GameStop Bids ₱3.42 trillion ($55.5 billion) for eBay in Crypto-Integrated M&A Push

GameStop CEO Ryan Cohen offered $125 per share for eBay in a ₱3.42 trillion ($55.5 billion) acquisition bid that landed on May 4 without prior discussions between the companies.

The offer carries a 27% premium to eBay's 30-day volume-weighted average price and a 36% premium to its 90-day average. GameStop structured the deal as 50% cash and 50% stock, with shareholder election rights and pro-rata allocation. TD Securities provided a ₱1.23 trillion ($20 billion) highly confident letter for acquisition financing.

eBay's board said it would review the value delivered to shareholders, including the GameStop stock portion and the company's ability to deliver a binding proposal. The marketplace operates across 190 markets and generated ₱4.94 trillion ($80 billion) in gross merchandise volume during 2025.

Cohen projects $1.2 billion from sales and marketing cuts, $300 million from product development, and $500 million from general and administrative expenses. eBay spent $2.4 billion on sales and marketing in fiscal 2025 while adding just 1 million net active buyers. GameStop's 1,600 US retail locations could support eBay's marketplace through authentication, intake, fulfillment, and live commerce.

GameStop purchased 4,710 BTC for $513 million in May 2025 and holds $9.4 billion in cash and liquid investments as of January 31. The company deposited its Bitcoin with Coinbase as collateral for a yield-generating options strategy. Cohen moved GameStop from a $381 million net loss before January 2021 to a $418.4 million net profit in fiscal 2025 while holding a 9% stake and building a 5% economic position in eBay through derivatives and beneficial ownership before making the May 4 bid.