Charles Schwab has opened a waitlist for "Schwab Crypto," a new account that will let clients buy and sell bitcoin and ether directly. A spokesperson told CoinDesk on Friday that the firm remains on track for a first-half 2026 launch.

The firm's crypto page now features a "Schwab Crypto™ is coming soon" banner, inviting users to sign up for updates and early access to what it describes as "your new gateway to buy and sell Bitcoin and Ethereum cryptocurrencies." The account will be offered by Charles Schwab Premier Bank, SSB, not through standard brokerage accounts, though applicants will need an existing Schwab brokerage account to qualify.

CEO Rick Wurster told Barron's in early March that the offering would start with a limited Q2 rollout, with broader expansion to follow. The plan is to test internally with employees first, then open to a select group of clients before wider availability.

Fine print on Schwab's site spells out key limitations. Schwab Crypto accounts will be available in all U.S. states except New York and Louisiana, and will not be offered in U.S. territories or international jurisdictions. Not all clients will qualify, and accounts may be restricted or closed if a client moves to an unsupported jurisdiction.

Cryptocurrencies held through Premier Bank "are not securities, are not protected by the SIPC, are not insured by the FDIC, are not deposits; and may lose value," per the disclosures.

Notably, Schwab also says it does not currently accept cryptocurrency deposits or disburse crypto for settlement. That means clients won't be able to transfer existing holdings from external wallets or exchanges at launch, despite Wurster telling CNBC in July that clients keeping crypto at firms like Coinbase "really want to bring it back to Schwab."

The move caps a long arc. In 2019, the firm dismissed crypto as "purely speculative." By 2021, it was exploring white-label crypto brokerage solutions. In 2023, it helped back EDX Markets. By July 2025, Wurster said Schwab clients hold more than 20% of all crypto ETPs industry-wide and that the firm is "absolutely" looking to compete with Coinbase.

Schwab's scale gives the launch unusual weight. As of February, the firm had $12.22 trillion in client assets, 38.9 million active brokerage accounts, and record daily average trades of 9.9 million.

Schwab is not alone. Morgan Stanley is preparing to offer spot bitcoin, ether, and solana trading through E*Trade via a partner model with Zerohash, and has filed for its own national trust bank charter. Separately, EDX Markets, which Schwab backs alongside Citadel and Fidelity, applied this week for an OCC national bank charter.

Wurster has also flagged interest in stablecoins, saying they are "likely to play a role in transacting on blockchains."