Goldman Sachs Gains $28B in Assets with Innovator Deal

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Goldman Sachs Adds $28 Billion in Assets with Innovator Capital Deal

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 02, 2025

Key Takeaways

Goldman Sachs will acquire Innovator Capital for $2 billion by Q2 2026, which adds $28 billion in assets and expanding its ETF portfolio;
Innovator’s Bitcoin-linked QBF ETF offers 71% upside exposure with a 20% quarterly loss cap, currently valued at $19.3 million;
Goldman deepens its crypto involvement; it has joined 18 blockchain projects and invested over $2 billion in crypto ETFs.

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Goldman Sachs Adds $28 Billion in Assets with Innovator Capital Deal

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Goldman Sachs will acquire Innovator Capital Management for roughly $2 billion, which brings a range of exchange-traded funds (ETFs), including a Bitcoin BTC $87,007.56 -related fund, into the bank's asset management division.

Completion of the purchase is anticipated during the second quarter of 2026.

After this transaction, Goldman Sachs' range of active and defined-outcome funds will expand, with an extra $28 billion in managed assets moving under its oversight. Goldman Sachs held $3.45 trillion in assets by the end of the third quarter.

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Innovator's QBF ETF, launched in February, is based on FLEX options linked to Bitcoin ETFs or the Cboe Bitcoin US ETF Index. Its strategy aims to mirror part of Bitcoin's gains while capping losses at 20% per quarter.

Participants currently benefit from 71% of any upward movement in Bitcoin's value. On November 29, Innovator reported a market value of about $19.3 million for its QBF ETF.

Since 2020, Goldman Sachs has adjusted its approach to cryptocurrencies. From 2020 through 2024, the bank took part in 18 blockchain projects and investments.

In the second quarter of 2024, Goldman Sachs bought nearly $419 million of Bitcoin ETF shares.

In the last quarter of 2024, the bank purchased almost $1.28 billion in the iShares Bitcoin Trust and added $288 million of Fidelity's Wise Origin Bitcoin Fund. Holdings in Ethereum ETH $2,805.12 ETFs increased to $476 million via offerings from BlackRock and Fidelity.

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