Charles Schwab Just Put Bitcoin in Front of 39 Million Americans

Charles Schwab has started rolling out Bitcoin trading. It is giving millions of its clients direct access to crypto for the first time. The launch began on April 16 and will expand in phases over the coming weeks. With nearly 39 million active brokerage accounts and over $12.22 trillion in client assets, the scale of this move stands out. It also comes at a time when several major Wall Street firms are making similar moves into Bitcoin.

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BofA, Goldman, Morgan Stanley, and Schwab All Moved Into Bitcoin This Week

The firm’s new offering, called Schwab Crypto, allows users to buy and sell Bitcoin and Ethereum (ETH) within their existing brokerage accounts. The company is charging 0.75% per trade. This places it within the range of other retail platforms.

At launch, the feature set is limited. Users cannot deposit or withdraw crypto. This means assets stay within Schwab’s system. Custody is handled by Schwab, while trade execution is carried out by Paxos. The service is also not available in New York and Louisiana.

Schwab has said the rollout is based on client demand, as many users already hold a small portion of crypto outside the platform and want it consolidated.

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Wall Street Firms Move In At The Same Time

The timing of Schwab’s launch lines up with a broader shift across Wall Street. Morgan Stanley recently introduced its spot Bitcoin ETF. This saw around $100 million in inflows during its first week. Goldman Sachs has filed for a Bitcoin-focused income ETF. Bank of America has also directed clients toward Bitcoin ETFs as part of portfolio exposure strategies.

Amidst this, BlackRock’s iShares Bitcoin Trust continues to dominate the ETF market. The assets are nearing $93 billion.

Schwab’s entry put it in more direct competition with platforms like Coinbase and Robinhood. Both of these have traditionally attracted retail crypto investors. The difference is in distribution. Schwab already manages large long-term portfolios. It is adding Bitcoin trading into that ecosystem and is removing the need for clients to use separate platforms.

The company’s internal research also reflects a shift in positioning. Schwab suggests Bitcoin allocations of 1% for conservative investors, 6.6% for moderate portfolios, and up to 8.8% for more aggressive strategies.

Taken together, the developments this week show how quickly Bitcoin is being integrated into traditional finance.

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