Charles Schwab Expands into Crypto Trading

Charles Schwab is set to introduce spot Bitcoin and Ether trading in the near future. In a recent interview with CNBC, CEO Rick Wurster mentioned that clients are eager to trade cryptocurrencies and view the digital asset sector as a burgeoning field. "Our clients are invested in crypto today," Wurster stated. "In fact, they hold over 20% of the total crypto exchange-traded products available in the market." Following the launch of spot Bitcoin ETFs in January 2024, Schwab, like numerous Wall Street firms, has increased its engagement with the crypto sector. The Bitcoin ETFs, spearheaded by BlackRock's iShares Bitcoin Trust, have marked a significant success in financial product offerings. Notably, in 2025, regulatory bodies including the Office of the Comptroller of the Currency (OCC), FDIC, and the Federal Reserve eased previous restrictions imposed after the collapse of FTX, allowing banks to participate in crypto-related activities such as trading and custody without needing prior approval. This week, these agencies also issued a statement to outline the risks associated with crypto assets. Schwab launched Bitcoin and Ether ETFs soon after obtaining approval from the U.S. Securities and Exchange Commission. They also provide various crypto trading options including mixed ETFs, mutual funds, and Bitcoin options on their platform. "We anticipate launching Bitcoin and Ether trading soon, giving our clients the access they seek," said Wurster, highlighting expected growth in this area. While Wurster didn't specify whether retail or institutional clients are more interested in crypto, he mentioned that crypto comprises only about $25 billion of the $10.8 trillion in assets under Schwab's management. "It's still relatively small," he noted, “but our clients hold a significant portion of the market." Many clients express a desire to consolidate their digital assets with Schwab, as they trust the firm to manage their overall wealth. "What we hear is that 98% of their wealth is here at Schwab, and they may hold 1-2% at a digital native firm for crypto, but want to bring it back," Wurster explained. Schwab aims to directly compete with exchanges like Coinbase by introducing spot crypto trading. "We’d love to see our clients transfer their crypto from Coinbase back to Schwab," Wurster added. Disclaimer: The Block operates independently, focusing on delivering news and data about the crypto industry. As of November 2023, Foresight Ventures is a key investor in The Block. This article is for informational purposes only and should not be considered as financial advice.