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Charles Schwab Announces Spot Bitcoin and Ethereum Trading Services, Sets Sights on Competing with Coinbase

Charles Schwab, a leading brokerage powerhouse in the United States, is set to make waves in the cryptocurrency market by introducing spot trading services for Bitcoin (BTC) and Ethereum (ETH). This strategic move marks Schwab’s entry into the thriving digital assets sector, positioning itself to compete directly against major players like Coinbase.

On July 18, 2025, CEO Rick Walster made the groundbreaking announcement during an exclusive CNBC interview on “Money Movers.” Walster highlighted the firm’s commitment to expanding its cryptocurrency offerings, aiming to attract investors who currently manage their crypto holdings on external platforms. By entering the space, Schwab hopes to solidify its reputation as a top-tier trading hub for comprehensive financial services.

“Many of our clients already invest in digital assets, yet most of those transactions occur on third-party platforms,” explained Walster. Schwab estimates that its client base collectively owns around $25 billion in digital asset exchange-traded products (ETPs), representing roughly 20% of the total market segment.

Walster further added, “Ninety-eight percent of our clients’ assets are managed with Schwab, but the remaining 1-2% are kept on specialized digital platforms. These clients want their cryptocurrency assets integrated with their broader portfolios, and Schwab is uniquely positioned to provide this.” He assured investors: “Our priority is to deliver trusted, secure digital asset trading services that align with our clients’ expectations.”

When addressing competition with Coinbase, Walster exuded confidence. "We understand many clients currently trade digital assets on platforms like Coinbase, but Schwab is fully geared to bring them over. Our aim is to challenge the status quo in the cryptocurrency industry,” he stated, signaling Schwab’s readiness to take on established crypto exchanges.

Second-Quarter Financial Surge and Market Gains

Charles Schwab’s crypto announcement was bolstered by exceptional financial performance in the second quarter of 2025. The firm reported a stunning 60% year-over-year increase in net income, reaching $2 billion, alongside 1.1 million new account openings. Schwab’s total client assets soared, hitting a record milestone of $10.76 trillion.

The announcement sent shockwaves through the stock market, driving shares of both Schwab and Coinbase to new highs. Schwab’s stock surged to $98.48 during trading, while Coinbase saw a significant 6% jump, closing at $444 per share.

The entry of financial titans like Schwab into the cryptocurrency sector signals a major shift in the competitive landscape. Mainstream investors now have the opportunity to access crypto trading on traditional financial platforms, potentially transforming the future of digital finance. Stakeholders across both sectors will be closely monitoring Schwab’s new initiative and assessing its potential implications on the broader financial ecosystem.

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