Goldman Sachs has agreed to acquire Neos Investments in a cash-and-equity deal valued at up to $2.25 billion, a transaction that would bring Neos into Goldman Sachs Asset Management along with more than $30 billion in assets under management. The deal is expected to close in the first quarter of 2027, subject to regulatory approval and other customary conditions.

The acquisition would also give Goldman an established lineup of crypto-linked income exchange-traded funds. Among Neos’ 19 options-based ETFs are three products tied to Bitcoin and Ether: the Neos Bitcoin High Income ETF, the Boosted Bitcoin High Income ETF and the Ethereum High Income ETF.

Crypto income funds come with the Neos platform

The three crypto-focused funds included in the transaction are BTCI, XBCI and NEHI. Together they managed more than $1.1 billion as of Wednesday, with BTCI accounting for the largest share. Goldman said the agreement is tied in part to performance and service commitments.

BTCI launched in October 2024 as an actively managed ETF built to pair Bitcoin-linked exposure with monthly income generated through options. It had accumulated more than $1 billion in net assets as of Wednesday, making it the largest of Neos’ crypto-linked products.

XBCI, launched in February 2026, uses a more aggressive version of that strategy and seeks roughly 150% exposure to BTCI’s underlying approach, which can magnify losses when Bitcoin-linked investments fall. NEHI launched in December 2025 and had more than $77 million in net assets as of Wednesday. Like the Bitcoin funds, it does not directly hold Ether, instead combining exposure through exchange-traded products with an options-based income strategy.

Deal adds to Goldman’s active and options ETF push

Neos, founded in 2022, has built a broader lineup of income funds spanning U.S. equity indexes, fixed income, Bitcoin, Ether and gold. Across its full range, the firm oversees more than $30 billion in 19 options-based ETFs.

Goldman framed the acquisition as part of its expansion in active ETFs and options-based strategies. Chief executive David Solomon said Neos’ investment approach complements Goldman’s capabilities in buffer, managed outcome and income products.

This is Goldman’s second multibillion-dollar ETF acquisition of 2026. In April, the firm completed its roughly $2 billion purchase of Innovator Capital Management, another manager focused on defined-outcome and options-based ETFs. Goldman said derivative-income ETFs across the industry now manage about $180 billion, citing Morningstar data, after a compound annual growth rate of more than 70% since 2021.

Questions remain over Goldman’s own Bitcoin income ETF filing

The Neos purchase arrives months after Goldman filed with the U.S. Securities and Exchange Commission to launch the Goldman Sachs Bitcoin Premium Income ETF. That proposed fund would invest at least 80% of its net assets in instruments providing Bitcoin exposure, primarily through spot Bitcoin exchange-traded products, and then sell call options against part of the position to generate monthly income.

Goldman’s filing said the options overwrite could cover between 40% and 100% of the fund’s Bitcoin exposure depending on market conditions, a structure that can produce option premiums but also cap part of the upside during strong price rallies. Following the Neos announcement, Bloomberg senior ETF analyst Eric Balchunas said the acquisition may help explain why Goldman’s April filing has not yet resulted in a launch.

Goldman has not said whether it plans to withdraw, revise or continue with that proposed product after the Neos transaction. Balchunas also said acquiring BTCI, which already has more than $1 billion in assets, could allow Goldman to enter the segment with an established vehicle instead of building a competing fund from scratch.

Competition and the next steps

Competition in Bitcoin options-income ETFs increased in June when BlackRock launched the iShares Bitcoin Premium Income ETF, or BITA. According to the source article, BlackRock planned to generate income mainly by writing covered calls against its iShares Bitcoin Trust and Bitcoin ETF-linked indexes. BITA had about $59 million in net assets as of Wednesday, compared with more than $1 billion for BTCI.

If the Neos transaction closes, Goldman would gain not only BTCI but also XBCI’s leveraged Bitcoin-linked strategy and NEHI’s Ether-focused version of the same income approach. Goldman said Goldman Sachs Asset Management, Innovator and Neos together managed more than $130 billion across their global ETF platforms as of June 30, including roughly $80 billion in active ETFs, which would make the firm the eighth-largest active ETF provider based on Morningstar data.

Neos co-founders Troy Cates and Garrett Paolella are expected to become partners at Goldman Sachs Asset Management after closing, and Neos’ investment and client-service staff are also expected to join. The next confirmed step is regulatory review and satisfaction of customary closing conditions ahead of the expected first-quarter 2027 completion.

Source: crypto.news