Goldman Sachs · Bloomberg · CoinDesk
Goldman Sachs leaps into bitcoin income ETFs with $2.25 billion NEOS buyout
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Goldman Sachs is acquiring NEOS Investments, the firm behind BTCI, a $1.1 billion bitcoin synthetic exchange-traded fund (ETF) that yields roughly 27%, according to a senior ETF analyst at Bloomberg.
Key facts
- Combined with Goldman's existing $40 billion in options-based ETF assets and the Innovator Capital Management acquisition it announced in December, Goldman will control more than $130 billion
- BTCI charges 0.99% and is down 42.55% over the past year, with shares falling from a 52-week high of $65.87 to around $28.40, terminal data shared by Balchunas on X
- The derivative income ETF category has grown to roughly $180 billion in assets industry-wide, compounding at more than 70% annually since 2021, according to Morningstar
- Goldman Sachs is acquiring NEOS Investments, the firm behind BTCI, a $1.1 billion bitcoin synthetic exchange-traded fund (ETF) that yields roughly 27%, according to a senior ETF analyst at Bloomberg
Summary
Goldman Sachs agreed to acquire NEOS Investments, the manager of the $1.1 billion BTCI bitcoin synthetic ETF, in a cash-and-equity deal valuing NEOS at up to $2.25 billion, with closing expected in early 2027 pending regulatory approval. BTCI, which does not directly hold bitcoin, uses a covered-call strategy on bitcoin ETPs to generate a yield of about 27% but has fallen roughly 43% over the past year and charges a 0.99% expense ratio. The acquisition gives Goldman a $30 billion options-based ETF platform across 19 funds and, combined with prior deals, will lift its ETF assets above $130 billion as it races rivals like BlackRock in the fast-growing derivative income ETF market.