Charles Schwab is launching direct Bitcoin trading, CNBC reported April 16. The $12 trillion manager joins Goldman Sachs and BlackRock in a fresh round of product filings that show Wall Street’s Bitcoin appetite isn’t satisfied by spot ETFs alone.
Goldman Sachs filed April 14 for a Bitcoin Premium Income ETF. No ticker or launch date yet, but the structure suggests a covered-call strategy similar to what’s already live in the income sleeve of the ETF market. BlackRock moved first in that lane: its Bitcoin Income ETF, ticker BITA, will sell call options against its $50 billion-plus IBIT holdings to capture premium from volatility. Launch is expected within weeks, according to reports April 13. Existing Bitcoin income ETFs pay between 27% and 41% annually, a yield band that’s drawn attention from advisors looking to monetize range-bound price action.
Direct Trading vs. Derivative Wrappers
Schwab’s move is different. Direct trading puts Bitcoin on the same menu as equities and options for retail clients, no ETF wrapper required. It’s the clearest sign yet that custody, tax reporting, and compliance around native crypto assets are no longer deal-breakers for the largest brokerages. Schwab has historically trailed Fidelity and Interactive Brokers in crypto access; this closes that gap.
Goldman’s filing adds another data point to the income-ETF buildout. The Premium Income label telegraphs a focus on options premiums rather than spot appreciation, a bet that institutions want Bitcoin exposure with a yield kicker even if it caps upside. BlackRock’s BITA will be the largest fund by AUM to run that playbook from day one, given the size of the underlying IBIT position. Whether selling calls into a bull market proves popular or a regret depends entirely on where price goes next.
The Trend Is Acceleration, Not Experimentation
Three filings in three days isn’t coincidence. Spot ETFs launched in early 2024; by now the infrastructure is proven, the customer demand is visible in the data, and the compliance template is in place. What’s accelerating is product differentiation. Schwab wants the trading revenue. BlackRock wants to own the income vertical. Goldman wants both the ETF and the brand association. None of this is tentative anymore.
The question isn’t whether Wall Street is adopting Bitcoin, it’s how fast the second and third waves of products arrive, and whether the yield-chasing structures hold up when volatility actually delivers or when it disappears. BITA’s 27-41% annual payout range assumes options buyers keep paying. If implied vol collapses or spot trends hard in either direction, those yields compress or the fund underperforms spot. That’s the trade-off, and it’s one the largest asset manager in the world is now making explicit.
