Charles Schwab Enters the Spot Crypto Market, Targeting Retail and Institutional Investors

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.

Charles Schwab, the well-known financial firm, is preparing to launch direct spot crypto trading, a move that could open up new avenues for investors interested in engaging with digital assets.

As reported by Benzinga, the company's CEO, Rick Wurster, disclosed during the company's 2025 Spring Business Update this week, that Charles Schwab is "on a great path" to introduce later this year. The firm currently provides access to crypto through ETFs, closed-end funds, and futures.

The announcement comes as major financial institutions are increasingly incorporating crypto into their offerings. Earlier this year, Fidelity began offering retail investors the ability to buy and sell Bitcoin and Ethereum via its namesake brokerage. Similarly, eToro, a multinational investment platform, announced the launch of commission-free crypto trades for U.S. retail investors.

Notably, Charles Schwab is also collaborating with Trump Media and Technology Group (TMTG) to create Truth.fi, a venture focusing on ETFs, Bitcoin, and other investments. The firm will manage up to $250 million in assets, concentrating on U.S. growth and what they term the "Patriot Economy."

Earlier in 2024, during an interview with CNBC, Wurster mentioned that Charles Schwab was prepared to offer crypto trading but was awaiting clearer regulations from U.S. authorities.

"We're ready when they are," said the CEO at the time, adding that the company didn't want to "get ahead of ourselves."

The company saw a significant 40% surge in net income last quarter as many investors adjusted their portfolios due to market volatility. Some of those investors might be turning to crypto, with traffic to Charles Schwab's crypto site increasing by 400%. Notably, 70% of the traffic originated from non-clients, highlighting a broader public interest in crypto.

Wurster highlighted that this massive spike in traffic demonstrates how investors, who were initially hesitant to engage with the crypto space, are now doing so, drawn by Charles Schwab's brand and reputation as a trusted financial institution.

"As I've said numerous times in past, spot crypto trading will be table stakes for every major brokerage," reacted Nate Geraci, the President of ETF Store, to the development.

Major crypto exchanges like Coinbase (NASDAQ:COIN), Binance, Kraken and Gemini already offer spot crypto trading, preferred by both retail and institutional users for its deep liquidity, vast selection of trading pairs, and advanced technological capabilities.

Moreover, Fidelity provides the option for traders to directly buy Bitcoin and Ethereum, while Robinhood offers commission-free crypto trades alongside stocks and ETFs.

In other recent news, Bitcoin experienced a surge of 0.61% on Saturday, April 19, recovering from Friday's decline to reach $85,033. Notably, it remained above the $85K mark for the first time in a week. This price increase coincides with ongoing global trade tensions and economic uncertainty, which have contributed to recent shifts in supply and demand, pushing BTC to new highs.