Goldman Sachs has agreed to acquire Neos Investments in a deal valued at up to $2.25 billion, strengthening its position in the growing market for options-based exchange-traded funds (ETFs), including crypto-related products.
The transaction, which includes both cash and equity, will bring Neos and its more than $30 billion in assets under management into Goldman Sachs Asset Management. The deal is expected to close in the first quarter of 2027, pending regulatory approvals and other standard conditions.
One of the most notable parts of the acquisition is the addition of three crypto-focused income ETFs: the Neos Bitcoin High Income ETF (BTCI), the Boosted Bitcoin High Income ETF (XBCI), and the Ethereum High Income ETF (NEHI). Together, these funds manage more than $1.1 billion in assets.
BTCI, launched in 2024, is currently the largest of the three funds, with over $1 billion in assets. The fund provides Bitcoin-linked exposure while generating monthly income through options strategies. XBCI offers a more aggressive approach with leveraged Bitcoin exposure, while NEHI applies a similar income-focused strategy to Ethereum.
The acquisition gives Goldman an established lineup of crypto income products at a time when investor interest in actively managed ETFs continues to grow. It also comes after Goldman filed plans earlier this year for its own Bitcoin income ETF, raising questions about whether the bank will continue with that project once the Neos deal is completed.
Industry analysts believe the acquisition could help Goldman enter the crypto income ETF market more quickly by acquiring existing products with a proven track record rather than building new funds from scratch.
The deal also expands Goldman’s broader ETF business. Earlier this year, the bank completed the acquisition of Innovator Capital Management, another firm specializing in options-based ETFs. With Neos added to the portfolio, Goldman will significantly increase its presence in the active ETF market.
According to the company, the combined ETF platforms of Goldman Sachs Asset Management, Innovator, and Neos would manage more than $130 billion in assets, making Goldman one of the largest active ETF providers in the industry.
Neos co-founders Troy Cates and Garrett Paolella, along with the firm’s investment and client-service teams, are expected to join Goldman Sachs Asset Management after the transaction closes.
