Charles Schwab ready to compete directly with Coinbase on Bitcoin, crypto offerings, says CEO

• Charles Schwab plans to offer Bitcoin and Ethereum trading services to its clients.
• The firm aims to compete directly with Coinbase by enabling clients to consolidate crypto holdings at Schwab.

Top brokerage company Charles Schwab is ready to compete with Coinbase as it gears toward launching spot Bitcoin and Ethereum trading, said CEO Rick Wurster on CNBC‘s ’Money Movers this morning.

“Absolutely,” said Wurster when asked whether Schwab‘s upcoming spot crypto trading would put it in direct competition with industry giants like Coinbase. “If they’re buying their crypto on Coinbase, wed love to see them bring it back to Schwab.”

Apart from spot crypto trading, Charles Schwab is also setting its sights on a stablecoin launch, Wurster said earlier on Friday. The US House passed the GENIUS stablecoin bill on Thursday, and it is set to become law.

Wurster also revealed that Schwabs clients currently hold more than 20% of crypto exchange-traded products in the industry, amounting to about $25 billion of their total $10.8 trillion in assets at the firm.

“We anticipate launching Bitcoin and Ether sometime soon, so that our clients have access to that,” Wurster said. “What we hear from many of our clients is that they have 98% of their wealth here at Schwab, and they might hold a percent or 2% at some digital native firm to hold their crypto.”

Wurster noted that clients want to consolidate their crypto holdings with their other investments at Schwab.

“They really want to bring it back to Schwab because they trust us,” he said. “They want it to sit alongside their other assets.”

The company reported strong second-quarter 2025 earnings, with net income rising nearly 60% year-over-year to over $2 billion and revenue climbing 25% to $5.8 billion, driven by gains in trading revenue, net interest income, and asset management fees.

Charles Schwab (SCHW) shares hit a new record high during Fridays trading session, while Coinbase (COIN) also surged to a fresh all-time high, according to Yahoo Finance data.