GameStop Is Trying to Buy eBay for $55 Billion — and Its Bitcoin Could Help Pay for It

TLDR

• GameStop submitted a non-binding offer to buy eBay for $55.5 billion at $125 per share
• The deal would be funded using $9.4 billion in cash and up to $20 billion in financing from TD Bank
• GameStop holds around 4,710 BTC worth approximately $368–$519 million
• CEO Ryan Cohen previously said the expansion plan is “way more compelling than bitcoin”
• eBay’s stock surged over 10% after-hours; GameStop shares rose 6.33%

GameStop proposed to acquire online marketplace eBay for $55.5 billion on May 4, 2026. The offer, which is non-binding, values eBay at $125 per share in a roughly equal split of cash and GameStop stock.

The bid represents a premium of around 20% to eBay’s last closing price before the offer, and about 46% to eBay’s price in early February, when GameStop started building a stake. GameStop says it now holds a 5% economic interest in eBay through shares and derivatives.

GameStop plans to fund the deal using $9.4 billion from its balance sheet and up to $20 billion in debt financing, backed by a commitment letter from TD Bank.

CEO Ryan Cohen confirmed the company also has the option to issue new stock to help complete the deal. He told eBay’s board he sees the platform as a potential rival to Amazon.

Cohen has said he is prepared to take the offer directly to eBay shareholders if the board does not engage — a move known as a proxy fight.

GameStop’s Bitcoin Holdings Come Into Focus

GameStop ended fiscal 2025 with about 4,710 BTC on its balance sheet, purchased for approximately $500 million during the year. The position is now valued at roughly $368 million to $519 million depending on the source and timing.

The company recently moved 4,709 of those coins to Coinbase Prime as part of a covered-call options strategy. This allows GameStop to hold its bitcoin while generating income from the position.

After the transfer, GameStop listed its bitcoin as “receivables” on its balance sheet. Combined with its cash, this brings total liquid assets to the $9.4 billion figure cited in the acquisition plan.

The question now is whether GameStop will sell some or all of its bitcoin to help fund the eBay deal. Cohen previously said the acquisition plan was “way more compelling than bitcoin” and left open the possibility of selling the crypto holdings.

GameStop did not comment on its plans for its bitcoin by the time of publication.

Market Reacts to the Announcement

GameStop shares rose 6.33% to close at $26.53 on May 1. eBay’s stock jumped more than 10% in after-hours trading following the reports.

GameStop Corp., GME

The GME meme coin also surged, rising 54% within hours of the news.

eBay’s board has not publicly responded to the offer as of the time of reporting.

If completed, the deal would turn GameStop from a video game retailer into a broader e-commerce business. The acquisition would also be one of the largest deals involving a company with a bitcoin treasury on its balance sheet.

GameStop’s approach draws some comparison to Strategy, which holds 818,334 BTC and uses capital markets to fund ongoing bitcoin purchases, though GameStop is using its crypto-backed balance sheet for M&A rather than further accumulation.

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