Goldman Sachs said Wednesday it has agreed to acquire NEOS Investments for up to $2.25 billion in cash and equity, a deal that would give the bank three crypto income ETFs. The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and customary conditions.
NEOS brings three crypto income funds
NEOS, founded in 2022, managed $30 billion across 19 options-based income ETFs as of June 30. Three of those funds are tied to crypto: the Neos Bitcoin High Income ETF (BTCI), the Boosted Bitcoin High Income ETF (XBCI), and the Ethereum High Income ETF (NEHI).
None of the three funds holds bitcoin or ether directly. Each buys exchange-traded products that track the underlying asset and writes call options against those positions to fund monthly distributions.
BTCI is the largest fund in the lineup
BTCI, which launched in October 2024, is the biggest of the three, with roughly $1.1 billion in net assets and yields of about 27%, according to Bloomberg senior ETF analyst Eric Balchunas. XBCI launched in February and has about $111 million. NEHI launched in December 2025 and holds more than $77 million.
Goldman registered its own Bitcoin Premium Income ETF with the U.S. Securities and Exchange Commission on April 14 but never brought it to market. By acquiring BTCI, the bank would gain a fund that had already crossed $1 billion in less than two years.
Balchunas said the acquisition helps explain why that filing stayed inactive. He framed the move as a way for Goldman to jump ahead of BlackRock’s iShares Bitcoin Premium Income ETF instead of arriving later with a similar product.
BITA launched in June
BITA began trading on Nasdaq on June 16 with a 0.65% expense ratio. The fund targets a 15% to 25% annual yield by selling calls on 25% to 35% of its IBIT holdings, and it currently holds about $59 million.
BTCI charges 0.99% and has fallen roughly 56% over the past year, with its share price dropping from a 52-week high of $65.87 to around $28.
Goldman expands its ETF platform
The purchase follows Goldman’s roughly $2 billion acquisition of Innovator Capital Management, which was announced in December and closed in April.
As of June 30, Goldman Sachs Asset Management, Innovator, and NEOS together oversaw more than $130 billion in ETF assets, including about $80 billion in active ETFs. That would rank the combined business eighth among active ETF managers globally.
Across the industry, derivative income ETFs have grown to roughly $180 billion, compounding at more than 70% a year since 2021.
NEOS founders to join Goldman
NEOS co-founders Troy Cates and Garrett Paolella will join Goldman Sachs Asset Management as partners when the deal closes.