Goldman Sachs Expands ETF Platform With $2.25 Billion Purchase

Goldman Sachs has agreed to acquire exchange-traded fund manager NEOS Investments in a deal valued at up to $2.25 billion, expanding its ETF business with products linked to Bitcoin and Ether.

NEOS manages approximately $30 billion across 19 options-based income ETFs. Its lineup includes the Bitcoin High Income ETF (BTCI), Boosted Bitcoin High Income ETF (XBCI) and Ethereum High Income ETF (NEHI), which use options strategies to generate monthly income while maintaining exposure to Bitcoin (BTC) or Ether (ETH).

The transaction is expected to close in the first quarter of 2027, subject to regulatory approval. NEOS co-founders Troy Cates and Garrett Paolella, along with the wider team, are expected to join Goldman Sachs Asset Management after completion.

Deal expands Goldman Sachs’ ETF platform

Goldman Sachs said the NEOS acquisition, combined with its recent purchase of Innovator Capital Management, would increase its global ETF platform to roughly $130 billion in assets. The combined business would make Goldman Sachs the eighth-largest active ETF manager globally. Bloomberg ETF analyst Eric Balchunas described the acquisition as a “semi-shock,” highlighting NEOS’ rapid growth since its founding in 2022 and Goldman’s decision to pursue two major ETF acquisitions in quick succession.

Crypto ETFs become part of broader expansion

The acquisition also gives Goldman Sachs direct ownership of several crypto-linked ETF products as it continues to build out its asset management business. NEOS’ Bitcoin- and Ether-focused funds are designed to combine digital asset exposure with income generated through options strategies, offering a different structure from traditional spot crypto ETFs.

Goldman previously reduced its own crypto ETF exposure

The deal comes after Goldman Sachs scaled back some of its disclosed crypto ETF holdings during the first quarter of 2026. The bank exited XRP- and Solana-linked funds while reducing positions in Bitcoin and Ether ETFs. Even after those reductions, Goldman still reported more than $700 million in Bitcoin ETF holdings at the end of the quarter.

Sources:

https://www.goldmansachs.com/pressroom/press-releases/2026/goldman-sachs-announces-agreement-to-acquire-NEOS-investments

https://cointelegraph.com/news/goldman-sachs-to-acquire-etf-manager-neos-225b-deal

https://x.com/EricBalchunas/status/2087511205493522621