Crypto Currents: Schwab launches spot crypto for 38M accounts

Charles Schwab opens spot bitcoin and ether trading to retail clients today for the first time in the firm’s history, as JPMorgan quietly files for its second ethereum-based tokenized money market fund and the Senate prepares to mark up the most sweeping crypto market structure legislation since the GENIUS Act. BitGo Holdings and DeFi Development Corp. both report Q1 earnings after the close, and Strategy’s Michael Saylor takes the stage at 5 PM ET for a live retail Q&A that traders will be parsing for any signal on the pace of future bitcoin accumulation. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.

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SCHWAB CRYPTO GOES LIVE TODAY: Charles Schwab announcing the launch via its dedicated crypto-trading webpage. The service offers direct bitcoin (BTC-USD) and ether (ETH-USD) trading at a 75-basis-point flat fee via Schwab.com and its trading platform thinkorswim, with Charles Schwab Premier Bank as custodian and Paxos handling sub-custody and execution. The launch covers all U.S. states except New York and Louisiana, targeting approximately 38M-39M brokerage accounts and approximately $11.8T in client assets.

Schwab is the single largest traditional finance on-ramp to spot bitcoin and ether for retail by account count, a structural shift that puts direct competitive pressure on Coinbase HOOD” style=””>(HOOD), and PayPal Trump’s arrival in Beijing for talks with President Xi covering trade and AI. Nvidia’s TSLA” style=””>(TSLA), Tim Cook of Apple BLK” style=””>(BLK) as a last-minute addition. Bitcoin’s 200-day exponential moving average at approximately $82,037 and the 61.8% Fibonacci retracement at $83,437 remain the confirmed breakout triggers for the next leg higher.

Cointelegraph reports that Strategy’s host a live retail investor Q&A at 5:00 PM ET today on X and YouTube. any forward guidance on additional purchases will be a direct price catalyst for Strategy’s preferred instruments.

BITGO AND DEFI DEVELOPMENT: BitGo Holdings confirming the schedule via a press release. BitGo is the first publicly listed pure-play institutional crypto infrastructure company offering custody, wallets, staking, trading, financing, and stablecoin services from regulated cold storage via its federally chartered BitGo Bank & Trust, NA. Revenue and custody AUM growth will set the tone for the broader institutional crypto services sector.
DeFi Development Corp. per their related press release. DeFi Development Corp. is the first U.S. public company with a treasury strategy built to accumulate and compound solana (SOL-USD). Any new solana purchases disclosed are the key metric alongside NAV versus share price spread.

JPMORGAN TOKENIZED MMF AND INFRASTRUCTURE: JPMorgan per Bloomberg. The filing follows JPMorgan’s MONY fund and coincides with a Bloomberg feature on the firm’s $13T repo market blockchain integration, underscoring ethereum’s growing role as institutional settlement infrastructure.

Eightco Holdings disclosed a May 13 holdings snapshot of approximately $340M, including 277M+ Worldcoin (WLD-USD) tokens representing about 9% of circulating supply, 11,000+ ether, a $90M OpenAI equity stake, and $25M in Beast Industries equity.

PRICE ACTION: As of time of writing, bitcoin was trading at $78,806.03, while ether was trading at $2,233.17, according to price data from TipRanks.