Key Takeaways
- Goldman Sachs will acquire Neos Investments for up to $2.25 billion, adding more than $30 billion in assets across 19 options-based ETFs.
- The deal gives Goldman three crypto-linked income ETFs, which collectively manage more than $1.1 billion.
- Acquiring the $1 billion BTCI fund could allow Goldman to overtake BlackRock in the Bitcoin options-income ETF market without launching a new product.
Goldman Sachs has agreed to acquire Neos Investments for up to $2.25 billion, giving the Wall Street giant immediate control of an established lineup of Bitcoin and Ethereum income ETFs.
The cash-and-equity transaction will bring more than $30 billion in assets across 19 options-based ETFs into Goldman Sachs Asset Management.
The deal is expected to close in the first quarter of 2027, subject to regulatory approval and customary conditions.
Goldman Gains Three Crypto Income ETFs
The acquisition includes three cryptocurrency-linked funds that manage more than $1.1 billion combined: the Neos Bitcoin High Income ETF (BTCI), the Boosted Bitcoin High Income ETF (XBCI), and the Ethereum High Income ETF (NEHI).
BTCI is the largest of the three, with net assets exceeding $1 billion. Launched in October 2024, the actively managed fund provides Bitcoin-linked exposure through exchange-traded products and generates monthly income using options.
The fund does not directly hold Bitcoin. Its strategy combines Bitcoin ETFs with options linked to instruments such as the Cboe Bitcoin US ETF Index.
This structure allows investors to receive distributions while maintaining exposure to some of Bitcoin’s price movements.
XBCI, which launched in February 2026, follows a more aggressive strategy and manages approximately $111 million.
It targets around 150% exposure to BTCI’s underlying approach, potentially amplifying both gains and losses.
NEHI launched in December 2025 and holds more than $77 million. It applies a similar options-income model to exchange-traded products linked to Ethereum.
Deal Could Reshape Goldman’s Bitcoin ETF Plans
The Neos acquisition raises questions about Goldman’s previously announced Bitcoin Premium Income ETF.
Goldman filed a registration statement for the proposed fund with the US Securities and Exchange Commission in April.
The product was designed to invest primarily in instruments that provide Bitcoin exposure and to sell call options on part of its portfolio to generate monthly income.
However, the proposed fund has not launched.
Bloomberg senior ETF analyst Eric Balchunas said the Neos deal could explain the delay. By acquiring BTCI, Goldman gains an established Bitcoin income ETF with more than $1 billion in assets instead of launching a similar product from scratch.
Balchunas described the strategy as a way for Goldman to leapfrog BlackRock’s iShares Bitcoin Premium Income ETF, BITA. Launched in June, BITA had accumulated approximately $59 million, leaving it considerably smaller than BTCI.
Goldman has not confirmed whether it will withdraw, revise, or proceed with its own filed fund after completing the acquisition.
Goldman Expands Its Active ETF Business
Neos marks Goldman’s second multibillion-dollar ETF acquisition of 2026. The firm completed its roughly $2 billion purchase of Innovator Capital Management in April, adding a range of defined-outcome and options-based funds.
Goldman said demand for derivative-income ETFs has expanded rapidly, with the category managing approximately $180 billion after recording annualized growth of more than 70% since 2021.
“As investor demand for active ETFs grows, NEOS’ disciplined investment approach is highly complementary to our capabilities across buffer, managed outcome and income strategies,” Goldman Sachs Chairman and CEO David Solomon said.
Following the deal, Goldman Sachs Asset Management, Innovator and Neos would collectively oversee more than $130 billion across their global ETF platforms.
Approximately $80 billion would sit in active ETFs, making Goldman the eighth-largest active ETF provider based on Morningstar data.
The acquisition also gives Goldman an immediate position in the growing market for crypto income products, where asset managers are competing to combine digital-asset exposure with regular options-generated distributions.
Visit Our Secure Partners
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
