Charles Schwab CEO Drops Bombshell: Bitcoin & Ethereum Trading Launch Imminent

Wall Street's old guard finally caves—crypto comes to Main Street.

The 800-pound gorilla of traditional brokerage just blinked. Charles Schwab, the $7 trillion asset custodian for America's 401(k)s and IRAs, is preparing to unleash Bitcoin and Ethereum trading for its 34 million clients. No more hiding behind 'volatility concerns'—the people want crypto, and Schwab wants their order flow.

When the suits start chasing retail trends, you know we've hit peak adoption. Just don't expect them to explain what a blockchain is.

Clients seek one‑stop custody

Wurster framed the spot Bitcoin and Ethereum access as a consolidation tool rather than a venture into speculative trading. 

He said many households already keep 98% of their wealth at Schwab but maintain a small “one or two percent” slice at specialist crypto platforms so they can hold coins directly. 

Charles Schwab’s CEO noted:

Furthermore, he said that customers prefer to view crypto alongside equities, bonds, and cash on a single dashboard.

Wurster expects the rollout to “accelerate our growth” because balances parked elsewhere WOULD migrate once Schwab offers direct custody. He did not specify a launch date, saying only that the service will arrive “sometime soon.”

Direct rivalry with Coinbase

Asked whether the addition sets up a head‑to‑head contest with Coinbase, Wurster answered “absolutely.” 

He said Schwab wants customers who currently buy coins at Coinbase to transfer those holdings back to Schwab, where the brokerage already provides round‑the‑clock service, research tools, and integrated portfolio reporting.

Schwab’s upcoming service will complement the crypto exposure it already supports through exchange‑traded products. 

Wurster did not discuss fees, trade execution partners, or wallet architecture, but he emphasized that the firm will apply the same custody standards it uses for traditional securities.