Charles Schwab has unveiled “Schwab Crypto,” a new account that will initially offer spot trading in Bitcoin (BTC) and Ether (ETH). CEO Rick Wurster said the service is expected to open to selected users in mid-April, while a full rollout is scheduled for the first half of 2026. A waitlist is already open.
The announcement gives Schwab’s first concrete timeline since the firm disclosed the plan in July 2025. Schwab manages more than $11.9 trillion in client assets and serves about 37 million accounts, making it one of the largest online brokerages in the United States. The crypto account was built in-house rather than through Coinbase or another external exchange, and it will sit inside Schwab’s existing account system so clients can trade digital assets without opening a separate crypto wallet.
Three-stage rollout starts with internal testing
According to The Defiant, Schwab Crypto will be introduced in three stages. Employees will test the product first to check system stability. After that, access will expand to invited clients, and only then to the wider user base. The launch is structured in steps, not all at once.
At the start, the service will be available across the United States except in New York and Louisiana. Schwab also said that joining the waitlist does not guarantee approval for an account. That setup shows the company is entering spot crypto trading carefully, limiting geography and onboarding before broader availability.
Pressure builds on broker-crypto hybrids
Schwab had already offered trading in crypto-themed ETFs and was also a founding backer of institutional crypto exchange EDX Markets alongside Citadel Securities and Fidelity Digital Assets. With Schwab Crypto, the company is moving from indirect exposure to direct spot trading.
After the news was released, crypto-related searches and client inquiries on Schwab’s platform jumped 90%. The most immediate competitors are Coinbase, Robinhood, and Webull, all of which already combine stock and crypto trading. Schwab’s edge comes from the stickiness of its existing customer base: investors who already hold stocks, funds, or retirement accounts at the brokerage can now buy BTC and ETH within the same platform instead of opening a separate exchange account.