Goldman Sachs Acquires NEOS, Enters Crypto ETF Market with $1.1 Billion Deal

Goldman Sachs, one of America's largest banking institutions, has made a significant move in the crypto market by acquiring NEOS Investments and its Bitcoin High Income ETF (BTCI) for $1.1 billion.

The deal was announced on August 12 and gives Goldman Sachs a prominent position in the crypto ETF industry without having to launch a product of its own.

This acquisition bypasses delays with the US Securities and Exchange Commission (SEC), where Goldman Sachs had filed an application for its native ETF four months ago.

The NEOS Bitcoin ETF is a 'covered-call' synthetic ETF that tracks the digital asset's price and sells options contracts to generate consistent yield, charging investors a fee of 0.99%.