- Goldman Sachs agreed to acquire Neos Investments for up to $2.25 billion.
- The deal gives Goldman three crypto income ETFs focused on Bitcoin and Ethereum.
- Neos' biggest crypto fund, BTCI, holds more than $1 billion in assets.
- The funds use options strategies to generate monthly income rather than directly holding BTC or ETH.
- The deal is expected to close in Q1 2027.
Goldman Sachs is expanding further into crypto through a deal to acquire Neos Investments for up to $2.25 billion.
The acquisition will bring three crypto-focused income ETFs into Goldman Sachs Asset Management: the Bitcoin High Income ETF (BTCI), Boosted Bitcoin High Income ETF (XBCI) and Ethereum High Income ETF (NEHI).
The deal is expected to close in the first quarter of 2027, pending regulatory approval.
Neos, which was founded in 2022, manages more than $30 billion across 19 ETFs that use options strategies to generate income from assets such as stocks, gold, Bitcoin and Ethereum.
How the crypto ETFs work
The three crypto ETFs do not directly hold Bitcoin or Ethereum.
Instead, they gain exposure through other exchange-traded products and use options strategies to generate monthly income.
BTCI is the largest of the three. Launched in October 2024, it has more than $1 billion in assets.
XBCI, launched in February, has around $111 million, while NEHI, launched in December 2025, has more than $77 million.
The deal could also give Goldman a head start in the growing crypto income ETF market.
Bloomberg ETF analyst Eric Balchunas said the acquisition could allow Goldman to effectively "leapfrog" BlackRock's Bitcoin Premium Income ETF, which currently has around $59 million in assets.
The acquisition follows Goldman's roughly $2 billion purchase of Innovator Capital Management, another ETF manager focused on options-based strategies.
Overall, Goldman, Innovator and Neos will manage more than $130 billion across their ETF businesses, further expanding Goldman's presence in the growing active ETF market.
