GameStop’s $55.5B eBay Bid Sparks Questions Over Bitcoin Holdings

GameStop (GME) is making headlines with its ambitious plan to acquire eBay (EBAY) in a proposed $55.5 billion deal, raising new speculation about whether the company will tap into its bitcoin (BTC) holdings to help finance the transaction. The video game retailer has submitted a non-binding offer of $125 per share, combining cash and stock, representing a 46% premium over eBay’s share price earlier this year when GameStop began building its stake.

Currently, GameStop holds approximately $368 million in bitcoin, alongside $9.4 billion in cash and liquid investments. The company also secured backing for up to $20 billion in additional financing through TD Securities, signaling its serious intent to complete the acquisition. However, the scale of the deal has sparked discussions among investors about whether GameStop may liquidate its BTC reserves as part of its funding strategy.

CEO Ryan Cohen previously hinted at pursuing a “very, very, very big” acquisition, even suggesting that such a move could be “more compelling than bitcoin.” This statement has fueled speculation that the company may consider selling or leveraging its crypto assets if necessary. Notably, GameStop recently transferred around 4,709 BTC to Coinbase Prime, using a covered-call options strategy to generate income while maintaining exposure to bitcoin’s price movements.

The potential acquisition of eBay would mark a major strategic shift for GameStop, transforming it from a traditional video game retailer into a broader e-commerce powerhouse. Additionally, Cohen confirmed in a CNBC interview that the company has the flexibility to issue new stock to support the deal, further expanding its financing options.

As the situation develops, investors are closely watching whether GameStop will retain bitcoin as a long-term asset or use it as a funding tool for expansion. The outcome of this high-stakes bid could significantly reshape both GameStop’s business model and its role in the evolving digital commerce landscape.