- Goldman Sachs to acquire Neos Investments for up to $2.25 billion.
- Deal adds three crypto income ETFs, including the $1B BTCI fund.
- Acquisition could push Goldman past BlackRock’s rival Bitcoin income ETF.
Goldman Sachs is making an immediate push into the fast-growing Bitcoin income ETF market, acquiring NEOS Investments in a deal worth up to $2.25 billion and gaining control of a fund with more than $1 billion in assets. The move could put the Wall Street financial giant in direct competition with BlackRock in a rapidly expanding corner of the crypto market.
Goldman Gains Three Crypto Income ETFs
Neos, a specialized options-based ETF provider, operates three crypto-linked funds: the Neos Bitcoin High Income ETF (BTCI), the Neos Boosted Bitcoin High Income ETF (XBCI), and the Neos Ethereum High Income ETF (NEHI). All three will move under Goldman Sachs once the transaction closes.
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The funds do not hold Bitcoin (BTC) or Ethereum (ETH) directly; instead, they gain exposure through listed products linked to the assets and generate monthly income using options strategies.
BTCI is the largest of the three, with net assets exceeding $1 billion. XBCI holds roughly $111 million and NEHI roughly $77 million, according to Neos’s website.
The acquisition is expected to close in the first quarter of 2027, pending regulatory approval.
Goldman Sachs Chairman and CEO David Solomon said Neos’s “disciplined investment approach” complements the bank’s capabilities in buffering, performance management, and income strategies.
Goldman Could Challenge BlackRock in Bitcoin Income ETFs
Bloomberg ETF analyst Eric Balchunas noted on X that BTCI’s scale could allow Goldman Sachs to overtake BlackRock’s iShares Bitcoin Premium Income ETF (BITA), which launched in June and holds around $59 million in net assets.
According to him, acquiring NEOS gives Goldman a faster route to scale than launching another competing product.
As of June 30, Neos managed $30 billion in assets across 19 option-based income ETFs. Combined with Goldman Sachs and its subsidiary Innovator, the merged entity’s ETF assets under management will exceed $130 billion.
Goldman Is Building an Active ETF Business
The NEOS acquisition follows Goldman Sachs’ broader push into active ETFs. The bank also acquired Innovator Capital Management in 2026 in a transaction valued at approximately $2 billion.
The combined businesses will make Goldman Sachs the world’s eighth-largest active ETF manager by assets as of June 30, according to Morningstar data cited in the acquisition coverage.
Why This Matters
Goldman Sachs is gaining an established Bitcoin income ETF rather than building a competing product from scratch, giving the bank immediate scale in a growing crypto-ETF niche. The move also puts Goldman into more direct competition with BlackRock.
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