GameStop Offers $55.5B for eBay, Cites $519M Bitcoin Stake
GameStop proposed $125 a share for eBay in an unsolicited $55.5 billion bid, backed by a $20 billion TD Bank commitment and a $519 million bitcoin holding.
GameStop submitted an unsolicited, non-binding offer to acquire eBay for about $55.5 billion, proposing $125 per share delivered in roughly equal parts cash and GameStop common stock. The offer represents about a 20% premium to eBay’s most recent closing price and was sent to eBay’s board in early May.
The deal filing cites a $20 billion commitment letter from TD Bank to help finance the transaction and references GameStop’s digital-asset holdings. GameStop said it ended fiscal 2025 with nearly $9 billion in cash and investments. During that fiscal year the company bought 4,710 bitcoin for roughly $500 million; the position is now valued at about $519 million and is included among the assets referenced in the proposal.
GameStop reported using a covered-call strategy on most of its bitcoin position, with 4,709 of the 4,710 coins pledged as collateral in option transactions. The company described the approach as part of its balance-sheet management and as a source of financing flexibility for the bid.
CEO Ryan Cohen informed eBay’s board that he sees the platform as capable of competing more directly with larger online marketplaces. Cohen also said he is prepared to pursue a proxy contest and take the offer directly to shareholders if the board does not engage in talks.
Market trading reflected investor attention after the proposal became public. GameStop shares closed at $26.53 on May 1, up about 6.3% from the prior close, while eBay stock rose more than 10% in after-hours trading. Tokens linked to GameStop’s brand also saw short-term gains, with one meme token up roughly 54% within hours of the report.
The offer would value eBay at roughly $55.5 billion at $125 a share and would combine cash, stock and a large financing package if completed. The company described the bid as non-binding, leaving room for negotiation. eBay’s board has not issued a public response. The next steps depend on whether eBay’s directors open discussions or prepare to resist and face a possible shareholder campaign.
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