Goldman Sachs’ Crypto ETF Move Against BlackRock: $2.25 Billion Acquisition

Goldman Sachs will incorporate three crypto income ETFs by acquiring Neos Investments for up to $2.25 billion, intensifying its competition with BlackRock’s BITA product.

With the deal announced Wednesday, Goldman Sachs will bring Neos’s option income funds based on Bitcoin and ether assets under the Goldman Sachs Asset Management umbrella. The purchase price will consist of a combination of cash and stock, with the final amount dependent on specific performance and service commitments.

The deal is expected to close in the first quarter of 2027, though the transaction is subject to regulatory approvals and the meeting of other customary closing conditions. If the transaction is completed, the Bitcoin High Income ETF (BTCI), Boosted Bitcoin High Income ETF (XBCI), and Ethereum High Income ETF (NEHI) will be added to Goldman’s active ETF strategy.

Goldman Sachs to take over three crypto income ETFs

Among Neos’s crypto funds, BTCI stands out with over $1 billion in net assets. XBCI, which launched in February, manages approximately $111 million, while NEHI, which began in December 2025, manages over $77 million in net assets.

The funds do not hold Bitcoin or ether directly. Instead, they take positions through exchange-traded products (ETPs) tied to these assets and aim to provide investors with monthly income using option strategies.

Bloomberg ETF analyst Eric Balchunas stated that the deal could explain why Goldman has not yet launched the Bitcoin Premium Income ETF it applied for in April. According to Balchunas, Neos’s BTCI fund could enable Goldman to pull ahead of BlackRock’s BITA product. BITA, which launched in June, has approximately $59 million in net assets.

Goldman Sachs has not announced any changes to its plans regarding the fund it applied for.