Charles Schwab Launches Spot BTC/ETH Trading for 35M Retail Clients; SCHW at $90

Charles Schwab ($SCHW), the brokerage managing $12 trillion in U.S. client assets and serving 35 million retail accounts, launched spot cryptocurrency trading on May 13, 2026 through a new platform called "Schwab Crypto." Retail investors can now buy and sell Bitcoin (BTC), Ethereum (ETH), and other digital assets directly through their existing Schwab brokerage accounts — the firm's first spot crypto access beyond ETFs and futures.

The move positions Schwab in direct competition with Coinbase Global ($COIN) and Robinhood Markets ($HOOD). With 35 million clients and a brand trusted by mainstream buy-and-hold investors, Schwab's entry could accelerate the structural shift of retail crypto activity away from dedicated exchanges toward traditional brokerage platforms. SCHW shares traded at $90.18 at time of writing.

The launch follows a broader pattern of Wall Street institutions integrating cryptocurrency into core offerings. On the same day, JPMorgan Chase filed with the SEC for its OnChain Liquidity-Token Money Market Fund (JLTXX) — a tokenized U.S. Treasury product deployed on the Ethereum network via Kinexys Digital Assets (formerly JPMorgan Onyx). The tokenized real-world asset (RWA) market has grown more than 200% over the past year, exceeding $32 billion. BlackRock also filed for a tokenized Treasury reserve vehicle days prior.

The competitive pressure on Coinbase is notable: if major brokerages absorb retail crypto trading volume natively, Coinbase's fee revenue — historically its core profit driver — faces structural erosion. Robinhood similarly faces reduced incentive for younger retail investors to maintain separate crypto accounts.

What to watch next: customer adoption rates within Schwab's platform over the next two quarters, any comparable moves from Fidelity's retail brokerage, and whether traditional custodian banks seek similar regulatory approvals.