GameStop on Sunday submitted a non-binding $55.5 billion offer to acquire eBay at $125 per share, a 46% premium to the e-commerce giant's share price from early February. The bid is backed by $9.4 billion in cash and liquid investments plus up to $20 billion in financing from TD Securities. GameStop CEO Ryan Cohen called the plan 'way more compelling than bitcoin' and left the door open to selling the company's 4,709 BTC — worth about $368 million — to help fund the deal.
How GameStop would pay for eBay
GameStop has been building a 5% economic stake in eBay since February using shares and derivatives. The $55.5 billion offer is non-binding, meaning it could change or fall apart. The company confirmed it can also issue stock to raise more money. Liquidating the full bitcoin position would add roughly $368 million in cash — real money, but a drop in the bucket for a transaction of this size.
Bitcoin's role in the deal
GameStop moved its 4,709 BTC to Coinbase Prime as part of a covered call options strategy, generating income while keeping exposure to price moves. If the eBay deal closes and the combined entity keeps the bitcoin, analysts flagged it could open the door for integrating BTC payments at scale. But Cohen's willingness to sell the stash suggests the company sees the bitcoin as a funding lever, not a strategic asset it plans to hold forever.
What happens now
EBay's board hasn't publicly responded to the offer. The bid is non-binding and financing is not yet fully committed beyond the TD Securities backing. GameStop's next move likely depends on whether eBay engages — or whether the retailer needs to sweeten the pot. Either way, Cohen has made clear he's willing to use every tool on the table, including the company's bitcoin stack.
