Goldman Sachs has agreed to buy ETF manager NEOS Investments for up to $2.25 billion in cash and stock, handing the Wall Street giant a ready-made Bitcoin and Ether income ETF business.

NEOS runs about $30 billion across 19 options-based income ETFs, including its Bitcoin High Income (BTCI), Boosted Bitcoin (XBCI) and Ethereum High Income (NEHI) funds. Rather than holding the coins, they run options strategies on crypto-linked exposure to pay out monthly income, with yields driven largely by selling option premium. Co-founders Troy Cates and Garrett Paolella join Goldman Sachs Asset Management.

The deal, expected to close in Q1 2027 pending regulatory approval, lifts Goldman's active ETF business to roughly $80 billion inside a $130 billion ETF platform, making it the eighth-largest active ETF manager and pushing it deeper into the crypto race with BlackRock.