GameStop’s $55.5 Billion eBay Takeover Bid Puts $368 Million Bitcoin Stash Under Scrutiny
GameStop has thrown Wall Street into a frenzy with a bold, unsolicited $55.5 billion bid to acquire e-commerce giant eBay, and the move is putting the video game retailer’s $368 million Bitcoin stash squarely in the spotlight.
The company submitted a non-binding proposal to acquire 100% of eBay for $125 per share, structured as 50% cash and 50% GameStop common stock. The offer represents a 27% premium to eBay’s 30-day volume-weighted average price and a 36% premium to its 90-day average. eBay shares jumped more than 4% on Monday following the announcement.
The GameStop eBay takeover bid has immediately raised a critical question: will GameStop liquidate its Bitcoin to help foot the bill? The company plans to fund the bid using $9.4 billion in cash and liquid investments on its balance sheet, plus up to $20 billion in additional financing. That balance sheet figure includes the Bitcoin holdings, which GameStop currently accounts for as “receivables” following a strategic maneuver with Coinbase.
GameStop approved Bitcoin as a treasury reserve asset and purchased 4,710 BTC for $513 million in May 2025, later pledging those holdings as collateral to Coinbase for a yield-generating options strategy. The move was designed to keep exposure to Bitcoin while earning passive income, but the GameStop eBay takever whether that arrangement will survive the deal.
CEO Ryan Cohen has not given a straight answer on the crypto question. Asked whether GameStop would liquidate its Bitcoin to fund the acquisition, Cohen declined to confirm, telling CNBC, “I’m not prepared to say,” while adding that the new strategy is “way more compelling than bitcoin.” He also confirmed the firm has the ability to issue stock to get the deal done.
eBay confirmed it has received the unsolicited proposal and noted that the combined company could save around $2 billion in costs within the first year after the acquisition. If completed, the deal would transform GameStop from a brick-and-mortar gaming retailer into a major e-commerce force, one with reach into 135 million active buyers across 190 markets and nearly $80 billion in gross merchandise volume.
Some analysts have floated an even bigger crypto angle. If Cohen secures the platform and leverages GameStop’s crypto fluency, the impact on Bitcoin could extend well beyond a simple checkout option, with potential applications ranging from Bitcoin payments to blockchain-based product authentication.
For now, the fate of GameStop’s Bitcoin treasury hangs in the balance. Whether it ends up as deal fuel or a long-term digital asset play may depend entirely on how far Ryan Cohen is willing to go to close the most audacious bet of his career.
