TLDR
- Goldman Sachs agreed to buy NEOS Investments for up to $2.25 billion in a cash-and-equity deal
- NEOS manages $30 billion across 19 options-based income ETFs, including Bitcoin and Ether funds
- The deal will bring Goldman’s total ETF assets to around $130 billion, making it the eighth-largest active ETF manager globally
- NEOS’ flagship Bitcoin High Income ETF launched in October 2024 and crossed $1 billion in assets in under two years
- The deal is expected to close in the first quarter of 2027, pending regulatory approval
Goldman Sachs has agreed to buy ETF manager NEOS Investments for up to $2.25 billion. The deal gives the Wall Street bank direct access to a fast-growing crypto and options-based ETF business.
We're excited to announce that @NEOSInvestments is joining Goldman Sachs Asset Management.
Together, we'll combine NEOS’ innovative investment platform with Goldman’s global scale and resources seeking to bring even greater value to our investors, all while preserving the team,… pic.twitter.com/QRfropJBCK
— NEOS Investments (@NEOSInvestments) August 12, 2026
NEOS was founded in 2022 and manages $30 billion across 19 funds. Its lineup includes the Bitcoin High Income ETF, the Boosted Bitcoin High Income ETF, and the Ethereum High Income ETF. These funds use options strategies to generate monthly income.
The flagship Bitcoin High Income ETF launched in October 2024. It holds spot Bitcoin exchange-traded products and sells call options against those positions. It has gathered over $1 billion in assets in less than two years. The fund charges a 0.99% expense ratio and targets a yield of around 27%.
The fund does not directly hold Bitcoin. Investors receive monthly income but give up some upside when Bitcoin prices rise sharply.
Goldman’s ETF Push
The acquisition comes after Goldman filed to launch its own Bitcoin covered-call product back in April. Bloomberg ETF analyst Eric Balchunas said the NEOS deal likely explains why Goldman never launched that fund. He suggested Goldman chose to leapfrog rivals rather than enter the market with a similar product.
Combined with Goldman’s existing ETF assets and its earlier purchase of Innovator Capital Management, the bank will manage over $130 billion in ETF assets. That places it eighth among active ETF managers worldwide.
NEOS co-founders Troy Cates and Garrett Paolella will join Goldman Sachs Asset Management as partners after the deal closes.
Competing With BlackRock
BlackRock launched its own Bitcoin income ETF in June, about two months before Goldman filed its own version. BlackRock’s fund targets a 15 to 25% annual yield and charges a 0.65% expense ratio.
The derivative income ETF category has grown to around $180 billion industry-wide. It has compounded at more than 70% annually since 2021, according to Morningstar.
Goldman is buying into that growth rather than building from scratch.
The deal is subject to performance targets and regulatory approval. It is expected to close in early 2027.
Goldman still holds more than $700 million in Bitcoin ETF positions, even after reducing some crypto ETF exposure earlier this year.
The acquisition does not just give Goldman one fund. It hands the bank a full platform of 19 income-focused ETFs across crypto and equity strategies, one of the fastest-growing in the industry.
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