Charles Schwab signals launch of account service for direct Bitcoin and Ethereum trading…support planned in the first half

U.S. financial heavyweight Charles Schwab is preparing a new account service that will allow clients to trade Bitcoin (BTC) and Ethereum (ETH) directly.

According to The Block on the 6th (local time), Charles Schwab has begun taking waitlist registrations ahead of the launch of “Schwab Crypto,” a new account service enabling direct trading in Bitcoin and Ethereum, with a target launch in the first half of 2026.

The service will be offered through Charles Schwab Premier Bank and will operate as a separate account rather than a traditional brokerage account. To use it, clients must already have a Schwab brokerage account.

The rollout will begin on a limited basis. After internal testing, the company plans to pilot the service with a subset of customers and then expand it in stages.

The service will come with certain restrictions. It will be available only within the U.S., excluding New York and Louisiana, and use from overseas will be limited. In addition, the ability to deposit or withdraw virtual assets (cryptocurrencies) held in external wallets or exchanges will not be supported initially.

Charles Schwab also specified that the virtual assets held in the account are not securities and are not covered by deposit insurance or investor protection.

The move is seen as a shift from its previous stance. Charles Schwab previously characterized virtual assets as speculative, but has recently been expanding related businesses. The company has said its clients currently hold about 20% of the overall crypto exchange-traded product (ETP) market.

Charles Schwab, a major financial firm with roughly $12.22 trillion in client assets and 38.9 million accounts, is drawing attention for the potential market impact of this service launch.