Goldman Sachs · Bitcoin · Wall Street · Bitcoin ETF · Decrypt
Goldman Sachs' $2.25 billion NEOS Deal Hands It Ready-Made Bitcoin Income ETF Business
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Goldman Sachs is buying its way into crypto income funds, striking a deal worth up to $2.25 billion to acquire NEOS Investments, the ETF specialist behind one of the market's largest Bitcoin covered-call products.
Key facts
- The purchase lands as derivative-income ETFs surge into one of the fastest-growing corners of the market, expanding to roughly $180 billion in assets with a compound annual growth rate topping 70%
- The Wall Street firm said Tuesday the cash-and-equity purchase, contingent on certain performance and service targets, will fold NEOS's roughly $30 billion in options-based income ETFs into Goldman
- That foothold runs through NEOS's flagship Bitcoin covered-call fund, BTCI, which has amassed around $1 billion in assets since launching
- Goldman Sachs is buying its way into crypto income funds, striking a deal worth up to $2.25 billion to acquire NEOS Investments, the ETF specialist behind one of the market's largest Bitcoin
Summary
Goldman Sachs agreed to acquire NEOS Investments in a deal worth up to $2.25 billion, adding about $30 billion in options-based income ETFs—including one of the market's largest Bitcoin covered-call funds. The purchase gives Goldman a ready-made crypto income ETF business, a far faster path than its own April filing for a Bitcoin Premium ETF that some analysts saw as an attempt to leapfrog a similar BlackRock product. The move rides a boom in derivative-income ETFs—roughly $180 billion in assets and a 70%+ annual growth rate since 2021, per Morningstar—with crypto an increasingly prominent slice. The Wall Street firm said Tuesday the cash-and-equity purchase, contingent on certain performance and service targets, will fold NEOS's roughly $30 billion in options-based income ETFs into Goldman Sachs Asset Management.