Charles Schwab’s CEO, Rick Wurster, has announced that the company is making significant strides in the cryptocurrency space and has plans to expand its offerings. In the company’s 2025 Spring Business Update, Schwab revealed its move into spot crypto trading, allowing clients to directly buy and sell cryptocurrencies like Bitcoin and Ethereum. This shift marks a significant change in how major financial firms approach digital assets.
Schwab ‘On A Great Path’ to Launch Spot Crypto Trading
Schwab currently offers access to crypto through ETFs, closed-end funds, and futures. Wurster stated that they are on track to launch direct spot crypto trading within the next year. This move by Schwab into the spot market is seen as a major step, especially as regulatory clarity improves. The expansion is a response to client demand and a strategic move to solidify its position as a top destination for retail and institutional crypto investors.
The CEO highlighted the increasing interest in Schwab’s crypto offerings, such as ETFs and Bitcoin futures. Wurster, who took over as CEO in 2025, mentioned in a 2024 interview that the firm was prepared to offer crypto trading but was waiting for clearer regulations.
Schwab reported a 40% increase in profits last quarter, attributed to many investors adjusting their portfolios due to market volatility. Wurster suggested that some of these investors might be turning to crypto. The company saw a 400% surge in traffic to their crypto site, with 70% of the visitors being non-clients, indicating a growing public interest.
Wurster noted that the significant spike in traffic shows that investors who were once hesitant to enter the crypto space are now doing so, largely due to Schwab’s reputation as a trusted financial brand.
“As I’ve said numerous times before, spot crypto trading will become a standard offering for every major brokerage,” commented Nate Geraci, President of ETF Store, on the development.
Schwab To Join Major Players
Spot crypto trading is already available on major crypto exchanges like Coinbase, Binance, Kraken, and Gemini, which lead the space and are favored by both retail and institutional users for their liquidity, trading pairs, and advanced tools. Traditional firms are also making moves in this direction, with Fidelity offering spot Bitcoin and Ethereum trading, and Robinhood and eToro providing commission-free crypto trades alongside stocks and ETFs.
Earlier this year, Schwab partnered with Trump Media and Technology Group (TMTG) to launch Truth.fi, a brand offering ETFs, Bitcoin, and other investments. Schwab will oversee up to $250 million in assets, focusing on U.S. growth and the “Patriot Economy.”
Bitcoin Bounces Back
Bitcoin saw a 0.61% surge on Saturday, April 19, rebounding from a dip the previous day to reach $85,033. Notably, it remained above the $85K mark for the first time in a week. This price increase comes as global trade tensions and economic uncertainty persist, with recent shifts in supply and demand driving BTC higher.