GameStop has reportedly submitted a non-binding $55.5 billion proposal to acquire eBay, valuing the company at $125 per share. The offer represents roughly a 20% premium to eBay’s prior closing price and is said to be structured with an almost even split between cash and GameStop common stock. The financing package also includes a $20 billion debt commitment from TD Bank.
Deal Structure and Strategic Push
According to the report, GameStop CEO Ryan Cohen told eBay’s board that the marketplace still has the potential to become a meaningful competitor to Amazon. The report also says Cohen is prepared to escalate if the board refuses to engage, including the possibility of a proxy fight aimed directly at shareholders.
GameStop’s balance sheet is central to the proposal. By the end of fiscal 2025, the company reportedly held about $9 billion in cash and investment assets, built through years of cost reductions and a broader shift toward digital-asset-linked financial strategy.
Why Bitcoin Matters in This Bid
The crypto angle has drawn particular attention. GameStop reportedly accumulated 4,710 BTC during fiscal 2025 at a cost of around $500 million. That position has since grown to an estimated $519 million in value. Of those holdings, 4,709 BTC were pledged as collateral in a covered-call strategy. While the bitcoin treasury is far from enough to finance the full takeover on its own, it forms part of the company’s modernized balance sheet and is being cited as one of the assets underpinning the offer.
The report compares the approach in spirit to the bitcoin treasury model popularized by Strategy, though with a different end goal. Instead of simply increasing crypto exposure, GameStop appears to be using a nontraditional treasury structure to support a major M&A attempt.
Market Reaction
Investors reacted quickly to the news. GameStop shares closed at $26.53 on May 1, up 6.33% for the day, while eBay shares reportedly jumped more than 10% in after-hours trading. A GME-themed meme coin also surged 54% within hours of the report. As of the report’s publication, eBay’s board had not issued an official response.