Goldman Sachs has agreed to acquire NEOS Investments for up to $2.25 billion in cash and equity, a move that brings the Wall Street firm a rapidly growing options-based ETF platform with significant exposure to cryptocurrency income products.

Goldman Sachs announced the agreement on August 12, 2026. The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and other customary closing conditions. The official announcement is available on Goldman Sachs' press release page.

A $30 Billion ETF Platform

As of June 30, 2026, NEOS managed approximately $30 billion across 19 options-based income ETFs. Goldman stated that the acquisition will expand its derivative-based ETF solutions and strengthen its standing in the active ETF market.

The deal follows Goldman Sachs Asset Management's acquisition of Innovator Capital Management. Combined with Innovator and Goldman's existing ETF operations, NEOS will help create a platform with approximately $130 billion in ETF assets, positioning Goldman as the eighth-largest active ETF manager as of June 30, 2026.

The acquisition strategy mirrors a broader pattern among major Wall Street firms that have chosen to expand their ETF and digital asset capabilities through targeted purchases rather than building products internally, a path that can take years of development and regulatory coordination.

Bitcoin and Ethereum Income ETFs Join Goldman's Portfolio

A notable dimension of the acquisition is NEOS' suite of digital asset ETFs, which includes:

• Bitcoin High Income ETF (BTCI) — an options-based fund built on exchange-traded products linked to Bitcoin, designed to provide a monthly income stream alongside Bitcoin price exposure.
• Boosted Bitcoin High Income ETF (XBCI) — employs a more aggressive options overlay aimed at increasing notional exposure to Bitcoin-related assets while enhancing income generation.
• Ethereum High Income ETF (NEHI) — applies an income-oriented approach to Ethereum, offering investors a pathway to participate in the Ether market while receiving regular distributions.

Unlike standard spot Bitcoin or Ether ETFs, these funds do not solely track the underlying cryptocurrency. Instead, they layer options strategies on top of crypto exposure with the objective of generating recurring income for holders. The SEC's approval of spot Bitcoin ETFs in January 2024 and spot Ether ETFs later that year established a regulatory framework that has enabled a range of crypto-linked investment products to reach the market, including options-based income variants.

For Goldman Sachs, acquiring these products provides an immediate entry into crypto-income ETFs without the time and resources required to build such offerings from scratch. The acquisition also comes as rival asset managers have built significant positions in cryptocurrency ETFs, with BlackRock's iShares Bitcoin Trust becoming one of the largest Bitcoin ETFs by assets since its 2024 launch.

Broader Strategy in the Derivative-Income ETF Market

NEOS was founded in 2022 and has grown rapidly by combining ETF structures with derivatives-focused strategies. According to Goldman Sachs, derivative-income ETFs currently account for approximately $180 billion in assets under management, representing one of the fastest-growing segments of the broader ETF industry.

The acquisition therefore extends beyond Bitcoin and Ethereum. It provides Goldman with a wider options-oriented platform capable of targeting income generation, risk management, and strategies tailored to distinct market conditions.

Leadership and Integration

Upon closing, NEOS co-founders Troy Cates and Garrett Paolella will join Goldman Sachs Asset Management as partners, along with the broader NEOS team.

The transaction remains subject to regulatory approval and is expected to close in the first quarter of 2027.

Source: CryptoNinjas