Wall Street investment bank Goldman Sachs announced on Wednesday that it plans to spend USD 2.25 billion to acquire ETF issuer Neos Investments, bringing three bitcoin and ether options yield ETFs into its asset management portfolio in one move, and putting the Wall Street giant directly in competition with BlackRock in the crypto ETF arena.

Under the terms of the agreement, Goldman will acquire Neos for a maximum of USD 2.25 billion in cash and equity; the exact amount will depend on subsequent operating performance and service commitments. The deal is still subject to regulatory approvals and compliance with other transaction conditions, with settlement expected to be completed in the first quarter of 2027.

After the acquisition is completed, three flagship crypto products of Neos—“Neos Bitcoin High Yield ETF (BTCI),” “Boosted Bitcoin High Yield ETF (XBCI),” and “Ethereum High Yield ETF (NEHI)”—will all be fully brought under Goldman Sachs Asset Management.

Founded in 2022, Neos currently manages 19 income-focused ETFs centered on options strategies, with total assets under management exceeding $30 billion. These products generate monthly income through options trading while providing market exposure to assets including stock indexes, Bitcoin, Ethereum, and gold.

Goldman Sachs Chairman and CEO David Solomon said that as demand for active ETFs continues to rise, Neos’s rigorous investment strategy, combined with Goldman’s existing buffer (Buffer), target-return management, and income strategies, will create an excellent complementary effect.

Notably, these three cryptocurrency funds do not “directly” invest in spot Bitcoin or Ethereum. Instead, they create a stable monthly income by using ETPs linked to these assets, along with an options strategy.

Taking BTCI, which was listed in October 2024, as an example: as of Wednesday, the fund’s net asset value has already surpassed the $100 million mark. In addition, XBCI, which launched in February this year, currently has net asset value of about $111 million. Meanwhile, the Ethereum fund NEHI, launched in December 2025, has also exceeded $77 million in net asset value.

Eric Balchunas, a senior ETF analyst at Bloomberg, wrote on the social platform X that this deal may be the real reason Goldman Sachs has been slow to launch the “Bitcoin Premium Income ETF” it applied for in April.

Further analysis suggests that by directly absorbing Neos’s BTCI, Goldman Sachs will be able to “overtake at the next curve,” taking on asset-management giant BlackRock directly with its comparable product, the “iShares Bitcoin Premium Income ETF (Ticker: BITA).” BlackRock’s BITA was listed in June this year, with net asset value currently only about $59 million, leaving a gap versus the scale of BTCI.

Regarding whether changes have occurred to the previously proposed Bitcoin ETF plan, Goldman Sachs offered no further comment. In fact, Goldman Sachs just spent about $2 billion in April this year to complete its acquisition of Innovator Capital Management. The company is also focused on using options to control downside risk, while offering ETF products that provide steady income and potential capital gains. This indicates that Goldman Sachs is actively expanding its derivatives ETF footprint.

Citing Morningstar data, Goldman Sachs said that “derivatives income ETFs” have swelled to roughly $180 billion in size across the asset management industry. Since 2021, the year-over-year compound growth rate has skyrocketed by more than 70%.

As of June 30 this year, the combined total assets under management across the global ETF platforms of Goldman Sachs, Innovator, and Neos have exceeded $130 billion. Goldman Sachs estimates that after integrating the businesses among the three parties, its active ETF assets under management will reach $80 billion, catapulting Goldman Sachs to become the 8th-largest active ETF issuer globally.

Regarding personnel changes, after the deal closes, Neos co-founders Troy Cates and Garrett Paolella will officially join the Goldman Sachs Asset Management team as partners. Other Neos employees—including those in the investment team and customer service—are also expected to be fully integrated into Goldman Sachs’ system.

"Goldman Sachs to acquire $2.25 billion of Neos: 3 Bitcoin and Ethereum income ETFs brought under its wing"—this article was first published on (BlockBeats).