tl;dr
Charles Schwab CEO Rick Wurster announced plans to add Bitcoin and Ethereum trading to meet client demand for unified asset management. Schwab clients currently hold over 20% of US crypto exchange-traded products, valued at $25 billion. The new service aims to consolidate crypto and traditional asse...
Charles Schwab CEO Rick Wurster confirmed that the brokerage plans to add Bitcoin (BTC) and Ethereum (ETH) trading for its customers, responding to significant client demand for unified asset exposure in one dashboard. Schwab’s customers currently hold more than 20% of all crypto exchange-traded products (ETPs) in the US, valued at roughly $25 billion, which is about 0.2% of the firm’s $10.8 trillion total client balances.
Wurster positioned the introduction of spot Bitcoin and Ethereum trading as a consolidation strategy rather than a speculative move. Many clients already maintain 98% of their wealth at Schwab while keeping a small portion—one or two percent—on crypto specialist platforms to hold coins directly. The CEO highlighted that clients trust Schwab and want to integrate their crypto holdings with traditional assets like equities, bonds, and cash, all viewable on a single platform.
The rollout of crypto trading and custody services is expected to accelerate Schwab’s growth, as balances currently held elsewhere could migrate to Schwab once the firm offers direct custody. Although a specific launch date was not provided, Wurster indicated the service would arrive “sometime soon.”
Regarding competition, Wurster acknowledged that the move puts Schwab in direct rivalry with Coinbase. The brokerage aims to attract customers who currently purchase cryptocurrencies on Coinbase by offering round-the-clock service, research tools, and integrated portfolio reporting. Schwab’s new offering will complement its existing crypto exposure through exchange-traded products while maintaining custody standards comparable to those used for traditional securities. Details on fees, trade execution, and wallet architecture remain undisclosed.