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- Goldman Sachs is acquiring NEOS Investments in a $2.25 billion deal that includes the $1.1 billion BTCI Bitcoin ETF.
- The Swiss National Bank holds about $72 million in Strategy shares, providing indirect Bitcoin exposure.
- Charles Hoskinson remains skeptical about the CLARITY Act’s prospects as U.S. crypto regulation faces delays.
The crypto industry is sending mixed signals as institutional adoption accelerates while uncertainty around U.S. regulation persists. Goldman Sachs is expanding its exposure to the digital asset market through a major acquisition, while Cardano founder Charles Hoskinson is taking a more cautious view of Washington’s crypto policy.
Goldman Sachs Expands Bitcoin ETF Exposure
Goldman Sachs has agreed to acquire NEOS Investments in a $2.25 billion transaction that includes its Bitcoin High Income ETF (BTCI), valued at about $1.1 billion. The deal gives the major U.S. bank an established position in the Bitcoin ETF market rather than requiring it to build a competing product from scratch.
The acquisition also comes as Goldman Sachs faces regulatory delays around its own proposed crypto investment products. BTCI uses a covered-call strategy, combining Bitcoin exposure with options designed to generate income. Its 0.99% expense ratio, however, remains higher than BlackRock’s 0.65% fee for its competing offering.
The structure can appeal to investors seeking income, although the options strategy may limit some upside during strong Bitcoin rallies.
Swiss National Bank Gains Indirect Bitcoin Exposure
Institutional Bitcoin exposure is also emerging through traditional financial assets.
A recent filing showed that the Swiss National Bank holds approximately 736,300 shares of Strategy, formerly known as MicroStrategy, worth roughly $72 million. Strategy has built its corporate identity around holding Bitcoin on its balance sheet.
The position is notable because the Swiss central bank has previously expressed skepticism about Bitcoin as a sovereign reserve asset. Holding Strategy shares provides indirect exposure without directly owning Bitcoin, highlighting how institutions can participate in the market through regulated financial instruments and publicly traded companies.
Hoskinson Questions CLARITY Act Progress
While institutional involvement is growing, regulatory uncertainty remains a major issue.
Cardano founder Charles Hoskinson said he believes the U.S. CLARITY Act will “probably not” pass, reflecting concerns over the legislation’s uncertain Senate timeline. Lawmakers left Washington for the August recess without completing a full floor vote, while disagreements involving DeFi, stablecoins and ethics provisions continue to complicate negotiations.
Hoskinson also praised TRON founder Justin Sun, describing their relationship as respectful, and said he has no issue with Monad or its growing blockchain ecosystem.
The Goldman Sachs acquisition and Swiss National Bank’s Strategy investment point to continued institutional interest in Bitcoin, even when exposure comes through structured products or corporate proxies.
At the same time, Hoskinson’s comments underline the regulatory obstacles still facing the broader crypto industry. For investors, the combination suggests that institutional adoption may continue advancing even as lawmakers struggle to establish clearer rules for digital assets.
Also Read: Cardano Faces Backlash as SBI Picks Solana—Hoskinson Fires Back
Goldman Sachs’ move strengthens the traditional finance sector’s connection to Bitcoin, while the Swiss National Bank’s Strategy holdings show another route to indirect crypto exposure. Yet without greater regulatory clarity, the industry’s institutional expansion will continue against an uncertain U.S. policy backdrop.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
