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TEXAS — Cryptocurrency exchange Coinbase is planning to reincorporate in Texas, according to a regulatory filing.
Like most U.S.-based companies, Coinbase was incorporated in Delaware because of its business-friendly tax incentives and court system. But since 2024, dozens of companies have moved to other states like Texas, Nevada and Oklahoma.
Billionaire Elon Musk very publicly reincorporated his companies after a Delaware judge struck down his shareholder-approved $56 billion compensation package from Tesla. Musk called on other business owners to follow in his footsteps and reincorporate elsewhere. Tesla and SpaceX have since reincorporated in Texas, and Neuralink moved to Nevada.
Texas, along with some other states, has been vying to become the business capital of America. The state opened a business court last year, and Gov. Greg Abbott has signed legislation aimed at providing greater securities for corporations.
The Texas Stock Exchange is also expected to open in the Dallas area sometime next year.