with Texas’s strategic Bitcoin reserve, further supporting the company’s crypto‑focused strategy.
While the article does not detail stock‑price movements, analysts noted that the announcement was well received, with investors viewing the legal certainty as a tailwind. The market reaction was tempered by broader crypto market volatility, but the move was seen as a positive step toward stability and regulatory efficiency.
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