In an unexpected $55.5 billion unsolicited bid, GameStop seeks to acquire eBay, potentially leveraging its position to explore broader applications of Bitcoin beyond corporate treasuries into consumer payments. On May 4, GameStop proposed a cash-and-stock deal for eBay at $125 per share, valuing the online marketplace around $55.5 billion—half in cash and half in GameStop stock, inclusive of shareholder election rights and pro-rata allocation. This offer signifies a premium over eBay’s recent average prices: 27% above its 30-day volume-weighted price and 36% above the 90-day average.
GameStop has acquired a 5% economic stake in eBay through derivatives and stock ownership, indicating its interest. The cash portion of the bid relies on GameStop’s balance sheet assets—totaling $9.4 billion as of Jan. 31—and third-party financing, supported by a highly confident letter from TD Securities for up to $20 billion.
eBay has announced that it will consider the proposal carefully, with its board and financial advisers focusing on shareholder value, including evaluating GameStop’s stock and the feasibility of their proposal. Meanwhile, investors showed skepticism: GameStop’s shares dropped while eBay’s rose after the announcement.
GameStop argues for higher earnings under CEO Ryan Cohen’s leadership, citing potential $2 billion in annualized cost reductions within a year post-acquisition—$1.2 billion in sales and marketing, $300 million in product development, and $500 million in general expenses. They assert that eBay’s 2025 spending on sales and marketing, which reached $2.4 billion, resulted in only a net increase of 1 million active buyers.
Beyond cost savings, GameStop envisions integrating its approximately 1,600 US stores with eBay’s operations to enhance categories like collectibles, authentication, and live commerce. This integration could link GameStop’s physical retail network with eBay’s digital platform, potentially benefiting sectors such as trading cards, retro games, sneakers, luxury goods, and electronics.
While GameStop has not officially stated plans for Bitcoin integration on eBay, the acquisition raises questions about applying its existing crypto capabilities to a larger marketplace. Currently, GameStop uses Bitcoin as a treasury reserve asset, having purchased 4,710 BTC in May 2025 for $513 million. This Bitcoin was used as collateral for a yield-generating options strategy via Coinbase.
Should GameStop acquire eBay, it could expand its crypto expertise into the e-commerce sphere. With eBay’s 135 million buyers across 190 markets and nearly $80 billion gross merchandise volume in 2025, integrating Bitcoin might solve specific marketplace challenges. Potential initiatives include facilitating Bitcoin payments, using the Lightning Network for cross-border transactions, employing Ordinals for item authentication, and reducing fraud through verified Bitcoin wallets.
Despite these possibilities, significant hurdles remain for GameStop’s bid: it is non-binding, eBay’s board has not endorsed it, and shareholder approval will be crucial. The transaction also faces regulatory scrutiny due to overlapping interests in resale, gaming, collectibles, and online commerce. eBay could argue its standalone strategy offers more value than accepting GameStop stock as part of the deal.
For GameStop, this acquisition would mark a significant shift from its traditional business model towards e-commerce and crypto integration. If successful, it could transform one of the internet’s oldest marketplaces into a Bitcoin payment testing ground, exploring stablecoin settlement and crypto-linked commerce. However, if unsuccessful, GameStop will remain primarily a BTC-holding retailer with a covered-call strategy.
The article originally appeared on CryptoSlate.