- Goldman Sachs has agreed to acquire Neos Investments for up to $2.25 billion, adding three crypto-focused options-income ETFs to its asset management business.
- The acquisition includes Bitcoin and Ethereum income ETFs with more than $1.18 billion in combined net assets.
- The deal significantly expands Goldman’s active ETF business as demand for options-based income strategies continues to grow.
Goldman Sachs is making another significant move into crypto-linked investment products through its planned acquisition of Neos Investments, an asset manager specializing in options-based exchange-traded funds.
Goldman has agreed to acquire Neos for as much as $2.25 billion in cash and equity, with portions of the consideration tied to performance and service commitments. The transaction is expected to close during the first quarter of 2027, assuming regulatory approval and other customary conditions are satisfied.
The acquisition will bring three crypto-focused products into Goldman Sachs Asset Management: the Neos Bitcoin High Income ETF (BTCI), Boosted Bitcoin High Income ETF (XBCI) and Ethereum High Income ETF (NEHI).
Goldman Gains Three Crypto Income ETFs
The three funds provide exposure to Bitcoin or Ethereum while using options strategies designed to generate monthly income.
Importantly, the ETFs do not directly hold BTC or ETH. Instead, they gain exposure through exchange-traded products connected to the underlying cryptocurrencies and combine those positions with options strategies.
BTCI is easily the largest of the three. Launched in October 2024, the Bitcoin-focused fund has grown to more than $1 billion in net assets.
XBCI, which launched in February, manages approximately $111 million, while the Ethereum-focused NEHI has accumulated more than $77 million since launching in December 2025.
Combined, the three products represent more than $1.18 billion in crypto-linked ETF assets that could ultimately become part of Goldman’s expanding investment platform.
Neos Gives Goldman an Established Bitcoin ETF Business
The acquisition could also influence Goldman’s existing plans for its own Bitcoin income ETF.
Goldman filed for a Bitcoin Premium Income ETF in April, but the product has yet to launch. Bloomberg senior ETF analyst Eric Balchunas suggested the Neos acquisition could help explain the delay, as buying BTCI gives Goldman immediate access to an established fund with more than $1 billion in assets.
That could allow Goldman to quickly strengthen its position in the growing Bitcoin income ETF market without needing to build an entirely new product from the ground up.
Goldman has not confirmed whether the Neos acquisition will change its plans for the previously filed Bitcoin ETF.
Goldman Targets Growing Demand for Options Income
Neos was founded in 2022 and has rapidly grown into a substantial player within the options-based ETF market. The company currently manages more than $30 billion across 19 income-focused ETFs.
Its strategies cover several major asset classes, including U.S. stock indexes, gold, Bitcoin and Ethereum. The common theme is using options to potentially generate recurring monthly income while maintaining exposure to the underlying investment theme.
Goldman CEO David Solomon said Neos’ approach complements the firm’s existing capabilities across managed-outcome, buffer and income investment strategies.
The timing is significant. Derivative-income ETFs have expanded to approximately $180 billion in industry-wide assets, according to Goldman, with the category recording compound annual growth of more than 70% since 2021.
Goldman Continues Building Its ETF Empire
The Neos agreement follows Goldman’s roughly $2 billion acquisition of Innovator Capital Management, which closed in April.
Innovator specializes in ETFs that use options to manage downside risk while providing opportunities for income and investment gains. Adding Neos would further strengthen Goldman in this rapidly expanding segment of the ETF industry.
Goldman, Innovator and Neos collectively managed more than $130 billion across their global ETF platforms as of June 30. The combined operation would include approximately $80 billion in active ETFs, potentially making Goldman the eighth-largest active ETF provider.
For Goldman’s crypto strategy, the acquisition provides something particularly valuable: established Bitcoin and Ethereum investment products with existing investors and substantial assets already under management.
Once completed, the deal will also bring Neos co-founders Troy Cates and Garrett Paolella into Goldman Sachs Asset Management as partners, alongside the firm’s broader investment and client-service teams.
