Goldman Sachs Buys NEOS, Takes Control of $1.1 Billion Bitcoin Income ETF

Goldman Sachs is expanding its presence in the bitcoin ETF market through an acquisition of NEOS Investments. The deal, valued at up to $2.25 billion, gives Goldman control of BTCI, a $1.1 billion Bitcoin income ETF launched by NEOS in October 2024. BTCI uses spot bitcoin exchange-traded products and covered-call strategies to generate monthly distributions for investors.

The acquisition also broadens Goldman's reach in the ETF market, as NEOS manages about $30 billion across 19 options-based ETFs. This adds to Goldman's existing portfolio of $40 billion in options-based ETFs, which it will manage alongside Innovator Capital Management after a separate acquisition announced in December.

The deal is expected to close in the first quarter of 2027, subject to regulatory approval and performance conditions. Goldman expects its combined ETF assets under supervision to exceed $130 billion, placing it eighth among active ETF managers worldwide.