Goldman Sachs Buys NEOS, While Swiss Bank Quietly Holds Millions in MSTR

Goldman Sachs has made a significant move into the crypto space by acquiring NEOS Investments and its Bitcoin High Income ETF (BTCI) worth $1.1 billion in an agreement valued at $2.25 billion.

The deal gives Goldman Sachs a prominent position in the crypto ETF industry without having to launch a product of its own, bypassing delays with the US Securities and Exchange Commission (SEC), where it had filed an application for its native ETF four months ago.

Notably, the NEOS Bitcoin ETF is a 'covered-call' synthetic ETF that tracks the digital asset's price and sells options contracts to generate consistent yield. It charges investors a fee of 0.99%, matching rivals such as Roundhill but facing fierce competition from BlackRock's 0.65%.

Meanwhile, the Swiss National Bank (SNB) has been quietly accumulating Bitcoin exposure through its stake in Strategy, owning 736,300 shares of MSTR worth about $72 million. Despite being vocal against Bitcoin serving as an official sovereign reserve asset due to volatility, the SNB appears to have worked around this through Strategy, benefiting from both Bitcoin and large-cap US tech indexes.