Charles Schwab Likely to Offer Direct Bitcoin Trading/Custody Soon

Here, I examine direct spot bitcoin trading services at the top three major brokerage houses: Fidelity, Vanguard, and Charles Schwab, and how this landscape is likely to change soon, significantly improving direct, non-derivative access to Bitcoin, as well as the knock-on implications of this.

Firstly, we all know that Fidelity, through its subsidiary Fidelity Digital Assets, has been the brokerage leading the industry in offering crypto products/services to its over 51 million active accounts (as at 2024) and over $15 trillion in AUM (as at 2025), including one of the first Bitcoin spot ETFs, Fidelity Wise Origin Bitcoin Fund (FBTC). Specifically, Fidelity Crypto was open to users as of April 2023, which allows Fidelity account holders to invest directly in Bitcoin, the first major brokerage house to do so.

Secondly, I think we're all aware of Vanguard, who as of 2021 stated that "the long-term investment case is weak" for cryptocurrencies (Source). As such, outside of mandatory exposure through stock indices, it is unlikely that Vanguard will offer any crypto-oriented products/services to its 50 million active account holders.

Lastly, and most importantly, Charles Schwab with its 37 million active accounts and over $10 trillion in AUM (as at 2025) is apparently preparing to follow in Fidelity's footsteps. In January 2025, Schwab updated its dedicated webpage on cryptocurrencies, which included an interesting note in the FAQs:

https://www.schwab.com/cryptocurrency (as of January 20, 2025, Wayback Machine)

It states that Schwab is planning to offer spot crypto trading once regulatory uncertainty abates. With the passage of the GENIUS Act in July, and the CLARITY and Anti-CBDC Surveillance State Acts working through Congress, it is likely that the regulatory clarity Schwab is waiting for has arrived, combined with the market shaping and de-risking by Fidelity paving the way. Therefore, I think it's very likely that we see Schwab launch its own dedicated spot bitcoin/crypto trading within its larger traditional brokerage platform by 2026.

This is significant for a number of reasons: 1.) not only does this create a massive on-ramp for retail investors to get direct, non-derivative exposure to Bitcoin at a time when retail fervor has yet to pick up in this bull market, it also, in my opinion, 2.) extends integration with traditional financial products such that Bitcoin holdings can directly collateralize consumer credit (loans, mortgages, etc.), further legitimizing Bitcoin as a true financial mainstay, breaking the narrative of it as a highly volatile and speculative asset.