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BTC 
ETH Goldman Sachs acquires NEOS Investments to enter crypto income ETF
Goldman Sachs spent as much as $2.25 billion to acquire NEOS Investments, an exchange-traded fund (ETF) expert that manages one of the largest bitcoin covered call options products on the market. Through this deal, Goldman Sachs officially entered the field of crypto income funds.
Goldman Sachs announced on Tuesday that the cash-and-equity acquisition will meet specific performance and service goals and will include NEOS's approximately $30 billion option income ETF into Goldman Asset Management upon completion. The transaction is expected to be completed in the first quarter of 2027, pending regulatory approval. Although the announcement focuses on NEOS's derivatives revenue product line rather than cryptocurrencies, the acquisition quietly provides Goldman Sachs with a foothold in the digital asset ETF space-which Goldman Sachs has been pushing forward on its own.
This foothold is reflected in NEOS's flagship product, Bitcoin Covered Call Options Fund BTCI, which has accumulated approximately US$1 billion in assets since its launch. The strategy generates monthly gains by selling options on Bitcoin exposure, and investors gain gains but sacrifice some of the upside. NEOS also runs a similar Ethereum product, allowing Goldman Sachs to quickly gain scale in a niche that had previously remained on paper.
Goldman Sachs filed in April for its own Bitcoin Premium ETF, which aims to generate income by selling options tied to spot Bitcoin ETFs. The structure has led some analysts to speculate that Goldman is trying to outdo a similar application filed by BlackRock. Buying NEOS directly is a much faster path, slowly gaining market recognition by absorbing a mature fund management company and its cryptocurrency funds rather than waiting for a newly launched product.
The acquisition comes as derivatives income ETFs become one of the fastest-growing areas of the market. According to Morningstar data, the asset size of this class has expanded to approximately US$180 billion, with a compound growth rate of more than 70% in the coming year from 2021. As issuers compete to package Bitcoin and Ethereum into income-based structures, cryptocurrencies are becoming increasingly prominent in this category.
Chairman and CEO David Solomon, who has said he owns "little but some" Bitcoin, positioned the deal as a broad layout of NEOS's revenue and outcome strategies. Upon completion of the transaction, NEOS co-founders Garrett Paulera and Troy Kates will join Goldman Sachs Asset Management as partners.
