The news: Charles Schwab has announced a phased rollout of spot Bitcoin and Ethereum trading for retail clients in the coming weeks, starting with direct trading. It will integrate cryptocurrency trading and custody into its traditional brokerage interface and is planning more features, including the ability to transfer digital assets from other wallets.

Zoom out: Schwab is racing to catch up with Fidelity, which has seen years of growth from its digital asset platform. In 2018, the company launched a subsidiary for institutional crypto custody and trade execution, and it has since made crypto moves including opening its 401(k) plans to Bitcoin. In October 2025, Fidelity introduced Solana trading for US retail and institutional investors, and in January it announced its own stablecoin. 

Trendspotting: Schwab is fighting to preserve its place as a top brokerage as more consumers become crypto buyers. In addition to Fidelity, Schwab will compete with Robinhood and SoFi, which both started with traditional investments, as well as crypto-native brokerages that have done the reverse. Crypto.com launched stock and ETF trading for US customers in January 2025. Kraken followed that April as did Coinbase this February. Morgan Stanley will soon introduce crypto trading at E*TRADE.

Implications for banks and brokerages: Crypto-conservatism once served banks and brokerages well—especially in 2022, when a poorly regulated market burned firms that moved too quickly without the right safeguards. But the landscape has since shifted, and crypto’s enduring popularity among younger consumers means that a forward-thinking strategy is competitively crucial for banks and brokerage firms. Even the famously crypto-shy Bank of America recently began recommending small crypto allocations to investors via ETFs. Players that aren’t on board with crypto as part of a holistic investment offering have fallen behind the curve.