Goldman Sachs is acquiring NEOS Investments, the firm behind BTCI, a $1.1 billion bitcoin synthetic exchange-traded fund (ETF) that yields roughly 27%, according to a senior ETF analyst at Bloomberg.
The acquisition deal in cash and equity puts NEOS at a valuation of up to $2.25 billion, is subject to performance targets and is expected to close during the first quarter of 2027 pending regulatory approval, Goldman Sachs said Wednesday in a statement detailing the agreement.
BTCI launched in October 2024 and has crossed $1 billion in assets in under two years, Eric Balchunas, a senior ETF analyst at Bloomberg, said in an X post. He also said it holds spot bitcoin exchange-traded products (ETPs) and sells call options against those positions to generate monthly distributions. It does not directly hold bitcoin, and investors receive the yield from the product but forfeit some of the upside when bitcoin rallies, he said..
That trade-off is exactly what Goldman filed to build itself four months ago, Balchunas added.
