GameStop's unsolicited $55.5 billion bid for eBay could give the video game retailer a far larger e-commerce platform, a broader resale network, and a potential opening to test whether Bitcoin can move beyond corporate treasuries into consumer payments.
On May 4, GameStop offered $125 a share for eBay in a cash-and-stock proposal that values the online marketplace at about $55.5 billion.
The offer consists of 50% cash and 50% GameStop common stock, with shareholder election rights and pro-rata allocation. GameStop said the offer represents a 27% premium to eBay’s 30-day volume-weighted average price and a 36% premium to its 90-day average.
The company said it has built a 5% economic stake in eBay through derivatives and beneficial ownership of common stock.
A smaller buyer targets a larger marketplace
The proposal would be an unusual transaction in size and structure, given that GameStop is trying to acquire a company several times its size, using a mix of cash, outside financing, and its own stock to fund the bid.
GameStop said the cash portion would be funded through cash and liquid investments on its balance sheet, which totaled about $9.4 billion as of Jan. 31, and third-party acquisition financing. The company said TD Securities provided a highly confident letter for up to $20 billion.
That still leaves the bid dependent on the value of GameStop shares, additional financing, and eBay shareholder support.
eBay said Monday that its board and financial advisers would review the unsolicited proposal, adding that there had been no discussions with GameStop before the offer arrived.
The company said its review would focus on the value delivered to eBay shareholders, including the value of the GameStop stock portion and GameStop’s ability to deliver a binding, actionable proposal. eBay advised shareholders to take no action while the board evaluates the bid.
GameStop’s shares fell after the announcement, while eBay’s stock rose, reflecting investor skepticism over whether GameStop can finance and close a transaction of that scale.
Why GameStop wants to acquire eBay
GameStop’s takeover argument centers on Ryan Cohen’s claim that eBay can generate higher earnings under his leadership through cost reductions, retail integration, and a sharper push into categories such as collectibles, authentication, and live commerce.
The company said it could deliver $2 billion of annualized cost reductions within 12 months of closing. The plan includes about $1.2 billion for sales and marketing, $300 million for product development, and $500 million for general and administrative expenses.
GameStop pointed to eBay’s $2.4 billion in sales and marketing spending in fiscal 2025 and said the marketplace added only about 1 million net active buyers during the year.
It also said product development expenses rose 11% while revenue grew 8%, giving Cohen a basis to argue that eBay’s expense base can be cut without undermining the business.
The operational case extends beyond cost reductions. GameStop said its roughly 1,600 US retail locations could support eBay’s marketplace by serving as sites for authentication, intake, fulfillment, and live commerce.
That would link GameStop’s remaining store network to eBay’s global platform, particularly in categories where trust, grading, returns, and physical inspection can influence buyer behavior.
The store network could also support collectibles, trading cards, retro games, sneakers, luxury goods, and electronics, categories where eBay already has a presence and where GameStop has tried to reposition itself as physical game sales have declined.
Cohen would become chief executive officer of the combined company if the deal closes.
Notably, he brings a track record of corporate restructuring. Since January 2021, he has moved GameStop from a $381 million net loss to a $418.4 million net profit in fiscal 2025. He closed underperforming international operations and pivoted toward higher-margin retro games and trading cards.
Cohen takes no salary, receives no cash bonuses, and holds a 9% stake in GameStop.
How will this impact Bitcoin?
While GameStop has not stated that it intends to integrate Bitcoin into eBay, the proposed acquisition raises a structural question for the emerging industry: What happens when a BTC-holding corporation acquires a marketplace with 135 million active buyers?
Until now, GameStop has treated the top crypto as a corporate finance tool. After approving Bitcoin as a treasury reserve asset, the retailer purchased 4,710 BTC for $513 million in May 2025.
Rather than just holding the assets, GameStop pledged the stash as collateral to Coinbase for a yield-generating options strategy. The move kept economic exposure to BTC while earning passive income.
Acquiring eBay, however, could transition GameStop's crypto capabilities from balance sheets to marketplace infrastructure.
Bitcoin has established itself as an institutional asset through exchange-traded funds, but its daily utility remains narrow. High fees and complex tax treatments limit its consumer use.
Considering the above, eBay offers the scale the digital asset space lacks: 135 million active buyers across 190 markets and nearly $80 billion in gross merchandise volume in 2025.
If Cohen secures the platform and leverages GameStop’s crypto fluency, the impact on Bitcoin would likely extend beyond a simple checkout option. A crypto-enabled eBay could tap into the broader Bitcoin ecosystem to solve specific marketplace problems.
For context, GameStop could add Bitcoin payments to eBay and even use the Lightning Network to instantly process cross-border remittances for international sellers.
Moreover, eBay is a major hub for trading cards, sneakers, and luxury goods. The company could use Bitcoin-native tools like Ordinals to create immutable digital certificates for physical items, permanently authenticating provenance on the blockchain.
Furthermore, user identity and seller reputation could be tied to verified Bitcoin wallets to reduce fraud, while high-volume merchants might be offered the option to hold their eBay balances in Bitcoin or participate in yield-generating strategies similar to GameStop's own corporate playbook.
Notably, none of these initiatives has been officially proposed. Yet, the scale of the eBay ecosystem means a rollout would not need universal adoption to be significant.
Even if limited to high-value international transactions or collectibles, an eBay managed by GameStop would provide the largest real-world test for whether Bitcoin can serve as the foundational layer for global commerce.
GameStop's eBay deal faces potential hurdles
However, achieving such lofty ambitions remains a steep challenge, as the eBay transaction remains uncertain.
Currently, GameStop's eBay offer is non-binding, and the e-commerce company's board has not endorsed it.
This means that GameStop must persuade eBay shareholders that its stock is reliable consideration, that debt financing can be arranged on acceptable terms, and that Cohen’s cost-cutting plan would not damage eBay’s marketplace.
There are also timing and governance hurdles. However, Cohen has said he is willing to take the bid directly to shareholders if eBay’s board rejects it, but eBay’s director nomination window for its June annual meeting has closed.
Meanwhile, regulators would also review a transaction involving two consumer-facing companies with overlapping interests in resale, gaming, collectibles, and online commerce. The antitrust risk may be lower than in a tie-up between two direct e-commerce giants, but the size of the transaction and the financing structure would still draw scrutiny.
For eBay, the offer arrives after signs of operating momentum. The company reported stronger first-quarter results, continued growth in gross merchandise volume and active efforts to expand recommerce, live selling and AI-supported marketplace tools.
That gives its board a case to argue that shareholders may receive more value from eBay’s standalone strategy than from accepting GameStop stock as half the consideration.
For GameStop, the bid marks the largest test of Cohen’s attempt to move the company beyond its shrinking legacy business.
The retailer became a market symbol during the 2021 meme-stock surge, then shifted toward cost cuts, balance-sheet strength, collectibles, and Bitcoin. Buying eBay would turn that strategy into a far larger e-commerce bet.
If the bid fails, the Bitcoin angle remains largely theoretical. GameStop would remain a BTC-holding retailer with a covered-call strategy.
However, if the bid advances, the discussion changes. A company that bought Bitcoin for its balance sheet would be in a position to decide whether one of the internet’s oldest marketplaces should also become a testing ground for BTC payments, stablecoin settlement, and crypto-linked commerce.
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