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Charles Schwab launched 24/7 Bitcoin futures trading on Thinkorswim, and Better partnered with Coinbase to issue the first crypto-backed conventional mortgage via Fannie Mae.
Kelly Rodriguez says public company CEOs become investment managers, which is less fun than being a visionary product leader. She sees Schwab's acquisition of Forge as legitimizing private equity as a real asset class.
Rodriguez says Forge got permissioned SpaceX SPVs in 2018-2019. The pitch to founders leverages Schwab's retail distribution to democratize access and provide broad-based ownership at the IPO price.
Charles Schwab targets mid-2027 to launch spot crypto trading and custody for its advisor channel, which manages roughly $10 trillion in assets.
Charles Schwab launched spot Bitcoin trading for retail clients with a 75 basis point fee, integrating it directly into brokerage accounts that hold over $11 trillion in client assets.
Balchunas predicts a brokerage fee war for Bitcoin trading, similar to when Schwab and Fidelity drove stock commissions to zero. He gives this a 95% chance of happening by year-end.