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Charles Schwab has opened a waiting list for direct Bitcoin and Ethereum trading through a new Schwab Crypto account, with CEO Rick Wurster indicating a limited trial rollout in the second quarter of 2026 before a broader expansion later in the year.
Schwab’s official crypto page describes Schwab Crypto as “coming soon,” inviting users to sign up for updates and an opportunity to gain early access. The account is offered through Charles Schwab Premier Bank, SSB, and is designed to support buying and selling Bitcoin and Ethereum directly, rather than through ETFs or derivative products.
Clients cannot currently buy or sell individual cryptocurrencies through a standard Schwab brokerage account. Schwab Crypto operates as a separate product under the bank subsidiary, distinguishing it from the firm’s existing brokerage infrastructure.
A Schwab representative told Decrypt that the firm remains on track to launch its spot crypto offering in the first half of 2026, starting with Bitcoin and Ethereum. Wurster also told Barron’s that the rollout would begin with a limited pilot in Q2 2026 before expanding to a wider client base.
The phased approach separates the current waitlist stage from the upcoming trial. Users who sign up now are registering for early access rather than immediate trading. The trial is expected to come before any general availability launch.
Schwab has not publicly disclosed pricing, custody mechanics, or an exact go-live date on its official product page.
The initial offering is limited to two cryptocurrencies: Bitcoin and Ethereum. Schwab has not indicated any additional assets for the launch phase.
Schwab also disclosed geographic restrictions. Schwab Crypto accounts will be available in U.S. states except New York and Louisiana, and will not be offered in U.S. territories or international jurisdictions.
Schwab’s excluded U.S. states are New York and Louisiana. The article notes that New York’s BitLicense regime and Louisiana’s regulatory framework have historically created barriers for crypto product launches, consistent with how other financial firms have handled state-by-state compliance.
Direct cryptocurrency trading through a major brokerage is intended to reduce the need for clients to open accounts on standalone crypto exchanges. For Schwab’s client base, which skews toward traditional investors and retirement savers, the core value proposition is accessing Bitcoin and Ethereum within a familiar financial ecosystem.
The article highlights a key distinction between direct trading and indirect exposure. Schwab already offers access to Bitcoin and Ethereum through ETF products, but direct spot trading provides clients with ownership of the underlying assets rather than shares in a fund that tracks their price.
ETF Store president Nate Geraci is cited as saying that spot crypto trading is becoming standard for major brokerages, framing Schwab’s move as part of a broader industry shift.
Schwab’s timeline aligns with a regulatory change affecting crypto custody and accounting. The SEC’s Staff Accounting Bulletin No. 122, issued January 23, 2025, and effective January 30, 2025, rescinded SAB 121’s interpretive guidance on safeguarding crypto-assets held for platform users.
The article explains that SAB 121 had required firms to record customer crypto holdings as liabilities on their balance sheets, creating a capital burden that discouraged banks and brokerages from offering custody or trading services. Its removal lowered the accounting barrier for large financial institutions evaluating crypto products.
While Schwab’s official product page does not explicitly cite SAB 122, the article states that the regulatory shift improved conditions for firms of Schwab’s scale to build out crypto custody and trading infrastructure without the punitive balance-sheet treatment that SAB 121 imposed.
Choosing Bitcoin and Ethereum as the only launch assets is described as a risk management decision. The article notes that both are the largest cryptocurrencies by market capitalization, have the deepest liquidity, and have the most established regulatory track records among digital assets.
For a firm entering spot crypto trading for the first time, limiting the offering to two well-understood assets is presented as a way to reduce operational complexity around custody, compliance, and market surveillance. It also aligns with the assets the article says Schwab’s traditional client base is most likely to recognize and demand.
The article also compares Schwab’s approach to that of spot ETF issuers, where Bitcoin and Ethereum products launched first and attracted the bulk of institutional flows. It notes that Ethereum’s inclusion alongside Bitcoin underscores its status as a major pillar of institutional crypto access.
Whether Schwab will expand beyond these two assets after the trial phase remains unconfirmed. The official product page does not mention additional cryptocurrencies, and Wurster’s public comments have focused on Bitcoin and Ethereum.
Several critical product details are not included in Schwab’s public materials, including trading fees, spread markups, and any commission structure. Custody arrangements are also undisclosed, including whether Charles Schwab Premier Bank will hold assets directly or use a third-party custodian.
The exact start date of the Q2 pilot has not been specified beyond the expectation of a limited rollout in Q2 2026.
Additional open questions include insurance coverage for crypto holdings, withdrawal mechanics, and whether clients will be able to transfer Bitcoin or Ethereum to external wallets.
Schwab has opened a sign-up page for users to register for updates and early access to Schwab Crypto, a new account that will allow direct buying and selling of Bitcoin and Ethereum. The account is offered through Charles Schwab Premier Bank, SSB, not through a standard Schwab brokerage account.
CEO Rick Wurster indicated a limited rollout in Q2 2026, with broader expansion planned for later in the first half of the year. An exact start date has not been announced.
Yes. Schwab’s official crypto page indicates Schwab Crypto is designed to let users buy and sell Bitcoin directly, separate from Bitcoin ETF products already available through Schwab’s brokerage platform.
Yes. Ethereum is confirmed alongside Bitcoin as one of the two cryptocurrencies available at launch through the Schwab Crypto account.
Schwab Crypto accounts will not be available in New York, Louisiana, U.S. territories, or international jurisdictions at launch. The article states that all other U.S. states are expected to have access.

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