Coinbase Global Inc. (NASDAQ:COIN) announced plans on Wednesday to leave Delaware and reincorporate in Texas, sparking sharp reactions from tech and finance leaders.
Coinbase Exits Delaware For Texas
Chief Legal Officer Paul Grewal said the move "was not made lightly," describing it as a step to protect customers, employees, and shareholders.
He said the company wants a fairer, more predictable business environment and credited Texas for offering a "builder-friendly" legal framework.
CEO Brian Armstrong praised the state's economic policies, calling Texas a natural fit for Coinbase's mission to increase financial freedom.
He thanked Governor Greg Abbott for fostering innovation and said the transition marks a "return to a free market economy" in corporate governance.
Musk Applauds The Shift
Elon Musk supported the announcement within hours, posting on X that "Delaware continues to bleed companies."
He also said the state risks losing its dominance as the preferred incorporation hub unless reforms happen soon.
Musk moved both Tesla (NASDAQ:TSLA) and SpaceX from Delaware to Texas in 2024 after a court rejected his $56 billion compensation package.
Since then, companies including Dropbox (NASDAQ:DBX), Andreessen Horowitz, and Roblox (NYSE:RBLX) have followed suit, while Meta Inc. (NASDAQ:META) is reportedly considering a similar move.
Texas, Wyoming, And Florida Lead Crypto Migration
Texas has become a top hub for blockchain companies, offering low energy costs and supportive regulation.
The state's 2021 law allowing banks to provide cryptocurrency custody has further strengthened its appeal.
Wyoming remains another crypto-friendly jurisdiction, creating special-purpose banks and sandbox programs for blockchain startups.
Florida and New Hampshire also offer favorable tax treatment, with no state income tax on capital gains from digital assets.
COIN Price Holds Key Technical Zone
COIN Price Dynamics (Source: TradingView)
Coinbase stock trades near $300, stabilizing around its 200-day EMA at $297 after repeated tests since July.
The chart shows price compressing inside a descending wedge, with a critical base forming between $295 and $300.
A break below $295 could expose downside toward $280, where the lower Bollinger Band aligns with May support.
Conversely, a close above $330 would signal a bullish reversal, targeting $350–$360 where the trendline and SAR resistance meet.
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