Goldman Sachs to buy Neos, adding bitcoin and ether income ETFs
Ecosystem ·
The bank's deal, valued at up to $2.25 billion, brings covered-call style bitcoin and ethereum income products into a derivatives-linked ETF platform that Goldman puts at $130 billion in assets.
Goldman Sachs has agreed to acquire Neos Investments in a transaction worth up to $2.25 billion, according to theblock.co. The acquisition gives Goldman access to Neos's bitcoin and ether income ETFs, funds that use derivatives strategies to generate yield from crypto exposure rather than relying solely on price appreciation.
The deal folds into Goldman's broader derivatives-based ETF business, which the firm has put at $130 billion in assets. Adding bitcoin and ethereum income products to that lineup positions Goldman to compete more directly with other large asset managers already offering spot and derivative-linked crypto ETFs, a market where BlackRock has built a significant presence.
The move is consistent with a pattern of Goldman activity across digital assets beyond this single deal. The firm has filed with the SEC for a separate Bitcoin Premium Income ETF, a managed fund structure that similarly aims to produce income from bitcoin-linked positions. Goldman has also been tokenizing real estate fund shares through its GS DAP platform in partnership with Apex and Archax, and it has joined BlackRock, Fidelity, and other large institutions in backing the Clarity Act as it moves through the Senate.
Two additional accounts of the transaction describe it in similar terms, both characterizing the deal as giving Goldman access to bitcoin and ethereum income ETF offerings for up to $2.25 billion, corroborating the price range and the scope of products involved. Neos's existing income funds use options-based strategies tied to crypto assets, which is the structure Goldman is absorbing rather than building from scratch.
Not yet detailed is the exact closing timeline for the acquisition, how Neos's existing fund lineup will be branded or restructured under Goldman, and whether the pending SEC filing for Goldman's own Bitcoin Premium Income ETF will proceed separately or be merged into the products acquired through the Neos deal. It also remains unclear how the addition affects the $130 billion derivatives ETF platform's composition relative to competitors once the transaction closes.