Goldman Sachs Buys NEOS and Bets on Bitcoin ETF

Through NEOS, the bank gets direct access to BTCI, a bitcoin ETF with more than $1 billion in assets and options income. The deal fits Goldman’s broader ETF strategy and is still waiting on regulators.

Key Takeaways

• Goldman Sachs is buying NEOS Investments, giving it direct access to BTCI, a bitcoin ETF with about $1.1 billion in assets.
• The acquisition values NEOS at up to $2.25 billion and is expected to close in the first quarter of 2027 after regulatory approval.
• BTCI uses spot bitcoin ETPs and call options to generate monthly payouts, while Goldman expands its ETF strategy with options-based funds.

Goldman Sachs is buying NEOS Investments in a deal that gives the bank direct access to BTCI, a bitcoin ETF with about $1.1 billion (€1 billion) in assets and an estimated yield of around 27%. The acquisition, which will be paid in cash and stock, values NEOS at up to $2.25 billion (€1.9 billion) and is expected to close in the first quarter of 2027 after regulatory approval.

BTCI Fits Goldman’s ETF Strategy

BTCI launched in October 2024 and grew into a fund with more than $1 billion (€0.9 billion) in assets in less than two years. The product holds spot bitcoin ETPs and sells call options on those positions to generate monthly payouts. That gives investors income from the fund, but they give up some of the upside if Bitcoin rises sharply.

That setup looks a lot like what Goldman itself filed with the SEC four months ago with the Goldman Sachs Bitcoin Premium Income ETF. According to Bloomberg analyst Eric Balchunas, the acquisition explains why the bank has not launched that product yet. Goldman is choosing to absorb an existing platform instead of building a similar strategy from scratch.

Growth in Options-Based Funds

The deal gives Goldman not only BTCI, but also access to an options-based ETF platform of about $30 billion (€26 billion) spread across 19 funds. Together with Goldman’s existing ETF business and its earlier acquisition of Innovator Capital Management in April 2026, the bank now has more than $130 billion (€113 billion) in ETF assets under management, putting it among the global leaders in active ETF management.

For European crypto followers, the big takeaway is that bitcoin is increasingly being packaged inside traditional investment products. The category of derivative income ETFs has now grown to about $180 billion (€156 billion) in assets worldwide and, according to Morningstar, has been growing quickly for years. That shows the line between crypto exposure and the broader fund market is getting blurrier, especially as major players like Goldman Sachs and BlackRock keep building out this segment. BlackRock’s institutional demand is visible too: BlackRock buys $1 billion of Bitcoin in three days showed how quickly spot ETFs can become an important channel for regulated bitcoin exposure.

What This Says About Bitcoin Products

NEOS was founded by experienced ETF professionals and focuses on options-based income solutions with an emphasis on high income, tax efficiency, and diversification. For Goldman, the acquisition fits a broader strategy to expand its ETF lineup with products that tap demand for yield and crypto exposure, without having to build a completely new platform itself.

At the same time, BTCI shows that not every bitcoin product works the same way. The fund pays out income through options, but the prospectus warns that part of those payouts may also be a return of capital. For investors, that is an important distinction, especially in a market where yield and bitcoin risk are more and more often combined in one product.