GameStop offers to buy eBay for $55.5 billion

GameStop wants to buy eBay for $55.5 billion. The offer is spectacular, almost confusing, because it comes from a group much smaller than its target. The company is offering $125 per share, half cash and half stock, in a non-binding deal. It already claims to own 5% of eBay through shares and derivatives.

GameStop attempts a takeover on eBay

GameStop is no longer just looking to survive the decline of physical video games. With this offer on eBay, Ryan Cohen wants to change scale, rewrite the story around the company and move its playing field. This is not really a classic acquisition, but an attempt at a strategic shift. In this context, we perhaps better understand why CryptoQuant suspected GameStop of wanting to liquidate all of its bitcoin reserves.

The offer represents a 46% premium to eBay's price on February 4, 2026, when GameStop says it began accumulating its position. The total amount reaches approximately $55.5 billion. To finance the operation, GameStop is putting forward $9.4 billion in cash and liquid investments, plus a financing letter of up to $20 billion from TD Securities.

The message is clear: GameStop wants to convince that its capital, its community of investors and its cost discipline can wake up eBay. But the size difference is shocking. Reuters recalls thateBay was worth around $46 billioncompared to nearly 12 billion for GameStop before the announcement. It's not a detail. This is the heart of skepticism.

Ryan Cohen's bet: cut costs and restart the machine

Ryan Cohen isn't just selling a merger. He sells a method. GameStop claims it can reduce $2 billion in annualized costs at eBay within twelve months of closing. The main target would be marketing, considered ineffective given the low growth in the number of active buyers.

The argument is brutal, but easy to understand. According to GameStop, eBay spent $2.4 billion on sales and marketing in 2025, while only growing from 134 million to 135 million active buyers. For Cohen, it looks like an old machine that is still running, but which consumes too much to produce too little.

GameStop also has a more unexpected asset: its approximately 1,600 stores in the United States. The idea would be to transform them into an authentication, deposit, fulfillment and direct commerce network for eBay. On paper, this provides a bridge between digital marketplace and physical presence. In fact, it will be necessary to prove that these stores can become something other than vestiges of a declining retail era.

eBay delays, investors doubt

eBay confirmed it received the offer, but clarified that there had been no prior discussions with GameStop. Its board of directors will review the proposal with its financial and legal advisors. Shareholders have been asked to do nothing for now.

This cold response shows that the operation remains far from being achieved. eBay emphasizes its global scale, its 135 million buyers and its presence in more than 190 markets. The company also points out that it generated nearly $80 billion in gross merchandise volume in 2025.

The issue can therefore become political in the stock market sense of the term. Cohen would be willing to take the offer directly to shareholders if eBay's board resists. This would pave the way for a proxy battle. GameStop would then move from a simple potential buyer to an activist actor.

The most interesting thing is not only the price. This is the logic behind the movement. GameStop wants to use eBay as a transformation platform. Not as a simple financial target. Cohen seems to be betting that the market is underestimating the value of a more aggressive, leaner eBay better plugged into collectibles, live auctions and trust between buyers and sellers. Meanwhile, Ethereum is quietly celebrating its longevity with over $25 million locked up.