Nikolas Sargeant
TL;DR
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Goldman Sachs has agreed to acquire Neos Investments for up to $2.25 billion.
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The deal will add three crypto options-income ETFs to Goldman Sachs Asset Management.
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The funds offer indirect Bitcoin and Ethereum exposure while using options to generate monthly
Goldman Sachs is expanding its exchange-traded fund business with an agreement to acquire Neos Investments, a deal that will bring three cryptocurrency options-income ETFs under the Wall Street bank’s asset management division.
Goldman will pay up to $2.25 billion in cash and equity for Neos, subject to performance targets and service commitments. The transaction is expected to close during the first quarter of 2027, pending regulatory approval and other customary conditions.
Once completed, the acquisition will add the Neos Bitcoin High Income ETF (BTCI), Boosted Bitcoin High Income ETF (XBCI) and Ethereum High Income ETF (NEHI) to Goldman Sachs Asset Management’s product lineup.
Neos Manages Over $30 Billion in ETF Assets
Founded in 2022, Neos manages over $30 billion across 19 options-based income ETFs.
Its products use derivatives strategies to generate monthly income while providing exposure to assets including US equity indexes, gold, Bitcoin and Ethereum.
Goldman Sachs Chairman and CEO David Solomon said demand for actively managed ETFs continues to increase, adding that Neos’ investment approach complements the firm’s existing buffer, income and managed-outcome strategies.
The acquisition will also strengthen Goldman’s presence in the rapidly growing derivatives-income ETF market.
According to Goldman, citing Morningstar data, these funds now manage approximately $180 billion across the industry. The category has recorded a compound annual growth rate exceeding 70% since 2021.
The three Neos cryptocurrency funds do not hold Bitcoin or Ethereum directly.
Instead, they invest in exchange-traded products linked to the underlying cryptocurrencies and employ options strategies designed to produce monthly distributions.
BTCI is the largest of the three funds. Launched in October 2024, it had accumulated more than $1 billion in net assets as of Wednesday.
The Boosted Bitcoin High Income ETF, which debuted in February, manages approximately $111 million. NEHI, launched in December 2025, holds more than $77 million in net assets.
These products may appeal to investors seeking cryptocurrency exposure and recurring income. However, their options strategies can limit participation in strong price rallies and do not remove the risks associated with volatile digital assets.
Acquisition Could Replace Goldman’s Planned Bitcoin Fund
The Neos acquisition has raised questions about Goldman’s previously proposed Bitcoin Premium Income ETF.
Goldman filed for the fund in April, outlining a product that would invest in other Bitcoin ETFs and use an options-based strategy to generate income.
Bloomberg Senior ETF Analyst Eric Balchunas suggested that the Neos deal could explain why Goldman has not yet launched the proposed product. He said acquiring BTCI may allow the bank to move ahead of BlackRock’s iShares Bitcoin Premium Income ETF (BITA).
BlackRock launched BITA in June, and the fund currently manages around $59 million. That is substantially less than the more than $1 billion held by Neos’ BTCI.
Goldman has not confirmed whether the acquisition has altered its plans for the Bitcoin Premium Income ETF.
The Neos transaction follows Goldman’s approximately $2 billion acquisition of Innovator Capital Management, which closed in April.
Innovator specializes in ETFs that use options to limit downside risk while offering income and potential capital appreciation.
Together, Goldman, Innovator and Neos managed more than $130 billion across their global ETF platforms as of June 30. The combined operation would oversee approximately $80 billion in active ETF assets, making Goldman the eighth-largest active ETF provider, according to Morningstar data cited by the bank.
The acquisition reflects Goldman’s effort to build scale in active and options-based investment products as investor demand shifts beyond traditional passive index funds.
Neos co-founders Troy Cates and Garrett Paolella will become partners at Goldman Sachs Asset Management after the acquisition closes.
The remainder of the Neos team, including its investment professionals and client-service employees, is also expected to join Goldman.
Subject to regulatory approval, the transaction will give Goldman an established suite of crypto income funds while significantly expanding its position in the fast-growing active ETF market.
