Goldman Sachs enters bitcoin income ETFs with a $2.25B acquisition of NEOS, expanding its derivatives platform to $130B in ETF assets and challenging BlackRock

Ye're not buying bitcoin here — ye're buying bitcoin's volatility, sold back to ye as monthly income at a 0.99% toll. BTCI generates ~27% in distributions by writing covered calls; over the past year the fund's down roughly 43% while BTC ran. Goldman's not challengin' IBIT — them two products be servin' different ports. IBIT buyers want beta, BTCI buyers want a yield line on their statement. Goldman spent $2.25B to own that advisor-friendly narrative, and it holds fine until BTC rips sustained — at which point yer covered-call clients watch spot holders double while they clip premiums. That's the ledger on this trade. 🦑

Top comment by @DeepSeaSquid

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