As of August 13th, approximately 40 million brokerage accounts can now directly trade Bitcoin ($BTC) and Ethereum ($ETH) through Charles Schwab, according to Forbes.
This report, based on the company's second-quarter earnings call, which stated that cryptocurrency implementation is "on plan," is a new branch of the tree first planted in May when Charles Schwab formally took steps to meet client demand for cryptocurrency.
Schwab manages over $12 trillion in client assets, making it one of the largest pools in the US financial sector.
What Crypto Products Did Charles Schwab Launch?
Schwab's cryptocurrency product allows Charles Schwab clients to buy and sell Bitcoin and Ethereum on the same platforms they already use for stocks and bonds. The product is available in 48 US states, excluding New York and Louisiana.
According to Cryptopolitan's coverage in April and May of the company's launch, the trading fee is 0.75%, which is in line with market rates.
The cryptocurrency products are built on offerings from two companies: Charles Schwab Premier Bank and Paxos.
- Charles Schwab Premier Bank is the custodian, which holds and accounts for client assets.
- Paxos, a blockchain infrastructure company regulated by the Office of the Comptroller of the Currency (OCC), handles sub-custody and trade execution.
"We know our clients want to handle more of their financial business at Schwab," said Jonathan Craig, head of Schwab's retail investment division, in a company statement. The executive also hinted at benefits like service, education, and analytical research when clients use the company to trade cryptocurrency "alongside their other investments."
Schwab's Cryptocurrency Implementation Timeline
Schwab first engaged with cryptocurrency through indirect access instruments, such as exchange-traded products for spot Bitcoin and Ether, cryptocurrency futures, options, and related funds.
As Cryptopolitan reported, the company confirmed that plans to launch spot trading of the two largest tokens by market cap in the first half of 2026 remain on schedule.
According to Forbes reports, the number of accounts, now at 40 million, represents an increase from the initial group of 39.1 million Schwab retail clients who had access to the service in May.
Head of Digital Assets Joe Vietri discussed plans for further expansion, positioning Schwab to become "the preferred place for retail investors who want to confidently include digital assets in their portfolios."
Specific plans for Schwab include expanding the current product lineup beyond $BTC and $ETH. The company also expects to eventually introduce support for migrating tokens from external wallets and exchanges.
The company stated that its clients already own roughly 20% of all spot cryptocurrency ETPs.
In Schwab's Own Research, Cryptocurrency Is Still Called Speculative
Despite selling access to the assets, Schwab has not softened its stance on risks. An analytical report published by the company in April states that even a 1-3% position in Bitcoin or Ether could constitute a disproportionately large share of a portfolio's overall risk.
"Any investment in cryptocurrency is likely to increase portfolio volatility," Schwab wrote, noting that both tokens have fallen by more than 70% in past cycles. The report's conclusion states that "there is no right allocation," and cryptocurrency is labeled a speculative, high-risk asset, representing a secondary instrument.
The launch is part of a broader campaign on Wall Street. Morgan Stanley opened cryptocurrency trading on its E-Trade platform, and Goldman Sachs has applied to launch a Bitcoin yield premium ETF, reports Cryptopolitan.
Both moves are taking place as Congress works on the Digital Asset Market Structure Act, which would split oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and establish federal rules for tokens, stablecoins, and DeFi.
