Goldman Sachs Leapsfrog BlackRock in $2.25 Billion Bitcoin Yield Market Deal

Goldman Sachs is expanding its presence in the Bitcoin yield market with a $2.25 billion deal to acquire NEOS Investments. The acquisition, which was announced on August 12, includes a $30 billion options-income ETF platform that features one of the largest Bitcoin income funds.

The cash-and-equity deal covers NEOS' 19 options-based income ETFs and is expected to close in the first quarter of 2027, subject to regulatory approval. The consideration for the acquisition depends on performance and service commitments.

Goldman Sachs Asset Management's existing $40 billion income and outcome-oriented options ETF business will be expanded by the deal, which would make it the eighth-largest active ETF provider based on assets as of June 30. Goldman CEO David Solomon said that NEOS complements the firm's existing buffer, managed-outcome and income strategies, citing growing investor demand for active ETFs.

The acquisition gives Goldman Sachs a significant head start in the Bitcoin yield market, with one of its funds, BTCI, having $1.10 billion in net assets as of August 11. The fund provides investors with exposure to Bitcoin without directly owning the cryptocurrency and has reported a 26.73% distribution rate and a 1.62% 30-day SEC yield.