Goldman Sachs Buys Bitcoin ETF Firm NEOS in $2.25 Billion Deal

Goldman Sachs is expanding into bitcoin income products through a major acquisition. The bank has agreed to buy NEOS Investments, the firm behind the $1.1 billion BTCI bitcoin synthetic ETF, in a cash-and-equity agreement valued at up to $2.25 billion.

What the NEOS Deal Includes

BTCI does not hold bitcoin directly. Instead, it holds spot bitcoin ETPs and sells call options against them, generating monthly income for investors while limiting upside during price rallies. The fund launched in October 2024 and passed $1 billion in assets within two years. Bloomberg ETF analyst Eric Balchunas noted the move explains why Goldman never launched its own similar covered-call filing from earlier this year, calling it a way to leapfrog competition rather than copy it.

Goldman’s Growing ETF Business

The purchase also brings Goldman a $30 billion options-based ETF platform spanning 19 funds. Combined with existing holdings and a separate acquisition announced in December, Goldman’s total ETF assets will exceed $130 billion, placing it among the largest active ETF managers worldwide. The deal is expected to close in early 2027, pending regulatory approval.