Goldman Sachs Acquires NEOS for Up to $2.25 Billion, Expanding Crypto Options Reach

Goldman Sachs (GS.US) has agreed to acquire NEOS for up to $2.25 billion, marking a significant shift in its crypto options strategy. The acquisition includes access to 19 ETFs and $30 billion in assets under management (AUM), primarily through traditional financial products such as the S&P 500 High Income ETF (SPYI) and the Nasdaq-100 High Income ETF (QQQI). These funds have a combined AUM of over $23 billion.

The core of this transaction is not merely acquiring a cryptocurrency fund, but rather integrating NEOS's mature options ecosystem to build a comprehensive yield-generation system covering both traditional financial assets and digital assets. This will enable Goldman Sachs to offer complex options-based business platforms to its clients.

The acquisition consideration is highly conditional and incentive-driven, with the payment method including cash and equity linked to future performance targets and service commitments. This means that $2.25 billion represents a theoretical valuation peak rather than a fixed cost, resulting in a transaction valuation multiple of approximately 7.5% of NEOS's current AUM.

The acquisition is subject to approvals from regulators such as the SEC and other customary closing conditions, with an expected close date in the first quarter of 2027. As part of the deal, NEOS co-founders Troy Kacz and Garrett Polera will be promoted to partners at Goldman Sachs Asset Management post-closing.