Goldman Sachs agreed to acquire Neos Investments, the ETF provider behind BTCI, a Bitcoin income fund with $1.1 billion in assets, according to the company's announcement on August 12.
BTCI, which pays out Bitcoin yields from on-chain strategies, has delivered a trailing annualized distribution rate of 27% to holders. The acquisition price was not disclosed, though Bloomberg reported the deal valued Neos at approximately $2.3 billion. Goldman Sachs did not specify the size of its offer for the firm.
BTCI launched in January 2024 as one of the first funds to wrap Bitcoin positions with yield-bearing strategies, primarily through lending protocols and staking mechanisms. The fund's 27% yield comes from distributions paid in Bitcoin to shareholders. By August 2026, the fund had accumulated more than $1.1 billion in assets under management, making it one of the largest Bitcoin income products available to institutional and retail investors.
Goldman Sachs' digital assets division has expanded significantly since the bank began custody and spot Bitcoin exposure offerings in late 2023. The Neos acquisition adds an active ETF management capability to the bank's existing holdings. Acquiring BTCI gives Goldman direct access to a fund that has attracted investors seeking yield rather than pure Bitcoin price exposure, a segment that has grown as on-chain yields have stabilized above traditional fixed-income rates.
Neos Investments has operated independently since its founding, issuing BTCI through the CBOE listing. The company also manages other cryptocurrency and digital asset ETFs. Goldman did not announce changes to BTCI's management or fee structure following the acquisition.
Goldman Sachs now controls distribution and strategy for a product that has consistently outperformed spot Bitcoin ETFs in absolute return terms, though Bitcoin income strategies carry basis risk and protocol-specific exposure that traditional ETFs do not. The bank's control of both the fund and underlying strategy gives it direct pricing power over distributions and fee levels going forward.
The document to watch is Goldman Sachs' SEC filing on the BTCI fund's management change, which will confirm the acquisition completion date and any revisions to the fund's prospectus or fee structure.
