Goldman Sachs Buys NEOS Investments and Its $1.1B Bitcoin Income ETF; Swiss National Bank Discloses $72M Stake in MSTR

Goldman Sachs, the fifth-largest U.S. bank by assets with $751.7 billion on its balance sheet, has completed the acquisition of NEOS Investments and its $1.1 billion Bitcoin High Income ETF (BTCI). Announced on August 12, the $2.25 billion transaction positions Goldman as a meaningful player in the crypto ETF market without having to launch a new fund from scratch. The deal also helps Goldman sidestep potential timing frictions at the U.S. Securities and Exchange Commission (SEC). The bank filed for a proprietary Bitcoin ETF four months ago, a process that can face extended review periods. NEOS's BTCI is structured as a "covered call" synthetic ETF. It aims to track Bitcoin's price while selling options contracts to generate recurring income. The fund charges a 0.99% fee, in line with competitors such as Roundhill, though it remains priced above BlackRock's 0.65% offering. Covered-call strategies can limit upside during strong crypto rallies, but their spread underscores rising institutional participation in digital assets. Supporters argue that broader adoption can attract inflows, support pricing, and accelerate advances in security and regulatory standards. Institutional interest is also showing up via indirect exposure. In an SEC filing this week, the Swiss National Bank (SNB) disclosed it holds 736,300 shares of Strategy (MSTR), a Bitcoin treasury company, valued at roughly $72 million. The disclosure is notable given the SNB's repeated objections to Bitcoin as an official sovereign reserve asset, citing volatility. Central banks are generally constrained from taking direct crypto exposure. The MSTR position suggests a compliant workaround, offering Bitcoin-linked exposure through a public company that also reflects large-cap U.S. tech and strategic index dynamics. The approach adds to evidence that institutions continue to seek digital-asset exposure, often via regulated corporate proxies.