The Texas Business Court dismissed Gary Guillaume's derivative action against Coinbase directors on October 2 because Guillaume had not first demanded corporate action. The dismissal was without prejudice, and the court did not decide whether the alleged misconduct occurred. Texas's written-demand requirement governed Guillaume's authority to sue, although the court assumed without deciding that Delaware law governed the underlying claims. Coinbase's Texas conversion took effect on December 15, 2025, before Guillaume filed the suit over alleged conduct from 2021 to 2023. Coinbase CEO Brian Armstrong praised the precedent on October 9 as encouraging more companies to incorporate in Texas.