Goldman Sachs buys Innovator for $2B, adding a Bitcoin-linked ETF to lineup

The acquisition expands Goldman’s defined-outcome ETF business and brings the bank deeper into crypto-linked investment products.

Goldman Sachs has agreed to acquire Innovator Capital Management for roughly $2 billion, bringing the issuer of defined-outcome exchange-traded funds (ETFs), including a Bitcoin structured fund, under its asset management umbrella.

The transaction, slated to close in the second quarter of 2026, will bring about $28 billion in additional assets under supervision to Goldman Sachs’ Asset Management, which reported $3.45 trillion AUS at the end of the third quarter.

Goldman said the purchase will broaden its plans for active and defined-outcome ETFs, a fund that uses options to limit losses and set how much of an asset’s gains investors can capture over a fixed period.

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