Pretty sure this would be custodial bitcoin, how could it not? (they hold the keys, they hold the bitcoin). So, it's not the best case scenario. However, assuming you actually can cash out in bitcoin, it's better than an ETF that must be cashed out in cash. And, it's bullish in that Schwab has a lot of boomer legacy money to throw around.

Cointelegraph
Charles Schwab CEO eyes spot Bitcoin trading by April 2026
Charles Schwab CEO Rick Wurster signals that the financial services company could start offering spot Bitcoin trading to its clients by April 2026.