Goldman Sachs has agreed to acquire NEOS Investments in a cash-and-stock deal worth up to $2.25 billion, with the final price partly tied to performance targets and closing expected in the first quarter of 2027 pending regulatory approval. The acquisition would add NEOS's 19-fund, roughly $30 billion options-based income ETF platform to Goldman, including about $1.1 billion across three crypto income ETFs led by the Bitcoin High Income ETF, or BTCI, alongside the Boosted Bitcoin High Income ETF, or XBCI, and the Ethereum High Income ETF, or NEHI. BTCI gains exposure through spot Bitcoin ETPs, and NEOS's crypto lineup uses a covered-call strategy, selling call options against exchange-traded products tied to Bitcoin or Ether to generate monthly income while capping part of the upside in sharp rallies; BTCI targets an annualized yield of about 27%. Goldman filed in April 2026 for a similar Bitcoin Premium Income ETF but did not launch it, and the NEOS purchase extends the bank's roughly $2 billion Innovator Capital Management acquisition from late 2025, taking its ETF dealmaking to more than $4 billion in under a year. The transaction strengthens Goldman's position in a fast-growing market for Bitcoin yield products as BlackRock and other issuers build income wrappers around spot crypto exposure for institutional investors seeking regular cash flow from otherwise non-yielding assets, though broader use of covered calls could eventually compress option premiums and reduce payouts.