Gamestop launched an unsolicited $55.5 billion offer for eBay at $125 per share Friday. The move repurposes the company's $519 million Bitcoin treasury built last fiscal year to fund the acquisition. TD Bank committed $20 billion in debt financing to support the deal.
Deal structure specifics
Gamestop's bid came without prior discussion with eBay's board. The $125-per-share offer represents a significant premium over recent trading. It's the retailer's most aggressive move since Cohen took charge.
Timing caught many off guard. The offer dropped just after market close Friday. No negotiation occurred before the announcement. That's unusual for deals of this scale.
TD Bank's financing role
TD Bank provided the $20 billion debt package within days of the proposal. This covers nearly 40% of the total acquisition cost. The bank has quietly expanded retail sector lending in recent months.
Bank officials didn't provide public comments about the deal. Their commitment appears to have been secured before the offer went public. This allowed Gamestop to move quickly.
Cohen's Bitcoin strategy payback
Cohen built the $519 million Bitcoin treasury during fiscal 2025. He positioned it specifically for strategic opportunities like this. The crypto holdings now provide non-traditional leverage for acquisition financing.
That move was controversial when announced. Many questioned holding such large crypto reserves. Now it's enabling this major play. The treasury's value fluctuated significantly but met the necessary threshold for this bid.
Next moves for eBay
EBay's board must now assess the unsolicited proposal. Directors are scheduled to meet Monday to review the offer. Shareholders will get formal notice once the board forms its position.
There's no indication eBay sought this approach. The company hasn't issued a public statement. Its silence suggests the board is still analyzing the proposal's terms.
