Elon Musk Says Delaware Is "Bleeding Companies" As Coinbase Moves To Texas - Coinbase Global (NASDAQ:COIN)

Group 1 - Coinbase Global Inc. announced plans to leave Delaware and reincorporate in Texas, aiming to create a more favorable business environment for customers, employees, and shareholders [1][2] - The Chief Legal Officer emphasized that the decision was made to seek a fairer and more predictable legal framework, with Texas being recognized for its "builder-friendly" policies [2] - CEO Brian Armstrong highlighted Texas as a natural fit for Coinbase's mission to enhance financial freedom [2] Group 2 - Elon Musk expressed support for Coinbase's move, indicating that Delaware risks losing its status as a preferred incorporation hub without reforms [4] - Musk previously relocated Tesla and SpaceX from Delaware to Texas, influencing other companies like Dropbox and Roblox to consider similar transitions [5] - Texas has emerged as a leading hub for blockchain companies due to low energy costs and supportive regulations [6] Group 3 - Texas's 2021 law permitting banks to provide cryptocurrency custody has further enhanced its attractiveness for crypto businesses [7] - Other states like Wyoming and Florida also offer favorable conditions for cryptocurrency, including special-purpose banks and no state income tax on capital gains from digital assets [8] Group 4 - Coinbase's stock price is currently stabilizing around $300, with critical support levels identified between $295 and $300 [11] - A break below $295 could lead to further declines towards $280, while a close above $330 would indicate a bullish reversal, targeting $350–$360 [12][13]