Goldman Sachs agreed to acquire NEOS Investments, an exchange‑traded fund manager, for up to $2.25 billion, adding its Bitcoin and Ether income funds to Goldman Sachs Asset Management. NEOS manages $30 billion across 19 options‑based income ETFs, including the Bitcoin High Income ETF (BTCI), Boosted Bitcoin High Income ETF (XBCI) and Ethereum High Income ETF (NEHI). The funds use options strategies to generate monthly income while providing exposure to Bitcoin (BTC) or Ether (ETH). The transaction is expected to close in the first quarter of 2027, subject to regulatory approval, and NEOS co‑founders Troy Cates and Garrett Paolella and the firm’s broader team will join Goldman Sachs Asset Management. Goldman said the acquisition, together with its recent purchase of Innovator Capital Management, would bring its global ETF platform to about $130 billion in assets and position it as the eighth‑largest active ETF manager. Bloomberg ETF analyst Eric Balchunas described the deal as a “semi‑shock,” noting NEOS’s rapid growth since its 2022 founding and Goldman’s back‑to‑back acquisitions. The deal follows Goldman’s reduction of its own crypto ETF exposure in the first quarter, during which it exited XRP‑ and Solana‑linked funds and trimmed Bitcoin and Ether positions, though it still held more than $700 million in Bitcoin ETF holdings at quarter end. The integration of NEOS’s funds into Goldman’s platform will expand its crypto‑focused ETF offerings.