Charles Schwab is opening a waitlist for its upcoming “Schwab Crypto” account, allowing clients to buy and sell Bitcoin and Ethereum directly. A spokesperson told CoinDesk on Friday that the firm remains on track for a first-half 2026 launch.
The account will be offered by Charles Schwab Premier Bank, SSB, and applicants must hold an existing Schwab brokerage account to qualify. CEO Rick Wurster previously said the rollout will start with a limited internal test among employees, followed by a selective client launch before wider availability.
Limitations and disclosures
Schwab Crypto accounts will be available in all U.S. states except New York and Louisiana, and will not be offered in U.S. territories or international jurisdictions. Not all clients will qualify, and accounts may be restricted or closed if a client moves to an unsupported jurisdiction.
Cryptocurrencies held through Premier Bank “are not securities, are not protected by the SIPC, are not insured by the FDIC, are not deposits; and may lose value,” according to disclosures on Schwab’s website. At launch, Schwab will not accept deposits of cryptocurrency from external wallets or exchanges, despite prior statements suggesting clients wanted to transfer holdings from firms like Coinbase.
Bridging traditional finance and digital assets
Schwab’s move represents a significant expansion into the digital asset space. The firm already allows clients to invest in ETFs linked to cryptocurrencies and trade Bitcoin futures on its platform. In July 2025, Wurster noted that Schwab clients hold more than 20 percent of all crypto ETPs industry-wide and expressed the firm’s intent to compete with Coinbase.
According to its Monthly Activity Report, With $12.22 trillion in client assets, 38.9 million active brokerage accounts, and record daily average trades of 9.9 million as of February, Schwab’s scale gives it an unusual advantage in attracting both retail and institutional investors. By offering crypto trading within a familiar brokerage environment, the company aims to simplify access and reduce friction for clients entering digital assets.
Industry context
Schwab is not alone. Morgan Stanley plans to offer spot trading in Bitcoin, Ethereum, and Solana through E*Trade via a partner model with Zerohash. Separately, EDX Markets, which Schwab backs alongside Citadel and Fidelity, applied for an OCC national bank charter.
The firm has also expressed interest in stablecoins, suggesting they may play a role in blockchain transactions. The push by Wall Street institutions reflects growing client demand for integrated digital asset services.
Historical arc
The launch of Schwab Crypto caps a longer evolution. In 2019, the firm dismissed cryptocurrency as “purely speculative.” By 2021, it explored white-label crypto brokerage solutions. In 2023, it helped back EDX Markets, a joint venture with major financial players. Schwab’s approach demonstrates a gradual shift from caution to active participation in crypto markets.
Market implications
Direct crypto trading within a traditional brokerage could improve liquidity for Bitcoin and Ethereum, according to commentators. By integrating digital assets into the same accounts used for stocks and ETFs, Schwab may encourage broader adoption.
Bitcoin trades near $69,500 per coin, according to TradingView data. Ethereum traded at $2,153, up nearly 5 percent in a single day. These prices indicate relatively stable conditions amid growing institutional involvement.
Looking ahead
The Schwab Crypto account launch emphasizes risk awareness, account limitations, and the firm’s intention to gradually expand access. As traditional finance platforms increasingly bridge to blockchain, investors can expect both more accessibility and structured guidance. Wurster’s comments suggest a cautious yet deliberate approach to integrating cryptocurrency into mainstream financial services.
Schwab’s entry also points out the evolving role of legacy financial institutions in a market historically dominated by crypto-native exchanges. Its strategy could set benchmarks for operational reliability, client protection, and regulatory alignment in digital asset trading.
Matvii Diadkov
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