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Goldman Sachs to acquire NEOS in up to $2.25B deal

The cash-and-equity deal is set to add about $30 billion in options-based income ETFs to Goldman Sachs Asset Management, including NEOS's roughly $1 billion Bitcoin covered-call fund.

Reported · Written up by our desk · Market Structure

Goldman Sachs has agreed to acquire NEOS Investments in a cash-and-equity transaction valued at up to $2.25 billion, a move that expands the firm’s presence in options-based crypto income ETFs. The purchase is designed to bring about $30 billion in options-based income ETFs under Goldman Sachs Asset Management.

The deal would fold NEOS’s roughly $30 billion options-income lineup into Goldman, with a focus on NEOS’s flagship Bitcoin covered-call fund, BTCI. BTCI has amassed around $1 billion in assets since launching and aims to generate monthly income by selling options against Bitcoin exposure.

Goldman is also set to gain NEOS’s similar Ethereum product as part of the acquisition, providing immediate scale in a niche Goldman had only just entered on paper. The announcement comes as derivative-income ETFs have surged, reaching about $180 billion in assets and growing at 70% or more annually since 2021, according to Morningstar.

Goldman said the transaction is contingent on meeting certain performance and service targets and is expected to close in the first quarter of 2027, subject to regulatory approval. The firm filed in April for its own Bitcoin Premium ETF, but buying NEOS outright offers a faster route by absorbing an established manager rather than waiting for a newly launched product to build traction.

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