Goldman Sachs Buys NEOS in $2.25B Push Into BTC ETFs

TL;DR

• Goldman Sachs is acquiring NEOS Investments in a cash-and-equity deal worth up to $2.25 billion, gaining a $1.1 billion Bitcoin income ETF.
• BTCI generates monthly income by holding spot Bitcoin exchange-traded products and selling call options, yielding about 27% but limiting upside during strong rallies.
• The acquisition would lift Goldman above $130 billion in ETF assets as derivative-income funds grow rapidly, though BTCI recently posted steep losses for its investors.

Goldman Sachs is acquiring NEOS Investments in a cash-and-equity transaction valued at up to $2.25 billion, giving the Wall Street bank control of a rapidly expanding suite of options-based income ETFs. NEOS, founded in 2022, manages about $30 billion across 19 funds and includes BTCI, a Bitcoin income product with roughly $1.1 billion in assets. The surprising angle is that Goldman is buying an established Bitcoin-income vehicle after previously filing to create one itself. The deal is expected to close in the first quarter of 2027, subject to regulatory approval and performance targets.

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