Schwab H1 2026 BTC/ETH spot + MSBT threatens COIN fee moat
Key Questions
How does Schwab's spot BTC/ETH offering threaten Coinbase?
Charles Schwab plans H1 2026 spot BTC/ETH via bank subsidiary without SIPC/FDIC, plus Morgan Stanley's low-fee MSBT ETF. This rivals COIN's fee moat post-OCC approval. Increased Wall Street crypto services pressure COIN's revenue.
What did Schwab's research say about BTC allocation?
Schwab's note shows even 1-3% BTC/ETH allocation drastically spikes portfolio volatility. This could drive mainstream inflows to spot products. It challenges traditional portfolios amid BTC topping $70k.
Who are Coinbase's rivals in this space?
Rivals include Schwab, Morgan Stanley (MSBT), Robinhood (HOOD), ETFs, Base, Circle's cirBTC, and RLUSD post-OCC/GENIUS. Wall Street builds crypto services for spot trading and custody. This intensifies competition for inflows and fees.
Schwab spot no SIPC + MSBT 0.14% fees/1-3% alloc vol risk; RH/ETFs/Base/cirBTC/RLUSD/HOOD/AFSL rivalry post-OCC/GENIUS; Wall St inflows/rev pressure/custody offsets.