Goldman Sachs to add Bitcoin, Ethereum ETFs in $2.25B Neos deal

Goldman Sachs has agreed to acquire Neos Investments for up to $2.25 billion, a deal that will add three Bitcoin and Ethereum options-income ETFs managing more than $1.1 billion combined to its asset management business. Summary Goldman Sachs will acquire Neos Investments for up to $2.25 billion. The deal will add three Bitcoin and Ethereum income ETFs to Goldman’s asset management business. Neos manages more than $30 billion across 19 options based income ETFs. The transaction is expected to close in the first quarter of 2027, subject to regulatory approval. According to Goldman Sachs, the cash-and-equity transaction will bring Neos and its more than $30 billion in assets under management into Goldman Sachs Asset Management, subject to performance and service commitments tied to the agreement. The acquisition is expected to close in the first quarter of 2027 after regulatory approval and other customary closing conditions. Among the 19 Neos funds included in the transaction are the Neos Bitcoin High Income ETF (BTCI), Boosted Bitcoin High Income ETF (XBCI) and Ethereum High Income ETF (NEHI), giving Goldman an existing lineup of crypto-linked income products while its own proposed Bitcoin income fund remains on file with U.S. regulators. Goldman Sachs will inherit three crypto income ETFs Neos launched BTCI in October 2024 as an actively managed ETF designed to combine Bitcoin-linked exposure with monthly income generated through options. The fund had accumulated more than $1 billion in net assets as of Wednesday, making it the largest of Neos’ three crypto-focused products. Rather than buying Bitcoin directly, BTCI obtains exposure through exchange-traded products linked to the cryptocurrency and uses an options strategy to generate distributions. A Neos shareholder report for the period ending November 2025 showed the portfolio using Bitcoin ETFs alongside options linked to the Cboe Bitcoin U.S. ETF Index. XBCI, launched in February 2026, applies a more aggressive version of the strategy. The fund had about $111 million in net assets as of Wednesday and seeks roughly 150% exposure to BTCI’s underlying strategy, according to its prospectus, meaning declines in Bitcoin-linked investments can also be magnified. Ethereum High Income ETF NEHI, meanwhile, was launched in December 2025 and had accumulated more than $77 million in net assets. Like the Bitcoin products, NEHI does not directly hold Ether and instead combines exposure through exchange-traded products with an options-based income strategy. Neos has built the three crypto ETFs as part of a larger range of income funds covering U.S. equity indexes, fixed income, Bitcoin, Ether and gold. Founded in 2022, the investment manager now oversees more than $30 billion across 19 options-based ETFs.