Key Takeaways
- • Charles Schwab will launch spot Bitcoin and Ethereum trading in the first half of 2026, beginning with a limited Q2 pilot before broader expansion, according to CEO Rick Wurster and company confirmation to Decrypt and CoinDesk.
- • The offering will be available to U.S. residents (excluding New York and Louisiana) through a new "Schwab Crypto" platform with direct ownership of assets held at Charles Schwab Premier Bank, supported by Paxos for sub-custody and trade execution.
- • Schwab has opened a waitlist for early access, positioning the $12.2 trillion asset manager to compete directly with crypto-native exchanges by leveraging its existing retail and institutional client base within a unified brokerage account environment.
- • Trading will be offered at 75 basis points per trade, with the service complementing Schwab's existing crypto exposure options including ETFs, futures, and the Schwab Crypto Thematic Index (STCE).
- • The move reflects Schwab's pivot from waiting for regulatory clarity toward active participation in digital assets, addressing persistent client demand and CEO Wurster's previously stated goal to integrate crypto into a consolidated investment platform alongside traditional securities.
Summary
Charles Schwab, the financial services giant managing $12.2 trillion in client assets, is advancing deeper into cryptocurrency by launching direct spot trading for Bitcoin and Ethereum in the first half of 2026. The firm has opened a public waitlist for early access to its new "Schwab Crypto" platform, which will enable clients to purchase and hold the two largest digital assets directly within their brokerage accounts. A company spokesperson confirmed to Decrypt that the offering remains "on track" for the announced timeline, with CEO Rick Wurster having previously indicated a limited rollout beginning in Q2, followed by broader expansion.
The service will be available exclusively to U.S. residents, with the exception of clients in New York and Louisiana—jurisdictions subject to separate regulatory requirements. Client assets will be held at Charles Schwab Premier Bank, while Paxos, an OCC-regulated custody provider, will handle sub-custody services and trade execution. Trading will carry a fee of 75 basis points per transaction. The structural arrangement mirrors existing brokerage custody models, allowing Schwab to integrate crypto trading into clients' unified account views alongside stocks, bonds, and other traditional investments—a strategy Wurster has emphasized as central to modernizing the investment platform experience.
The announcement represents a significant escalation from Schwab's historical posture toward digital assets. The firm had previously cited regulatory uncertainty as a constraint on deeper crypto integration, though it already offered indirect exposure through Bitcoin and Ethereum ETFs, Bitcoin futures contracts, and equity positions in crypto-related companies such as Coinbase (COIN) and MicroStrategy (MSTR). The launch of direct spot trading positions Schwab to compete with established crypto exchanges by offering institutional and retail clients the convenience of a single, familiar brokerage environment rather than requiring separate accounts on specialized platforms. Wurster has also signaled interest in future stablecoin offerings, indicating continued expansion of Schwab's digital asset infrastructure beyond the initial Bitcoin and Ethereum rollout.
The service will be available exclusively to U.S. residents, with the exception of clients in New York and Louisiana—jurisdictions subject to separate regulatory requirements. Client assets will be held at Charles Schwab Premier Bank, while Paxos, an OCC-regulated custody provider, will handle sub-custody services and trade execution. Trading will carry a fee of 75 basis points per transaction. The structural arrangement mirrors existing brokerage custody models, allowing Schwab to integrate crypto trading into clients' unified account views alongside stocks, bonds, and other traditional investments—a strategy Wurster has emphasized as central to modernizing the investment platform experience.
The announcement represents a significant escalation from Schwab's historical posture toward digital assets. The firm had previously cited regulatory uncertainty as a constraint on deeper crypto integration, though it already offered indirect exposure through Bitcoin and Ethereum ETFs, Bitcoin futures contracts, and equity positions in crypto-related companies such as Coinbase (COIN) and MicroStrategy (MSTR). The launch of direct spot trading positions Schwab to compete with established crypto exchanges by offering institutional and retail clients the convenience of a single, familiar brokerage environment rather than requiring separate accounts on specialized platforms. Wurster has also signaled interest in future stablecoin offerings, indicating continued expansion of Schwab's digital asset infrastructure beyond the initial Bitcoin and Ethereum rollout.
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