This month, news broke that Charles Schwab and E*Trade, the giant retail securities brokers, planned to build out their crypto trading franchises.

But can they catch up in a race for investors that started years ago? Analysts at Bernstein on Monday said probably not.

“Traditional firms have been slow to crypto while offering limited products,” wrote Guatam Chhugani and his two colleagues in a note to clients.

“We reckon this might end up being too little too late.”

Indeed, E*Trade, which is a unit of Morgan Stanley, the Wall Street investment bank, said it plans to launch crypto trading by 2026, according to Reuters.