Goldman Sachs has agreed to acquire Innovator Capital Management, the issuer of defined‑outcome exchange-traded funds (ETFs), for roughly $2 billion.
The acquisition, expected to close in the second quarter of 2026, will add about $28 billion in assets under supervision to Goldman Sachs’ Asset Management division, which reported $3.45 trillion AUS at the end of the third quarter.
The deal will bring Innovator’s range of ETFs, including a Bitcoin-structured fund, under Goldman’s umbrella and expand its offerings in active and defined-outcome ETFs.
Defined-outcome ETFs use options to limit losses while capping gains over a fixed period, providing investors with more predictable investment outcomes.
Innovator’s Crypto Exposure
One of Innovator’s notable products is its QBF ETF, launched in February, which uses FLEX options referencing Bitcoin ETFs or the Cboe Bitcoin US ETF Index.
The fund mirrors a portion of Bitcoin’s gains while capping quarterly losses at 20 percent.
With a 71 percent participation rate, the fund is structured to capture 71 percent of any positive Bitcoin price movement over the quarter.
As of recent reports, the QBF ETF held approximately $19.3 million in market value.
Goldman Sachs’ Shift on Crypto
Goldman Sachs has reversed its earlier stance on cryptocurrencies, having previously dismissed them as unsuitable for client portfolios in 2020.
Since then, the bank has become increasingly bullish on crypto and blockchain technology.
Between 2020 and 2024, Goldman participated in 18 investments in blockchain companies, ranking among the most active global backers of early-stage blockchain startups.
In the second quarter of 2024, it purchased roughly $419 million of Bitcoin ETF shares.
Later that year, SEC filings indicated Goldman bought nearly $1.28 billion of iShares Bitcoin Trust and $288 million of Fidelity’s Wise Origin Bitcoin Fund.
The bank also increased its exposure to Ethereum ETFs to $476 million through BlackRock and Fidelity products.
Plans for Tokenized Financial Instruments
Goldman Sachs is reportedly preparing a new entity focused on issuing and trading tokenized financial instruments.
The move would allow institutional clients to access tokenized money market funds with 24/7 settlement and blockchain-based ownership tracking.
This acquisition reflects Goldman’s strategy to combine traditional asset management expertise with the growing digital asset ecosystem.
