Despite Coinbase departure, only 28 companies have left Delaware this year

Core Viewpoint - Coinbase has announced its decision to move its state of incorporation from Delaware to Texas, following the trend set by Elon Musk's companies, Tesla and SpaceX [1] Group 1: Company Movements - Coinbase is the latest company to relocate its incorporation, moving to Texas from Delaware [1] - The move aligns with Elon Musk's advocacy for companies to exit Delaware, citing issues with the state's legal environment [1][4] Group 2: Delaware's Corporate Landscape - Despite Musk's claims that "Delaware continues to bleed companies," only 28 companies have deincorporated from Delaware this year, while 249,214 new entities were formed, marking a 14% increase from the same period in 2025 [2] - The Delaware Chancery Court recently ruled against Musk regarding his 2018 pay package, which is currently under appeal [3] Group 3: Legal and Financial Context - Venture firm Andreessen Horowitz, which has invested in both Musk's Twitter and Coinbase, has criticized Delaware's legal environment, prompting its own incorporation in Nevada [4] - Coinbase's CEO Brian Armstrong and Marc Andreessen are currently involved in a lawsuit in Delaware related to the sale of shares tied to Coinbase's public listing in 2021 [4]