Charles Schwab to launch Bitcoin and Ethereum trading in bid to compete with Robinhood and crypto-native platforms

Charles Schwab plans to roll out direct spot trading for Bitcoin and Ethereum through a new platform called Schwab Crypto, the company said Thursday. The launch marks a clear shift from indirect exposure to full ownership inside its ecosystem.

The launch is set for the first half of 2026, with a phased rollout starting in Q2. Employees will get first access through an internal pilot, followed by a limited group of clients pulled from a waitlist. A wider release is expected soon after. Investors can already register interest through Schwab’s crypto page, a sign the firm is preparing for strong demand.

According to an exclusive CNBC report, Charles Schwab is moving into direct crypto trading, opening the door for clients to buy Bitcoin and Ethereum through a new offering called Schwab Crypto.

The launch puts Schwab on a collision course with platforms like Robinhood, which built a strong following with younger investors who already trade digital assets alongside stocks. Schwab has been signaling this shift for months as interest in crypto has continued to rise across its client base.

“We know our clients want to conduct more of their financial lives at Schwab,” said Jonathan Craig, head of retail investing at Charles Schwab. “With Schwab Crypto, clients who want direct access to the asset class can trade it alongside their other investments, while benefiting from the service, education, and research they expect from us.”

To support the rollout, Schwab is working with Paxos for custody. Crypto holdings will sit in a separate Schwab Crypto account rather than the main brokerage account, a structure that reflects how digital assets are typically handled across the industry. The feature is expected to go live in the coming weeks.

Shares of Charles Schwab slipped about 2% on Thursday after the company reported its quarterly results.

At launch, the product will look simple by design. Clients will be able to buy and sell Bitcoin and Ethereum, and that’s about it. There’s no support yet for transfers to external wallets, staking, recurring buys, or advanced order types like limit orders. Pricing details remain under wraps. Access will cover most U.S. states, with New York and Louisiana excluded initially.

This is a notable break from how Schwab has approached crypto so far. Until now, clients had to rely on indirect routes—exchange-traded products tied to digital assets, shares in companies like Coinbase, MicroStrategy, and Riot Platforms, or futures and thematic funds. Direct ownership inside a Schwab account wasn’t on the table.

A company spokesperson confirmed the timeline, stating: “We remain on track to launch our spot crypto offer in the first half of 2026, starting with bitcoin and ether.” The plan builds on earlier signals from CEO Rick Wurster, who said in 2025 that crypto trading was coming as client demand continued to rise.

Scale is where this gets interesting. Schwab manages roughly $12 trillion in client assets across nearly 39 million accounts. Plugging crypto into that system could pull a large wave of investors away from apps that built their audience around digital assets, including Robinhood.

Crypto positions held in Schwab Crypto accounts won’t be covered by SIPC or FDIC protection, consistent with how the broader market treats digital assets. The firm is leaning into education as part of the rollout, flagging volatility, the possibility of total loss, and the tax implications tied to every trade. The IRS treats cryptocurrencies as property, which means each transaction can trigger a taxable event.

The timing lines up with a market that looks very different from a few years ago. Spot Bitcoin and Ethereum ETFs are already trading, and large institutions have started weaving digital assets into their offerings. Fidelity Investments has been pushing in the same direction, building out its own crypto stack.

What Schwab is attempting goes a step further. It’s about putting stocks, bonds, and crypto side by side inside a single account and making that feel normal for everyday investors. If that works at scale, it could pressure crypto-native platforms like Coinbase to defend their edge on features and user experience.

As the Q2 rollout gets closer, attention will shift to what comes next. Features like transfers, staking, and more advanced trading tools will likely determine whether Schwab becomes a serious destination for crypto traders or remains focused on long-term investors seeking exposure without leaving a familiar platform.

For now, the signal is clear. One of the largest names in traditional finance is no longer sitting on the sidelines. Crypto is moving deeper into the core of mainstream investing, and Schwab wants a central role in that shift.