Goldman Sachs Buys NEOS Investments for $2.25B Bitcoin Income Play

Goldman Sachs has agreed to acquire NEOS Investments for up to $2.25 billion in cash and equity, gaining three crypto income ETFs and over $30 billion in options-based assets.

The deal targets the BTC income ETF space, with Goldman getting exposure to Bitcoin (BTC) through exchange-traded products linked to the asset and selling call options against those positions to generate monthly distributions.

NEOS's funds use options strategies to provide monthly income while offering exposure to various assets, including US stock indexes, Bitcoin (BTC), Ethereum (ETH), and gold. The Bitcoin High Income ETF (BTCI) has crossed $1 billion in net assets with a roughly 27% annual yield.

The acquisition follows Goldman's approximately $2 billion purchase of Innovator Capital Management in April, which closed. After the NEOS deal is finalized, Goldman will manage over $130 billion in total ETF assets, ranking it eighth among active ETF managers globally.