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Goldman to buy NEOS in deal targeting Bitcoin income ETFs

The $2.25 billion acquisition is expected to close in the first quarter of 2027, subject to regulatory approval.

Reported · Written up by our desk · Market Structure

Goldman Sachs agreed to acquire NEOS Investments for up to $2.25 billion, a deal that would expand Goldman Sachs Asset Management’s options-income ETF platform and add exposure to major Bitcoin income vehicles.

The cash-and-equity transaction, announced Aug. 12, covers NEOS’ 19 options-based income ETFs and is expected to close in the first quarter of 2027, subject to regulatory approval and customary conditions. Part of the consideration will depend on performance and service commitments, according to CryptoSlate.

The acquisition would broaden Goldman’s global ETF footprint, and Goldman said the combined platform would reach about $130 billion in assets when NEOS and Innovator Capital Management are included. Goldman also said the deal would make it the eighth-largest active ETF provider based on assets as of June 30.

One ETF included in the scope is the NEOS Bitcoin High Income ETF (BTCI), which had $1.10 billion in net assets as of Aug. 11. BTCI provides Bitcoin-linked exposure without directly holding cryptocurrency, using an options strategy that seeks monthly income by writing calls, with CryptoSlate citing a 26.73% distribution rate and a 1.62% 30-day SEC yield as of July 31. CryptoSlate also reported BTCI’s NAV was down 25.54% for the year and 41.66% over one year, and that its July $0.6458 payout was preliminarily estimated to consist of 92% return of capital.

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