Goldman Sachs Acquires NEOS for $2.25 Billion to Position in Bitcoin Yield ETF

TechFlow News, August 13, according to CoinDesk, Goldman Sachs has agreed to acquire ETF provider NEOS Investments for up to $2.25 billion in cash and equity, gaining its $1.1 billion bitcoin synthetic ETF product BTCI. BTCI employs a covered call strategy with an annualized yield of approximately 27%, but fell approximately 43% over the past year, and has an expense ratio of 0.99%. The transaction is expected to close in the first quarter of 2027, pending regulatory approval.

This acquisition will add $3 billion in option income ETF assets for Goldman Sachs; combined with the previously acquired Innovator Capital Management, Goldman Sachs' total ETF assets will exceed $130 billion, ranking as the eighth largest active ETF manager globally. NEOS co-founders Troy Cates and Garrett Paolella will join Goldman Sachs as partners upon completion of the transaction.