Goldman Sachs is moving aggressively into crypto income products, agreeing to buy Neos Investments for up to $2.25 billion in a cash-and-equity deal that would fold Neos and its roughly $30 billion in assets under management into Goldman Sachs Asset Management (GSAM), subject to regulatory sign-off and customary closing conditions. The transaction is expected to close in the first quarter of 2027 if it clears regulators. Why this matters - The acquisition instantly gives Goldman three crypto-focused options-income ETFs that together manage more than $1.1 billion, accelerating its push into a fast-growing niche of ETF products that generate yield by selling options against crypto exposure. - It also strengthens Goldman’s position in an increasingly competitive market for covered-call/option-overwrite crypto funds, where BlackRock’s iShares Bitcoin Premium Income ETF (BITA) has already launched. The crypto ETFs Goldman would acquire - Neos Bitcoin High Income ETF (BTCI): Launched October 2024, BTCI had accumulated over $1 billion in net assets in recent reports. It does not buy spot Bitcoin directly; instead it gains Bitcoin exposure through exchange-traded products and uses options strategies to generate monthly income. - Boosted Bitcoin High Income ETF (XBCI): Launched February 2026, XBCI had roughly $111 million in assets and targets about 150% of BTCI’s underlying strategy, amplifying both upside and downside. - Ethereum High Income ETF (NEHI): Launched December 2025, NEHI had about $77 million in assets and applies the same ETP-plus-options income approach to Ether rather than holding Ether directly. How the funds work - Rather than holding spot crypto, these ETFs use exchange-traded products linked to Bitcoin or Ether and write options (typically covered calls) to produce regular income. That trade-off generates premiums for distributions but can limit participation when the underlying crypto rallies sharply. The boosted fund (XBCI) magnifies returns and losses through leveraged exposure. Context and competition - Goldman filed in April for its own Goldman Sachs Bitcoin Premium Income ETF, proposing an approach that would invest at least 80% in Bitcoin exposure via spot ETPs and write call options over 40%–100% of that exposure to generate monthly premiums. Goldman has not said whether it will proceed with, modify, or withdraw that filing in light of the Neos deal. - Bloomberg ETF analyst Eric Balchunas noted the Neos purchase gives Goldman a ready-made, successful Bitcoin income product—especially BTCI, which has margin-leading assets and yield characteristics—potentially allowing Goldman to “leapfrog” rivals instead of launching a direct copycat product. - BlackRock’s BITA, launched June 16, writes covered calls primarily against its iShares Bitcoin Trust (IBIT) and had accumulated about $59 million in assets shortly after launch; BlackRock’s filing indicated writing calls on roughly 25%–35% of NAV with a target income range of 15%–25% annually and a sponsor fee of 0.65%. Bigger strategy and scale - Neos offers a broader family of options-income ETFs across U.S. equity indexes, fixed income, Bitcoin, Ether and gold; it runs 19 options-based ETFs in total. - This is Goldman’s second multibillion-dollar ETF shop purchase in 2026—following its roughly $2 billion acquisition of Innovator Capital Management in April, which bolstered Goldman’s defined-outcome and options-based ETF capabilities. - Goldman said derivative-income ETFs now manage about $180 billion industrywide (Morningstar data) and have recorded a compound annual growth rate above 70% since 2021. After integrating GSAM, Innovator and Neos, the firm would oversee more than $130 billion across global ETF platforms and roughly $80 billion in active ETFs, positioning it among the largest active ETF providers by Morningstar metrics. People and next steps - Neos co-founders Troy Cates and Garrett Paolella are expected to become partners at GSAM, and Neos’ investment and client-service teams are slated to join Goldman once the deal closes. - The acquisition remains subject to regulatory approvals and the usual closing conditions; Goldman has not yet disclosed whether it will alter its pending Bitcoin Premium Income ETF filing. Bottom line: If completed, the deal gives Goldman immediate scale in crypto options-income ETFs and an established product lineup—potentially saving time and resources compared with building similar funds from scratch while intensifying competition in the covered-call crypto ETF market.
Goldman to Buy Neos for Up to $2.25B, Gains $30B AUM and Crypto Options-Income ETFs
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Summary
Goldman Sachs is set to acquire Neos Investments for up to $2.25 billion in a cash-and-equity deal, pending regulatory approval. The move brings $30 billion in assets under management into GSAM, including three crypto options-income ETFs with over $1.1 billion in assets. These ETFs use options strategies to generate income without holding crypto directly. The deal also includes 19 options-income ETFs in equities, fixed income, and gold. This is Goldman’s second major ETF acquisition in 2026, following the $2 billion buyout of Innovator Capital Management. The deal is expected to close in Q1 2027. The transaction aligns with rising crypto exchange news and real-world assets (RWA) news.
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