Goldman Sachs Strikes $2.25 Billion NEOS Deal to Expand Crypto ETFs
NEOS Investments has built a fast-growing franchise in options-based exchange-traded funds, including the NEOS Bitcoin High Income ETF (BTCI) and NEOS Ethereum High Income ETF (NEHI). BTCI combines exposure to spot Bitcoin ETPs with a call-option overlay designed to generate monthly income while retaining some upside. Buying NEOS gives Goldman Sachs immediate scale in crypto income products and extends its expansion in active ETFs, rather than requiring the bank to build assets in a new fund from scratch.
Goldman Sachs said on Aug. 12, 2026, that it agreed to acquire NEOS in a cash-and-stock transaction valued at up to $2.25 billion, subject to regulatory approvals and customary closing conditions. NEOS reported BTCI net assets of $1.10 billion as of Aug. 11. The fund’s annualized distribution rate was 26.73% as of July 31, versus a 30-day SEC yield of 1.62%; the payout rate is not a guaranteed investment return and does not mean BTCI is larger than BlackRock’s Bitcoin ETF franchise.
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The history behind this eventGoldman Sachs Files for Bitcoin Income ETF as Wall Street Expands Crypto Push
After the US Securities and Exchange Commission approved the first spot Bitcoin ETFs in January 2024, Wall Street firms began moving beyond products that simply track Bitcoin’s price to strategies that use derivatives to generate income. Goldman Sachs’ proposed fund targets investors seeking both Bitcoin exposure and cash flow. Selling call options would generate premiums in exchange for sacrificing some upside, showing that competition in crypto investment products has entered a more strategy-driven phase.
Goldman Sachs ETF Trust filed Form 485APOS with the SEC on April 14, 2026, seeking to launch a Bitcoin income ETF. The fund would not hold Bitcoin directly, instead gaining exposure through spot Bitcoin ETPs and options. Under normal circumstances, its written call-option coverage ratio would range from 40% to 100%, with premium income expected to be distributed monthly. The filing did not disclose the fundraising target, management fee, ticker or exchange, and provides for the registration to take effect 75 days after filing.
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