GameStop Proposes $56 Billion eBay Takeover as Bitcoin Treasury Strategy Advances

Since the 2021 meme-stock frenzy, GameStop has been shifting away from brick-and-mortar video game retail toward collectibles such as Pokémon cards. It added bitcoin to its treasury assets in March 2025 and spent $500 million to buy 4,710 tokens that May. Acquiring eBay would combine GameStop’s stores with a global e-commerce platform, while the deal’s highly leveraged financing and the company’s bitcoin holdings have become central concerns over its prospects.

On May 3, 2026, CEO Ryan Cohen offered to acquire eBay for $125 a share, split evenly between cash and GameStop stock, valuing its equity at $55.5 billion. He threatened a proxy fight if the bid was rejected. EBay’s board turned down the offer on May 12, citing financing concerns. As of May 2, GameStop had pledged 4,709 bitcoin to Coinbase Credit, while first-quarter net income reached a record $389.6 million.