Goldman Sachs Buys NEOS and Its Crypto Income ETFs

Goldman Sachs has agreed to acquire NEOS Investments for up to $2.25 billion, adding roughly $30 billion in assets under management across 19 ETFs to its growing asset-management business.

The deal includes three crypto-linked income funds: the NEOS Bitcoin High Income ETF (BTCI), the Boosted Bitcoin High Income ETF (XBCI), and the Ethereum High Income ETF (NEHI).

BTCI is a synthetic covered-call strategy that allows investors to receive regular monthly cash distributions while participating in potential gains from Bitcoin.

However, BTCI's one-year NAV total return through June 30 was -40.9%, including distributions, highlighting the risk of heavy losses despite large monthly payments.