Charles Schwab is moving closer to a direct entry into crypto trading. In a recent CNBC interview, CEO Rick Wurster said the firm is preparing to launch trading access for Bitcoin, a step that would place one of the best-known traditional brokerage brands into direct competition with crypto-native platforms such as Coinbase.
This is not being framed as a symbolic pilot. Wurster made it clear that Schwab’s clients already have exposure to crypto in meaningful ways, but a portion of that exposure sits outside the Schwab ecosystem. By adding direct crypto trading, the firm appears to be trying to consolidate more of its clients’ assets under one roof while responding to demand that has already been building inside its customer base.
Why Schwab Is Entering Bitcoin Trading Now
Wurster said that Schwab clients are already active in crypto-related investment products. According to him, Schwab clients hold more than 20% of the exchange-traded product crypto exposure across the entire industry. That is an important signal: even without direct spot crypto trading on the platform, Schwab’s customer base is already participating in the asset class through listed products and other market vehicles.
At the same time, he emphasized that crypto remains relatively small when compared with the total wealth managed across Schwab accounts. He cited a striking comparison: clients hold roughly $10.8 trillion at Schwab overall, while crypto-related holdings account for only about $25 billion. In other words, the existing crypto allocation is still a small slice of total client assets, which also suggests room for expansion if demand continues to rise.
Wurster further revealed that the company is “anticipating launching Bitcoin and ether, sometime soon so that our clients have access to that.” The choice of assets is notable. Schwab is not starting with speculative long-tail tokens. Instead, it is targeting Bitcoin (BTC) and Ether (ETH), the two most recognized and liquid crypto assets in the market.
That strategy aligns with the profile of a large traditional broker. Many clients already understand crypto through ETFs or exchange-traded products. The next logical step for them may be the ability to buy and hold BTC and ETH directly inside a familiar brokerage environment. Wurster also described the coming offer as a potentially important growth driver for the company, indicating that Schwab sees this as more than a defensive feature add.
Client Demand Is the Main Driver
According to Wurster, the push into direct crypto trading is being driven by what Schwab is hearing from its customers. He said many clients tell the firm that 98% of their wealth is already held at Schwab, while only 1% to 2% is kept at a digital-native firm specifically for crypto holdings.
That comment reveals a lot about current investor behavior. Many traditional investors appear to have adopted a split setup: stocks, bonds, funds, and cash remain with Schwab, while crypto sits on a separate platform built specifically for digital assets. For firms like Schwab, that creates an obvious opportunity. If they can offer direct crypto access, they may be able to capture assets that are currently parked elsewhere without needing to persuade clients to leave their primary financial relationship.
Wurster said those customers “really want to bring it back to Schwab because they trust us.” Trust is central here. For many mainstream investors, using a long-established financial institution still feels safer and more familiar than holding part of their net worth on a separate crypto-native exchange. The attraction is not only the trading function itself, but also the ability to view and manage crypto alongside other asset classes in one place.
He added that clients want their crypto to “sit alongside their other assets.” That line captures a broader shift in how digital assets are being integrated into portfolio management. Instead of treating crypto as an isolated speculative side account, more investors appear to want it included in their broader wealth picture, next to equities, cash balances, retirement holdings, and other investments.
If Schwab succeeds in launching BTC and ETH trading, it may benefit not only from new crypto-curious users but also from asset migration by existing customers. In that sense, the product could support both retention and net asset growth. For a firm with Schwab’s scale and customer reach, even a modest reallocation from external crypto platforms could become meaningful over time.
This Is a Direct Competitive Move Against Coinbase
When asked explicitly whether Schwab would be competing directly with Coinbase, Wurster did not hedge. His response was simple and emphatic: “It absolutely would.” That answer matters because it removes any ambiguity about the company’s strategic intent. Schwab is not merely offering passive crypto exposure or limited educational content. It is preparing to compete in a business area that Coinbase has long dominated.
Wurster went even further, saying that if customers are currently buying their crypto at Coinbase, Schwab would “love to see them bring their crypto back to Schwab.” This is not just a comment about transaction flow. It is also about account primacy, custody relationships, and long-term client loyalty. Whoever holds more of a customer’s financial life tends to gain stronger retention and more opportunities to cross-sell other products.
For Coinbase, the challenge from Schwab is significant because it comes from an incumbent with established credibility, a massive existing asset base, and deep relationships with traditional investors. Schwab already serves people who may not identify as crypto-native users but who have substantial investable wealth and prefer regulated, familiar platforms. If those clients can buy BTC and ETH directly through Schwab, some of the need to maintain a separate Coinbase account may decline.
That said, Coinbase still has meaningful advantages of its own, including crypto-native infrastructure, brand recognition in digital assets, and a more mature trading environment for users who want a broader range of crypto services. But the competitive dynamic is changing. The question is no longer only which platform lets users buy crypto. It is increasingly about which institution can integrate crypto most effectively into a wider financial relationship.
Regulatory Timing May Be Helping Traditional Finance Move Faster
The timing of Schwab’s announcement is also notable. The report says the comments came on the same day President Trump planned to sign the GENIUS Act into law. The legislation is expected to establish a regulatory framework for stablecoins, which some observers believe could strengthen market confidence and normalize more activity across the digital asset sector.
While the article does not go into the details of the law, it points to an important market narrative: clearer regulation may support higher BTC trading volume and make it easier for traditional financial institutions to justify broader crypto participation. For firms like Schwab, a more structured policy environment can reduce uncertainty and make product launches easier to position internally and externally.
Seen in that light, Schwab’s move is part of a larger trend rather than an isolated product decision. First came growing institutional acceptance through exchange-traded crypto products. Then stablecoin legislation began moving toward formal regulatory frameworks. Now major traditional brokers are preparing to offer direct access to leading digital assets. Each of these steps brings crypto closer to mainstream financial infrastructure.
For investors, the practical implication is straightforward. Buying and holding BTC or ETH may increasingly become something that can be done within a conventional brokerage account rather than only through a standalone crypto exchange. Still, the report stops at management guidance and intent. Schwab has not yet provided a precise launch date, detailed product structure, or operational specifics around how the service will work. Those details will likely shape how competitive the offering becomes once it reaches the market.