Charles Schwab's new CEO, Rick Wurster, announced that the company is gaining significant momentum in the crypto space and has plans to expand its offerings.

During the company's 2025 Spring Business Update this week, Schwab revealed that it is moving into spot crypto trading, allowing clients to directly buy and sell cryptocurrencies like Bitcoin and Ethereum.

Charles Schwab, a major U.S. brokerage firm, is gaining significant momentum in the crypto space and plans to expand its offerings, according to Rick Wurster, the company’s new CEO.

During the company’s 2025 Spring Business Update this week, Wurster announced that Schwab is moving into spot crypto trading, allowing clients to directly buy and sell cryptocurrencies like Bitcoin and Ethereum. This marks a big shift in how major financial firms approach digital assets.

“We are on a great path to launch that within the next 12 months,” Wurster said, adding that they are also looking at expanding their crypto offerings with ETFs, closed-end funds, and futures, which Schwab currently enables.

The move comes as regulatory clarity improves, paving the way for major financial institutions to enter the crypto market.

Wurster said the expansion is in response to client demand and a strategic move to maintain its role as a top destination for retail and institutional crypto investors.

Recently, the CEO highlighted growing interest in Schwab’s crypto offerings like ETFs and Bitcoin futures. Rick Wurster became CEO of Charles Schwab in 2025 and said in a 2024 interview that the firm was ready to offer crypto trading but was waiting for clearer regulations.

Schwab saw a big 40% jump in profits last quarter, as many investors shifted their portfolios due to market volatility, and some of them might be turning to crypto, the CEO suggested.

Notably, there was a 400% surge in traffic to their crypto site, and 70% of it was from non-clients, which indicates rising public interest in crypto.

Wur스터 said the massive spike in traffic shows that investors who were once hesitant to jump into the crypto space are now doing so, likely drawn by Schwab’s reputation as a trusted financial brand.

“As I’ve said numerous times in past, spot crypto trading will be table stakes for every major brokerage,” said Nate Geraci, the President of ETF Store.

Schwab’s entry into the crypto market follows the launch of Truth.fi, a joint venture with Trump Media and Technology Group (TMTG) to offer a brand focused on ETFs, Bitcoin, and other investments.

Schwab will manage up to $250 million in assets through the venture, investing in U.S. growth and what’s called the “Patriot Economy.” The initiative will also include an ETF focused on women-led companies.

Earlier this year, reports indicated that Charles Schwab is planning to lay off employees across various departments as part of a restructuring effort in response to the challenging economic environment.

According to a report by TheLayoff.com, the move will see around 5% of Schwab’s workforce let go, with the layoffs set to begin in March 2025.

The report suggests that the decision to cut jobs comes as Schwab seeks to streamline operations and adjust to the changing needs of its clients.

The report further notes that the layoffs will be focused on back-office roles and middle management positions, while frontline employees directly serving clients will largely be spared.

Despite the layoffs, Schwab is still expected to post strong earnings for the first quarter of 2025, driven by continued growth in asset management fees and brokerage activity.

The move by Schwab to cut jobs and restructure its operations comes as several other major companies in the financial services sector are also announcing layoffs and cost-cutting measures.

As the global economy faces ongoing challenges, companies are looking to adjust their operations and ensure they are well-positioned for the future.