Deal expands defined-outcome ETF portfolio and deepens the bank’s exposure to crypto-related investment products.
Goldman Sachs has reached an agreement to purchase Innovator Capital Management for approximately $2 billion, a move that brings a prominent issuer of defined-outcome ETFs — including a Bitcoin-linked product — into its asset management division. The transaction is expected to close in the second quarter of 2026 and will add roughly $28 billion in supervised assets to a platform that already oversees more than $3 trillion.
Defined-Outcome ETF Expansion
The acquisition supports Goldman’s effort to scale its lineup of active and outcome-oriented ETFs. Defined-outcome strategies use options to shape the range of potential returns, setting predetermined buffers against losses and caps on upside performance over set periods.
Innovator’s QBF ETF, launched earlier this year, uses FLEX options tied to Bitcoin ETF benchmarks to capture a portion of Bitcoin’s gains while limiting quarterly losses to 20%. Its current structure targets participation in 71% of any positive BTC price move within each cycle. As of late last week, the fund held about $19.3 million in market value.
Goldman’s Evolving Crypto Strategy
The acquisition marks another step in Goldman’s broader shift toward digital-asset involvement. After previously questioning the role of cryptocurrencies in client portfolios, the bank has become an active participant in blockchain-focused investments and ETF markets. Between 2020 and 2024, it backed more than a dozen early-stage blockchain firms and steadily increased holdings in Bitcoin and Ethereum ETFs.
Recent regulatory filings show the bank accumulated over $1.5 billion in Bitcoin ETF shares in late 2024, alongside hundreds of millions in Ether-based products. Goldman is also developing tokenization initiatives, including a proposed platform for issuing and trading digital versions of traditional financial instruments. According to people familiar with the effort, the bank aims to provide institutional clients with access to tokenized money-market funds featuring continuous settlement and blockchain-based ownership tracking.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.