Goldman Sachs' $2.25B NEOS Deal Hands It Ready-Made Bitcoin Income ETF Business
Goldman Sachs is acquiring NEOS Investments for up to $2.25 billion, combining cash and equity, pending regulatory approval and expected to close in Q1 2027. The deal brings about $30 billion in NEOS options-based income ETFs into Goldman Sachs Asset Management. A key benefit is immediate exposure to crypto income ETFs. NEOS runs Bitcoin and Ethereum covered-call funds, including BTCI, a Bitcoin income fund with roughly $1 billion in assets. These products generate monthly yield by selling options on crypto exposure, trading upside for income. The purchase gives Goldman a faster path into digital-asset ETFs than building its own products from scratch. Goldman had already filed for a Bitcoin Premium ETF in April. The acquisition also comes as derivative-income ETFs are growing rapidly, with crypto becoming a larger part of that market. NEOS co-founders Garrett Paolella and Troy Cates will join Goldman Sachs Asset Management as partners.
