Goldman Sachs is making another decisive move into crypto-linked investing. The Wall Street giant has agreed to acquire Innovator Capital Management for roughly $2 billion, bringing one of the largest issuers of defined-outcome ETFs into its asset management division.
The acquisition also delivers a Bitcoin-linked structured fund, reinforcing Goldman’s push to offer crypto exposure inside familiar, risk-managed investment products.
Deal Info
The deal is expected to close in the second quarter of 2026 and will add about $28 billion in assets under supervision to Goldman Sachs Asset Management. That figure slots into a much larger operation, with Goldman overseeing $3.45 trillion in assets as of the third quarter.
Goldman said the purchase strengthens its lineup of active and defined-outcome ETFs. These products use options strategies to cap potential losses while limiting how much upside investors can capture over a fixed period. For many traditional investors, this structure offers a more controlled way to access volatile markets like crypto.
A key asset in the deal is Innovator’s QBF ETF, launched in February. The fund uses FLEX options tied to Bitcoin ETFs or the Cboe Bitcoin U.S. ETF Index. The goal is simple but deliberate. Participate in Bitcoin’s upside while capping quarterly losses at 20%.
With a current 71% participation rate, QBF captures just over two thirds of any positive Bitcoin price move during the period. As of Friday, the fund held approximately $19.3 million in market value. While modest in size, it fits squarely into Goldman’s broader strategy of packaging crypto exposure inside structured products.
This move marks a clear evolution in Goldman’s stance on digital assets. Back in 2020, the bank dismissed cryptocurrencies as unsuitable for client portfolios. Fast forward to today, and Goldman has emerged as one of the most active institutional backers of blockchain technology.
Between 2020 and 2024, Goldman participated in 18 investments across blockchain startups. In the second quarter of 2024 alone, the bank purchased about $419 million worth of Bitcoin ETF shares. By the end of that year, SEC filings showed nearly $1.28 billion in iShares Bitcoin Trust and $288 million in Fidelity’s Wise Origin Bitcoin Fund on its books.
Goldman also ramped up its Ethereum exposure, holding $476 million in Ethereum ETFs tied to BlackRock and Fidelity products. At the same time, reports suggest the bank has been quietly building infrastructure for tokenized financial instruments, including blockchain-based money market funds with around-the-clock settlement.
Conclusion
The Innovator acquisition fits neatly into that roadmap. It signals that Goldman is no longer experimenting at the edges of crypto. Instead, it is integrating digital assets directly into its core asset management strategy, using structure and risk controls that traditional investors already understand.
