Goldman Sachs agreed to acquire NEOS Investments, the manager of the BTCI bitcoin synthetic exchange‑traded fund, in a cash‑and‑equity transaction valued at up to $2.25 billion, with settlement expected in early 2027 pending regulatory approval, the firm said. BTCI, launched in October 2024, uses a covered‑call strategy on bitcoin exchange‑traded products to generate roughly 27 % annual yield and has amassed $1.1 billion in assets, though its share price has fallen about 43 % over the past year and it carries a 0.99 % expense ratio, according to Bloomberg analyst Eric Balchunas. The acquisition grants Goldman Sachs access to a $30 billion options‑based ETF platform spanning 19 funds and, together with its existing ETF assets, will bring total assets under supervision to more than $130 billion, which would rank it among the top eight ETF managers globally, the company said. NEOS co‑founders Troy Cates and Garrett Paolella will join Goldman as partners after the transaction closes. Goldman previously filed a Bitcoin Premium Income ETF with the SEC on April 14, a product that mirrors BTCI’s structure, Balchunas noted. A senior analyst who declined to be identified said the deal reflects Goldman’s effort to broaden its ETF offerings beyond bitcoin. BlackRock introduced its own bitcoin income ETF, BITA, on June 16, targeting a 15‑25 % yield and an expense ratio of 0.65 %, the firm said. BTCI’s prospectus indicates that some distributions may represent a return of capital rather than net investment income, a factor investors should consider. The transaction is subject to performance targets and regulatory approval and is expected to close in the first quarter of 2027.