Goldman Sachs has agreed to acquire NEOS Investments for up to $2.25 billion, adding a fast-growing portfolio of options-based exchange-traded funds that includes products linked to Bitcoin and Ethereum.
The cash-and-equity transaction will bring $30 billion in assets across 19 ETFs into Goldman Sachs Asset Management and is expected to close in the first quarter of 2027, subject to regulatory approval and other customary conditions.
The deal is primarily an expansion of Goldman's active ETF business rather than a standalone crypto acquisition. But it gives the Wall Street bank an immediate presence in the market for funds that combine cryptocurrency exposure with options strategies designed to generate monthly income.
NEOS' lineup includes the Bitcoin High Income ETF, or BTCI, which seeks income while providing exposure to exchange-traded products that directly track Bitcoin. NEOS Investments said BTCI had about $1.1 billion in net assets in late July and held positions including BlackRock's iShares Bitcoin Trust, or IBIT, and VanEck's Bitcoin ETF alongside U.S. Treasury bills and options.
The fund does not hold Bitcoin directly. It uses Bitcoin-linked exchange-traded products and options to generate income while retaining some exposure to movements in the cryptocurrency's price.
Goldman will also acquire the NEOS Boosted Bitcoin High Income ETF, or XBCI, which launched in February, and the NEOS Ethereum High Income ETF, or NEHI. NEOS reported that XBCI had more than $103 million in net assets in late July, while the firm's data showed NEHI had about $75 million.
Goldman has already been preparing its own Bitcoin income product. An April filing with the Securities and Exchange Commission shows the bank registered a proposed Goldman Sachs Bitcoin Premium Income ETF that would seek exposure to Bitcoin while using options to generate income. The fund had not launched as of the filing.
Goldman has not said whether the NEOS acquisition will affect those plans.
