Approximately 40 million brokerage accounts can now trade Bitcoin (BTC) and Ethereum (ETH) directly through Charles Schwab as of August 13, according to Forbes.

The rollout builds on commentary from the firm's Q2 2026 earnings call, in which management described the crypto launch as "going as planned." The initiative traces back to May, when Schwab formally committed to addressing client demand for cryptocurrency access, as Cryptopolitan reported.

Schwab oversees more than $12 trillion in total client assets, representing one of the largest asset pools in U.S. finance. The launch effectively brings direct spot-crypto access to an investor base that previously needed separate accounts on crypto-native exchanges such as Coinbase or Kraken, consolidating digital-asset trading alongside existing equity and fixed-income portfolios on a single platform.

Schwab Crypto Product Details

The Schwab Crypto product enables clients to buy and sell Bitcoin and Ethereum on the same platforms they already use for equities and fixed-income investments. The product launched in 48 U.S. states, with New York and Louisiana currently excluded. New York's absence is consistent with the state's BitLicense framework, which requires specialized regulatory approval for crypto service providers and has historically delayed or complicated platform launches there.

The firm charges a 0.75% fee per trade, consistent with Cryptopolitan's April and May coverage of the launch, a rate that aligns with prevailing market standards.

The crypto product is supported by two key partners: Charles Schwab Premier Bank and Paxos. Charles Schwab Premier Bank serves as custodian, holding and maintaining records of client assets. Paxos, a blockchain infrastructure company regulated by the Office of the Comptroller of the Currency (OCC), handles sub-custody and trade execution. The banking-custody model distinguishes Schwab's approach from crypto-native exchanges that have historically combined execution and custody under a single entity, a structure that contributed to the collapse of FTX in 2022.

"We know our clients want to conduct more of their financial lives at Schwab," said Jonathan Craig, Schwab's Head of Retail Investing, in the company's announcement. Craig also highlighted additional benefits including service, education, and research resources for clients who trade crypto "alongside their other investments."

Rollout Timeline

Schwab's initial engagement with cryptocurrency came through indirect exposure instruments, including spot Bitcoin and Ether exchange-traded products, crypto futures, options, and related funds.

As reported in April, a Schwab spokesperson confirmed that plans to launch spot trading for the two largest tokens by market capitalization in the first half of 2026 remained on schedule.

The 40 million accounts cited by Forbes represent an increase from the initial 39.1 million Schwab retail clients who had access to the service in May.

Joe Vietri, Head of Digital Assets at Schwab, outlined expansion plans positioning the firm as "the destination of choice for retail investors who want to incorporate digital assets into their portfolios with confidence."

Specific commitments include broadening the current offering beyond BTC and ETH. The firm is also expected to introduce support for transferring tokens from external wallets and exchanges at a later date. Schwab noted that its clients already hold approximately 20% of all spot crypto ETP assets.

Schwab Research Maintains Cautionary Stance

Despite offering crypto access, Schwab has not altered its risk assessment. A firm research report published in April found that even a 1% to 3% allocation in Bitcoin or Ether can account for a disproportionate share of a portfolio's total risk.

"Any allocation to cryptocurrency is likely to increase a portfolio's volatility," Schwab wrote, noting that both tokens have experienced drawdowns exceeding 70% in previous market cycles. The report concluded there is "no 'correct' allocation," characterizing crypto as a speculative, high-risk satellite holding.

The launch coincides with a broader Wall Street expansion into digital assets. Morgan Stanley has opened crypto trading on its E-Trade platform, and Goldman Sachs has filed for a Bitcoin Premium Income ETF. Fidelity, which has provided institutional digital-asset custody through Fidelity Digital Assets since 2018, also offers retail spot crypto trading, placing the largest U.S. brokerages in direct competition with crypto-native platforms for mainstream investor flows.

These developments arrive as Congress advances the Digital Asset Market Clarity Act, legislation that would divide regulatory oversight between the SEC and the CFTC while establishing federal rules for tokens, stablecoins, and decentralized finance. A clearer federal framework could accelerate the addition of more tokens and services on platforms like Schwab Crypto, which currently operates within a patchwork of state-level requirements.