Goldman to Buy Neos Investments for Up to $2.25 Billion

Goldman Sachs is buying Neos Investments in a deal valued at as much as $2.25 billion. The move gives the bank three crypto-linked income ETFs and a broader options-based fund lineup.

Neos manages over $30 billion across 19 ETFs that generate monthly income through options strategies. The largest is the Bitcoin High Income ETF (ticker $BTCI), which launched in October 2024 and held more than $1 billion in net assets as of Wednesday. It uses exchange-traded products tied to Bitcoin and options on a Bitcoin index rather than holding the cryptocurrency directly.

The Boosted Bitcoin High Income ETF followed in February 2026, targeting roughly 150% exposure through a more aggressive version of the same approach. That fund had about $111 million in net assets. The Ethereum High Income ETF, launched in December 2025, held more than $77 million.

Neos was founded in 2022 and also runs income funds linked to stock indexes, bonds, and gold. Goldman Chairman and CEO David Solomon said the purchase fits the firm's existing options expertise and noted rising investor demand for active ETFs.

The transaction is expected to close in the first quarter of 2027 pending regulatory approval.

Goldman filed its own Bitcoin income fund with the Securities and Exchange Commission in April but has yet to launch it. Bloomberg analyst Eric Balchunas said the Neos deal may explain the delay. "Better to leapfrog BlackRock's $BITA versus me-too," he wrote on X, formerly Twitter, on Wednesday. BlackRock launched its Bitcoin income ETF in June. That fund held about $59 million as of Wednesday, far below Neos's $1 billion-plus bitcoin fund.

Goldman has not said whether its own filed product will proceed.

The acquisition is Goldman's second large ETF purchase this year. In April it completed a roughly $2 billion deal for Innovator Capital Management. Goldman said derivative income ETFs across the industry now manage about $180 billion and have grown more than 70% a year since 2021.

Combined, Goldman's asset management arm, Innovator, and Neos manage more than $130 billion in global ETF assets as of June 30. The bank said that ranks it eighth among active ETF providers.

Neos co-founders Troy Cates and Garrett Paolella are expected to become Goldman partners after the close. Neos staff are also expected to join the bank.