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Charles Schwab is making its most direct move yet into the crypto market.
The asset management giant has opened a waitlist for a new "Schwab CryptoTM" trading platform that will allow clients to buy and sell <a rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) and <a rel="noopener noreferrer nofollow">Ethereum</a> (ETH) directly.&nbsp;
The development comes just a few months after CEO Rick Wurster <a href="https://www.youtube.com/watch?v=tfJ2fM02wg4" rel="noopener noreferrer nofollow">said</a> the company is working toward launching a crypto trading platform in the first half of 2026.&nbsp;
<a href="https://www.thestreet.com/crypto/markets/charles-schwab-quietly-boosts-stake-in-microstrategy" rel="noopener noreferrer nofollow">Related: Charles Schwab quietly boosts stake in MicroStrategy</a>
<h2 id="when-is-the-rollout-happening">When is the rollout happening?</h2>
The rollout of the platform is expected in the first half of 2026, as reported by <a href="https://www.coindesk.com/business/2026/04/03/schwab-plans-spot-bitcoin-ether-trading-launch-in-first-half-of-2026" rel="noopener noreferrer nofollow">CoinDesk</a> and will be offered through Charles Schwab Premier Bank, SSB.&nbsp;
Once launched, it will be directly competing with platforms like Coinbase (Nasdaq: COIN) and Robinhood (Nasdaq: HOOD).
With <a href="https://pressroom.aboutschwab.com/press-releases/press-release/2026/Schwab-Reports-Monthly-Activity-Highlights-1b105d326/default.aspx" rel="noopener noreferrer nofollow">$12.22 trillion</a> in client assets as of February 2026, Charles Schwab's&nbsp;existing clients are already exposed to crypto through&nbsp;exchange-traded funds (ETFs),&nbsp;including spot Bitcoin ETFs (like IBIT, FBTC) and crypto industry thematic funds.
In a podcast <a href="https://www.youtube.com/watch?v=h7pobNN_Eos" rel="noopener noreferrer nofollow">published</a> on Apr. 2, Wurster described how some of their clients, especially the <a href="https://www.thestreet.com/crypto/business/charles-schwab-ceo-reveals-surprising-trend-among-gen-z-traders" rel="noopener noreferrer nofollow">younger</a> ones, are actively investing in digital assets through ETFs, equities, and futures that track Bitcoin.
<blockquote>
 "About 5% of our clients have exposure to crypto at Schwab. Now, we also know there's a lot of Schwab clients that hold spot crypto and they hold it at Coinbase or Robinhood because we actually today don't have spot crypto. We'll have it in the next several months," Wurster explained.
</blockquote>
<figure><a href="https://www.schwab.com/cryptocurrency" rel="noopener noreferrer nofollow"></a>
 <figcaption>
 Schwab Crypto page&nbsp;
 </figcaption>
</figure>
However, there are some limitations.&nbsp;As per the fine print,&nbsp;the service will not be available to clients in:
<ul>
 <li>U.S. states of New York or Louisiana</li>
 <li>U.S. territories</li>
 <li>International jurisdictions</li>
</ul>
The U.S. territories include American Samoa, Guam, Northern Mariana Islands, Puerto Rico, U.S. Virgin Islands , as well as 9 uninhabited and 2 unclaimed territories.&nbsp;
Accounts can be shut down if a client relocates to an unsupported location. Eligibility is not guaranteed for all clients either.
On the protection front, the disclosures make clear that crypto held through Premier Bank sits outside the safety nets that Schwab clients are used to. It is not covered by&nbsp;Securities Investor Protection Corporation (SIPC) protection, not insured by the&nbsp;Federal Deposit Insurance Corporation (FDIC), and not classified as a security.&nbsp;
This means that if the value of the asset drops to zero, there is no institutional backstop to catch the fall.&nbsp;
<h3 id="more-news">More News:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/microstrategys-bitcoin-bet-comes-with-14-4b-unrealized-losses" rel="noopener noreferrer nofollow">Billionaire Michael Saylor's Strategy reports $14.5B unrealized loss</a></li>
 <li><a href="https://www.thestreet.com/crypto/fed/wells-fargo-revises-its-forecast-for-fed-rate-cuts" rel="noopener noreferrer nofollow">Analyst revisits forecast for Fed rate cuts in 2026</a></li>
 <li><a href="https://www.thestreet.com/crypto/policy/us-state-pushes-for-crypto-tax-exemption" rel="noopener noreferrer nofollow">U.S. state pushes for crypto tax exemption</a></li>
</ul>
<h2 id="institutional-adoption-of-bitcoin">Institutional adoption of Bitcoin&nbsp;</h2>
Schwab is among the many traditional institutions that are entering the crypto space.&nbsp;
Morgan Stanley expanded crypto access to all wealth management clients, including retirement accounts, in 2025, <a href="https://www.morganstanley.com/insights/articles/how-to-invest-in-crypto-asset-allocation" rel="noopener noreferrer nofollow">encouraging</a> advisors to have crypto allocations of upto 4%.&nbsp;
Bank of America followed suit, allowing wealth advisers to recommend crypto <a href="https://www.thestreet.com/crypto/investing/worlds-second-largest-bank-urges-clients-to-add-1-4-crypto-exposure" rel="noopener noreferrer nofollow">allocations</a> from January 2026.&nbsp;
Morgan Stanley <a href="https://apps.occ.gov/CAS/home/details?FilingTypeID=2&amp;FilingID=344925&amp;FilingSubtypeID=1093" rel="noopener noreferrer nofollow">filed</a> for a dedicated national trust bank charter for digital assets in March, planning to offer custody, trading, swaps, and staking on a fiduciary basis.
At press time, Bitcoin was trading at $69,756.58 after rising 3.7% in the past 24 hours, while Ethereum was changing hands 4% higher at $2,140.72.&nbsp;
<a href="https://www.thestreet.com/crypto/business/charles-schwab-ceo-reveals-surprising-trend-among-gen-z-traders" rel="noopener noreferrer nofollow">Related: Charles Schwab CEO reveals surprising trend among Gen Z traders</a>

55-year-old asset manager teases spot Bitcoin, Ethereum trading

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