Goldman Sachs Scoops Up NEOS for $2.25B, Securing Dominant Bitcoin ETF Spot

Goldman Sachs is acquiring NEOS Investments for up to $2.25 billion in a deal that values the company at its highest level yet.

The investment bank will take control of BTCI, a bitcoin synthetic exchange-traded fund launched by NEOS in October 2024 with an initial size of $1.1 billion and yielding roughly 27% per year.

BTCI does not directly hold any bitcoin but instead uses spot bitcoin exchange-traded products and sells call options against those positions to generate income for its investors.

NEOS co-founders Troy Cates and Garrett Paolella will join Goldman Sachs as partners once the deal is closed, pending regulatory approval expected in the first quarter of 2027.