Charles Schwab Launches 24/7 Bitcoin Futures Trading on thinkorswim

§ 01 Executive Snapshot

• What: Charles Schwab launches 24/7 Bitcoin futures trading on thinkorswim.
• Who: Charles Schwab, a major brokerage firm based in Westlake, Texas.
• Why it matters: This marks Schwab's first round-the-clock product, enhancing access to cryptocurrency trading for institutional and retail clients.

§ 02 Key Developments

• Charles Schwab offers 24/7 trading for select cryptocurrency futures, including Bitcoin, across all thinkorswim platforms.
• Bitcoin futures trading is available with a $5 multiplier, marking it as the flagship product in this new offering.
• The firm processed 10.3 million daily average trades in April 2026, showcasing its active trading environment.

§ 03 Strategic Context

• This launch represents Schwab's significant expansion into cryptocurrency, following its previous introduction of Schwab Crypto™ in April 2026, which allows retail clients to trade Bitcoin directly.
• The move aligns with the increasing institutional interest in digital assets, despite Bitcoin's recent price decline from an all-time high of $126,198.07 to approximately $66,000.

§ 04 Strategic Implications

• The introduction of 24/7 Bitcoin futures trading will likely increase Schwab's competitiveness in the cryptocurrency market, attracting both retail and institutional traders.
• Long-term, this may lead to broader adoption of digital assets within Schwab's existing advisory infrastructure as they prepare for spot crypto trading by mid-2027.

§ 05 Risks & Constraints

• Potential risks include market volatility affecting Bitcoin prices, which could impact trading volumes and client engagement.
• Regulatory challenges related to cryptocurrency trading could pose execution roadblocks for Schwab's future offerings and expansion in this space.

§ 06 Watchlist / Forward Signals

• Schwab is targeting mid-2027 for the launch of spot crypto trading, custody, and transfers for registered investment advisors.
• Future developments to monitor include the client uptake of the 24/7 futures trading and the rollout of additional features to enhance trading capabilities on thinkorswim.