After three years of championing a “remote-first” work model and stepping away from traditional headquarters, Coinbase is making a notable return to San Francisco—but not in the way it once operated.
The crypto exchange giant has signed a new lease for 150,000 square feet of office space in the city’s Mission Rock development, a waterfront site created in partnership by Tishman Speyer and the San Francisco Giants. The new location—1090 Dr. Maya Angelou Lane—will now be Coinbase’s largest physical office space, symbolizing both a renewed physical presence and a strategic evolution in how the company views workspace.
For those who remember, Coinbase made headlines back in 2021 when it officially declared itself a remote-first company, choosing not to maintain a central headquarters. The move was hailed at the time as a bold step into the future of work, aligning with the decentralized ethos of the crypto world. Now, this new office doesn’t mean Coinbase is backtracking on that vision—it seems more like a recalibration.
San Francisco: Still a Hub for Innovation
San Francisco Mayor Daniel Lurie welcomed the news warmly on X (formerly Twitter), writing, “San Francisco is the place to build and grow,” while spotlighting Coinbase’s new office as a major win for the city’s tech and finance sectors.
Coinbase CEO Brian Armstrong responded candidly, acknowledging that while the city has faced its fair share of challenges—calling it “badly run for many years”—he noted improvements under the current administration. “Still lots of work to do, but your efforts haven’t gone unnoticed,” Armstrong replied to Mayor Lurie.
While some might see the move as a surprising reversal, Armstrong made it clear that Coinbase never turned its back on the Golden State. “We never left California. Lots of our employees live there. We go to where the talent is,” he said, addressing concerns about San Francisco’s higher taxes and regulatory climate.
Indeed, the local tax burden is something companies consider seriously. According to data from consulting firm Ryan, San Francisco businesses are taxed based on annual revenue, and firms bringing in over $5 million may face combined tax rates approaching 4%. Still, for Coinbase, access to talent and the city’s reputation for innovation seem to outweigh the financial costs.
From Terminated Leases to S&P 500 Recognition
The move to lease new space comes not long after Coinbase paid $25 million in 2023 to terminate an earlier lease—an echo of its decision to shut down its former headquarters at 430 California Street, part of its 2021 announcement to decentralize its workforce and eliminate any formal HQ.
Now, this return to a physical presence is happening as Coinbase basks in a new level of prestige: the company was recently added to the S&P 500 index, replacing Discover Financial Services. The announcement, made in mid-May, sent shares of COIN soaring in after-hours trading by 8%, a strong vote of confidence from traditional financial markets.
Despite the new San Francisco office, Coinbase maintains in its 2024 SEC 10-K filing that it remains remote-first, with no designated headquarters for its roughly 3,800 employees. The filing also notes global operating lease obligations totaling $132.3 million, with nearly $10 million due over the next year.
A Strategic Move, Not a Step Back
Coinbase’s decision reflects the broader trend of hybrid workspaces—especially among tech firms—which combine the flexibility of remote work with the creative collaboration that in-person environments can offer. This Mission Rock office could serve as a hub for employees, partners, and events, without signaling a return to a centralized corporate structure.
The move also comes at a time when other major crypto players have either scaled back their presence in the city or voiced concerns about San Francisco’s direction. Kraken, another U.S. exchange, exited the city in 2022, with its former CEO Jesse Powell lamenting the city’s decline since he first arrived in 2013.
Coinbase, however, appears to be placing a calculated bet that the city is on the upswing—and that its next chapter of growth can be rooted in both physical and digital space.
