Goldman Sachs Buys Firm Behind Popular Bitcoin Income Fund

Goldman Sachs is acquiring NEOS Investments, the firm behind the popular Bitcoin income fund NEOS Bitcoin High Income ETF (BTCI), for $2.25 billion.

BTCI pairs Bitcoin-linked exposure with an options overlay to distribute cash every month, and it has done exactly that: trailing 12-month distributions total $10.757459 per share on a fund trading around $33.01.

However, holders are asking whether BTCI is still the right vehicle for their investment goals. The fund earns Bitcoin exposure through ETF holdings and futures, then sells call options against that exposure to harvest premium. That premium becomes the distribution.

When crypto volatility is elevated, option premiums are rich, and payouts spike. When volatility compresses, premiums shrink and so does the check. BTCI paid $1.5718 in January 2025 and $1.5145 in May 2025, then stepped down to $0.6458 in July 2026 and $0.6289 in August 2026.

The call-writing strategy that helps fund BTCI's monthly distributions also limits participation in Bitcoin's upside. During sharp Bitcoin rallies, the fund can give up gains above the strike prices of its written calls.