Goldman Sachs to Acquire Innovator Capital, Expanding Crypto-Linked ETF Offerings

Goldman Sachs has agreed to acquire Innovator Capital Management, bringing the specialist ETF provider into its asset-management arm. The deal adds Innovator’s defined-outcome products to Goldman’s broader investment lineup, giving the firm new tools that outline return ranges and help shape portfolio outcomes more precisely.

Terms of the Deal and Expected Completion

The deal is estimated at about $2 billion, which Goldman plans to settle using a blend of cash and shares tied to agreed performance targets. The firm explained that bringing Innovator on board will widen the reach of Goldman Sachs Asset Management’s ETF business and support the development of new offerings across its platform. It also positions the bank more firmly within a fast-expanding part of the active ETF market.

Both companies expect the purchase to close in the second quarter of 2026, subject to regulatory approval and routine closing conditions. Once completed, roughly $28 billion in assets under supervision managed by Innovator will shift to Goldman Sachs Asset Management, which ended the third quarter with $3.45 trillion AUS.

Innovator’s Products and Team Join Goldman Sachs

David Solomon, chairman and CEO of Goldman Sachs, said the acquisition will help the firm present clients with a broader mix of modern investment solutions. He pointed to the rapid rise of active ETFs, noting their growing relevance for investors looking for flexible and adaptable structures. As part of integrating Innovator into Goldman’s operations, more than 60 of its employees are expected to join the bank’s Third-Party Wealth and ETF divisions, helping to strengthen expertise and support the expanded product lineup.

A standout example of Innovator’s offerings is the QBF ETF, built around FLEX options tied to Bitcoin ETFs or the Cboe Bitcoin US ETF Index. It is designed to give investors partial exposure to Bitcoin’s upside while limiting potential losses to 20% per quarter. Its structure allows it to capture 71% of any positive price movement in Bitcoin during each quarterly period, providing a controlled way to participate in gains while keeping risk in check.

Goldman’s Shift in Digital-Asset Exposure

Goldman’s involvement in digital-asset-linked investments has grown considerably compared with its position a few years ago. The bank had considered cryptocurrencies inappropriate for client investment strategies in 2020, but its approach shifted rapidly in the following years:

• Between 2020 and 2024, Goldman participated in 18 funding rounds supporting blockchain-focused companies, making it one of the most active investors in nascent blockchain ventures during that period.
• Its engagement intensified in 2024, with CoinShares’ review of second-quarter 13F filings showing that the bank purchased around $419 million in Bitcoin ETF shares.
• By the final quarter of 2024, Goldman had purchased nearly $1.28 billion in the iShares Bitcoin Trust and about $288 million in Fidelity’s Wise Origin Bitcoin Fund, according to SEC filings. During the same period, combined holdings in BlackRock and Fidelity Ethereum ETFs grew to roughly $476 million, showing a wider exposure to digital-asset products.

As a continuation of its focus on digital assets, bringing Innovator into its asset-management business allows Goldman to enhance a long-term revenue stream while continuing to expand the investment options it offers to both institutional and retail clients, including products linked to the cryptocurrency market.