GameStop proposed a $55.5 billion acquisition of eBay this week. The move has revived questions about whether the company will sell its $368 million Bitcoin holdings to fund the deal.
How the Deal Unfolded
GameStop filed its unsolicited bid with regulators Monday. The company wants eBay. The price tag: $55.5 billion. This isn't about collecting more NFTs or virtual sneakers. It's a major play for e-commerce dominance. The proposal came as a surprise to Wall Street. Analysts had been watching GameStop's quiet accumulation of Bitcoin since early 2025. Now that cash hoard is suddenly central to the story.
The Bitcoin Question
GameStop's $368 million Bitcoin stash wasn't meant for emergencies. It was a strategic holding during last year's market dip. But this acquisition changes everything. The company won't confirm if it plans to liquidate any Bitcoin. SEC filings don't mention cryptocurrency sales. Yet the timing makes the question unavoidable. Traders immediately noticed the connection. Could selling even half of the Bitcoin position cover the deal's financing costs? The mere speculation pushed Bitcoin's price up slightly Tuesday morning. GameStop hasn't addressed this publicly. The silence speaks louder than any statement would.
What Happens Next
EBay's board must respond to the offer within ten business days. The SEC filing won't say whether Bitcoin sales are on the table. Investors will likely demand clarity before voting. If GameStop moves to sell Bitcoin, it would face immediate scrutiny. The company's last crypto sale in Q3 2025 drew complaints from small shareholders. This deal is bigger. The pressure will be immense. The next two weeks will reveal whether GameStop's Bitcoin strategy survives this corporate gamble.
