Goldman Sachs announced on Tuesday the acquisition of NEOS Investments in a deal worth up to US$ 2.25 billion, payable in cash and stock and subject to performance and service targets. The transaction will bring around US$ 30 billion in NEOS options-income ETFs into Goldman Sachs Asset Management.
Closing is expected in the first quarter of 2027, subject to regulatory approval. The deal includes BTCI, a bitcoin options-writing fund that has amassed about US$ 1 billion in assets since its launch, and a similar product with ethereum.
Expanding market
Derivative-income ETFs total about US$ 180 billion in assets and have grown at a compound rate of more than 70% per year since 2021, according to Morningstar. Goldman Sachs had filed in April a registration request for a Bitcoin Premium ETF, with options writing on spot bitcoin ETFs; the NEOS acquisition gives immediate access to an already established structure.
The bank's president and CEO, David Solomon, who has previously said he owns "very little, but some" bitcoin, framed the deal within NEOS's income and results strategies. Co-founders Garrett Paolella and Troy Cates will join Goldman Sachs Asset Management as partners after closing.
