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GameStop’s bid to acquire eBay for about 55.5 billion dollars was rejected, reshaping the case and refocusing attention on a related question: how far the video game retailer is willing to go with its bitcoin reserves to finance its ambitions.
In early May, GameStop proposed buying eBay for roughly 55.5 billion dollars. The offer was valued at nearly 56 billion dollars, structured as about half cash and half in shares. Despite the stated plan to transform eBay under Ryan Cohen’s leadership, Wall Street reacted with skepticism, noting that GameStop’s valuation was well below the level implied by the target acquisition.
GameStop said it aimed to reduce costs, modernize eBay’s platform, and strengthen its ability to compete more aggressively with Amazon. It also pointed to its physical store network to support logistics services and product authentication on the marketplace.
On Tuesday, eBay’s board rejected the proposal, describing it as “neither credible nor attractive.” The company cited major doubts about how the deal would be financed and reiterated confidence in its existing strategy.
Market reaction reflected the same concerns. Even with the offer set at 125 dollars per share, eBay’s stock price remained below that level, signaling that investors did not believe the transaction was feasible.
The rejection has brought GameStop’s bitcoin strategy back into focus. Over the past several months, the company has expanded initiatives involving digital assets, including an estimated exposure of about 368 million dollars in bitcoin through a covered options strategy.
GameStop has also transferred a significant portion of its holdings—4,709 BTC—to Coinbase Prime, which has fueled speculation about whether the company could mobilize these reserves.
At face value, these figures appear insufficient to fund an acquisition of this scale. However, in an environment where listed companies increasingly use bitcoin as a strategic reserve or financing lever, the exposure is viewed as a potential element of credibility.
The core issue is that GameStop has limited discretionary assets that could reassure creditors. Financing discussed with TD Securities could reach 20 billion dollars, but it would largely depend on the credit quality of the combined or future entity.
Moody’s has already warned that such an operation would strongly weaken eBay’s solvency, adding to the uncertainty around the deal’s financing structure.
Investors also remain cautious about the broader implications for GameStop’s balance sheet. Michael Burry—known for anticipating the subprime crisis—left his position in GameStop after the offer announcement. According to him, an acquisition of this size could leave the company heavily indebted and dilute shareholders.
Beyond eBay’s refusal, the episode highlights bitcoin’s growing influence in modern finance. The idea that a company could rely indirectly on BTC reserves to support an offer of several tens of billions would have seemed unrealistic only a few years ago. In the current market, bitcoin can shape perceptions of financial credibility and influence growth strategies.
Even if GameStop’s eBay bid appears compromised, the case underscores how digital assets have moved into the center of major Wall Street transactions.
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