GameStop’s $55.5 Billion eBay Bid Puts Its $368 Million Bitcoin Treasury at Risk
GameStop submitted a non-binding proposal on May 3 to acquire 100% of eBay at $125.00 per share in a cash-and-stock deal valued at roughly $55.5 billion. The bid puts the video game retailer’s $368 million Bitcoin (BTC) treasury directly under the microscope, reviving investor concern that the company may liquidate its cryptocurrency position to fund the transaction. eBay confirmed receipt of the proposal the same day.
The company said its board will review the offer with a focus on value delivered to shareholders.
What the Proposal Contains
GameStop (GME) submitted the offer through a Business Wire release published May 3. The $125.00-per-share figure represents a premium to eBay’s recent trading range.
The consideration mix includes both cash and GME stock, meaning GameStop would need to either issue new shares, deploy its cash reserves, or sell existing assets to fund the cash portion. The company held approximately $4.6 billion in cash and equivalents as of its most recent filing, alongside the Bitcoin position it began building in early 2025.
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Bitcoin Treasury Under Pressure
GameStop’s board approved a Bitcoin accumulation strategy in March 2025, modeling its approach on the treasury playbook pioneered by MicroStrategy (MSTR).
The company purchased BTC as a long-term reserve asset, not for trading. A deal of this scale would test that commitment.
Any all-cash shortfall in the eBay financing structure could force a partial or full liquidation of the Bitcoin position. The PR Newswire confirmation from eBay says only that the board will “review” the proposal, giving no indication of acceptance.
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Background
GameStop’s move into Bitcoin drew widespread attention in early 2025 after the company disclosed it had adopted a formal cryptocurrency treasury policy.
The retailer had spent prior years pivoting away from physical video game sales, cutting store count aggressively and accumulating cash. The Bitcoin buy marked its most aggressive balance-sheet move in years.
Its chair, Ryan Cohen, has publicly backed the idea that idle cash should work harder. Cohen has not commented publicly on how the eBay deal would interact with the BTC position.
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What to Watch
eBay’s board response will determine whether this escalates to a formal offer or collapses at the proposal stage.
If eBay rejects the bid, GameStop’s Bitcoin position faces no immediate pressure. If talks advance and financing terms require asset sales, the BTC treasury becomes the most liquid large asset available.
Investors should watch any GameStop SEC filings in the next two weeks for disclosures about financing plans or Bitcoin sales.
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