Charles Schwab is making significant strides into the cryptocurrency market by launching a waitlist for its new “Schwab CryptoTM” trading platform. This innovative service will enable clients to directly buy and sell Bitcoin (BTC) and Ethereum (ETH). The announcement follows comments from CEO Rick Wurster earlier this year, indicating the firm’s plans to introduce a crypto trading platform by the first half of 2026.
Utilizing Charles Schwab Premier Bank, SSB, the platform is set to compete against established entities like Coinbase and Robinhood. With an impressive $12.22 trillion in client assets recorded as of February 2026, Schwab’s current customers have already dipped into the world of cryptocurrencies through various exchange-traded funds (ETFs) that encompass spot Bitcoin ETFs and crypto-themed funds.
Wurster noted in a recent podcast that a segment of their clientele—particularly younger investors—are actively engaging with digital assets via ETFs, equities, and futures tied to Bitcoin. He mentioned that approximately 5% of their clients currently have exposure to cryptocurrencies, with many holding assets on platforms like Coinbase or Robinhood due to Schwab’s prior lack of a spot crypto option.
Despite the opportunities presented by the new platform, there are notable limitations. Clients in certain U.S. territories— including American Samoa, Guam, and Puerto Rico, among others—will not have access to the service. Additionally, accounts may be subject to closure if clients move to unsupported locations, and eligibility is not guaranteed for all users.
On the safety and protection front, disclosures indicate that cryptocurrencies held through Charles Schwab Premier Bank will not have the same protections that clients typically expect. The assets are neither covered by Securities Investor Protection Corporation (SIPC) protections nor insured by the Federal Deposit Insurance Corporation (FDIC), and they do not classify as securities. This absence of institutional safeguards raises concerns about the lack of protection for investors, particularly if asset values plummet.
Schwab’s move into crypto is reflective of a broader trend among traditional financial institutions. Notably, Morgan Stanley expanded its crypto access to all wealth management clients in 2025, and Bank of America has likewise begun permitting wealth advisors to recommend crypto allocations since January 2026. Furthermore, Morgan Stanley is actively pursuing a charter for a national trust bank dedicated to digital assets, planning to offer a suite of services including custody, trading, and staking.
As of the latest market updates, Bitcoin is trading at $69,756.58 following a 3.7% rise in the last 24 hours, while Ethereum has seen an increase of 4%, trading at $2,140.72. This shift into the crypto space by Charles Schwab highlights not only a growing acceptance of digital assets but also the evolving landscape of investment opportunities for clients.
