Gamestop offers $56 billion for Ebay, using $519 million Bitcoin treasury.
May 4, 2026
Gamestop has made a bold move by proposing to acquire Ebay for $55.5 billion, with a bid of $125 per share, backed by a $20 billion bank commitment and a substantial $519 million bitcoin treasury CEO Ryan Cohen quietly amassed during fiscal 2025.
Gamestop’s offer to Ebay marks an unsolicited attempt, with a proposed acquisition price that represents a significant premium of 20% over Ebay’s last Friday closing price. Ryan Cohen, Gamestop’s CEO, envisions Ebay as a viable competitor to Amazon and is ready to escalate the situation by initiating a proxy fight if Ebay’s board rejects the offer. TD Bank has demonstrated confidence in this move by providing a $20 billion financing commitment to facilitate the deal.
Following the bid, Gamestop witnessed a surge in its stock price to $26.53 on May 1, reflecting investor optimism about the potential impact of the acquisition. In a similar fashion, Ebay’s stock experienced a significant increase of over 10% in after-hours trading upon the announcement. The excitement around the news was also evident in the GME meme coin, which saw a 54% increase shortly after reports surfaced.
The foundation of Gamestop’s financial maneuver lies in the strategic acquisition of bitcoins. During fiscal 2025, Gamestop acquired 4,710 bitcoins for about $500 million, with the majority of these coins being pledged as collateral for a covered-call strategy. This initial investment has since grown to approximately $519 million, serving as a linchpin in the context of the proposed acquisition of Ebay.
Gamestop’s approach to leveraging its bitcoin assets for a significant acquisition contrasts with the typical trajectory observed in the industry, as exemplified by companies like Strategy holding substantial amounts of BTC. Gamestop’s distinct strategy involves utilizing its unconventional balance sheet to pursue a merger and acquisition strategy on a scale that was previously deemed unrealistic.
In light of these developments, Ebay’s board has yet to publicly respond to Gamestop’s proposal, leaving the field open for further negotiations and potential actions. As Gamestop continues to position itself strategically in the market, the outcome of this ambitious takeover bid remains to be seen, with implications for the broader landscape of e-commerce and digital assets.