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Charles Schwab CEO Says Crypto Trading Is Coming Soon, Will Compete With Coinbase for Retail
Rick Wurster says clients want crypto to sit next to their stocks and bonds and that Schwab will “absolutely” compete with Coinbase as it rolls out BTC and ETH trading.
Updated Jul 19, 2025, 1:19 p.m. Published Jul 19, 2025, 1:14 p.m.
What to know:
- Charles Schwab CEO Rick Wurster confirmed the firm plans to launch bitcoin and ether trading “sometime soon.”
- Clients currently hold over 20% of all U.S. spot crypto exchange-traded products (ETPs), but want direct token custody with Schwab.
- Wurster said Schwab will “absolutely” compete with Coinbase and expects inflows from crypto-native platforms.
Charles Schwab Corp. (SCHW) is preparing to launch trading for bitcoin and ether as it aims to become a dominant player in digital asset custody for U.S. retail investors, according to CEO Rick Wurster.
Speaking Friday on CNBC’s "Money Movers", Wurster said Schwab clients already have significant crypto exposure through exchange-traded products — accounting for more than 20% of the industry's holdings in that segment — but many have expressed interest in keeping their actual tokens with Schwab, rather than at crypto-native platforms.
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Crypto still represents a small slice of Schwab’s business, Wurster said, with about $25 billion in digital assets held across $10.8 trillion in total client wealth. But he framed Schwab’s upcoming product launch as a potential inflection point.
“Our clients want their crypto to sit alongside their stocks, bonds and cash — not off to the side on a different app,” he said. Schwab anticipates demand will accelerate once it introduces direct access to bitcoin and ether custody and trading.
The comments came just hours before President Trump was scheduled to sign the GENIUS Act, legislation aimed at bolstering U.S. blockchain competitiveness. The policy backdrop could further incentivize large brokerages to expand their crypto offerings, especially as the regulatory environment shifts in favor of mainstream financial firms.
When asked whether Schwab’s upcoming platform would compete with Coinbase, Wurster replied: “Absolutely.” He added that the company would welcome a scenario where clients migrate their crypto holdings away from other platforms and consolidate them under Schwab’s umbrella.
While no timeline was provided, the announcement positions Schwab — already one of the largest brokerages in the U.S. — to become a major player in retail crypto access, particularly for older and higher-net-worth clients seeking integration with traditional portfolios.
Shares of Charles Schwab Corp. closed at $95.80 on Friday, up 2.9% for the day. The stock opened at $95.70 and reached an intraday high of $97.50, matching its 52-week peak, before paring gains. Schwab’s market capitalization stood at $174.07 billion, with a price-to-earnings ratio of 28.47 and a dividend yield of 1.13%, according to Google Finance data.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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