Goldman Buys NEOS for $2.25 Billion, Gaining $1.1 Billion Bitcoin Income ETF
Updated
Updated · Forbes · Aug 12
Goldman Buys NEOS for $2.25 Billion, Gaining $1.1 Billion Bitcoin Income ETF
3 articles · Updated · Forbes · Aug 12
Summary
$2.25 billion gives Goldman Sachs control of NEOS and BTCI, a $1.1 billion bitcoin income ETF, adding a crypto-linked product the bank did not highlight in its own deal announcement.
BTCI yields about 27% by selling call options against bitcoin ETPs rather than holding bitcoin directly, turning potential upside into monthly income while bitcoin trades near $63,000, roughly half its October peak.
That structure has drawn criticism: BTCI's NAV is down 25.54% year to date, about 92% of July's payout was estimated return of capital, and some market watchers say the yield comes at the cost of upside.
The acquisition also gives Goldman a faster route into a crowded bitcoin-income ETF race, where BlackRock's newer BITA holds about $59 million versus BTCI's $1.1 billion.
More broadly, the deal deepens Goldman's push into active ETFs, a category Morningstar says has grown to roughly $180 billion and compounded more than 70% annually since 2021.