GameStop GME Considers $55.5 Billion Acquisition of eBay: $368 Million Bitcoin Reserve at Risk?

On Sunday, GameStop made a non-binding offer of $55.5 billion to acquire eBay at a price of $125 per share, suggesting to finance the acquisition with $9.4 billion in cash and liquid investments, along with up to $20 billion in financing supported by TD Securities.

This proposal indicates a 46% premium over eBay’s share price from early February, when GameStop started discreetly accumulating a 5% economic interest through shares and derivatives.

GameStop CEO states he is proposing to purchase eBay for $56B
“No one is more qualified, based on my experience, to manage the eBay business”
He would be borrowing over $20B to facilitate the transaction
(via @WSJ) pic.twitter.com/20LtVo6vbe

— Culture Crave (@CultureCrave) May 4, 2026

The crypto market is now focused on one question: what will happen to the $368 million Bitcoin treasury held by GameStop?

CEO Ryan Cohen referred to the acquisition strategy as “far more compelling than bitcoin” and suggested the possibility of liquidating the company’s BTC assets to help fund the transaction. This perspective shifted the discussion from a corporate curiosity to a significant market event.

With Bitcoin trading around $81,000, GameStop’s 4,709 BTC position holds considerable liquidation value, which could create substantial selling pressure if Cohen decides to proceed.

Discover: The best crypto to diversify your portfolio with

Should GameStop Liquidate Its $368M Bitcoin to Fund the eBay Deal?

GameStop’s $55.5 billion merger and acquisition proposal significantly exceeds its current balance sheet, even with $9.4 billion in cash and a $20 billion financing arrangement; the calculations are tight. Cohen clearly indicated that the eBay acquisition is a more critical capital allocation than bitcoin, and he confirmed that GameStop has the “capacity to issue stock to complete the deal.” If stock issuance is inadequate or dilutive, the $368 million Bitcoin treasury becomes a clear funding option.

Ryan Cohen of GameStop, $GME, was questioned about how the “math math’s” for $GME to acquire eBay, $EBAY. pic.twitter.com/EbEfDHSPIg

— unusual_whales (@unusual_whales) May 4, 2026

At current Bitcoin prices, liquidating the entire position would yield approximately $368 million in cash, substantial but insufficient for a $55.5 billion deal. The impact on Bitcoin markets from this supply-side action would be limited in isolation, but the implications would be significant: a company that adopted a Bitcoin Treasury reserve less than 18 months ago abandoning the position under M&A pressure does not present a positive corporate narrative.

GameStop transferred 4,709 BTC to Coinbase Prime as part of a covered call options strategy, generating revenue while maintaining exposure. This behavior does not align with that of a company intending to sell off its holdings.

If the eBay acquisition is finalized and the new entity retains the BTC position, GameStop-eBay would manage a Bitcoin treasury alongside 135 million active buyers across 190 markets and nearly $80 billion in annual gross merchandise volume. Analysts have noted that this scenario “could pave the way for BTC payments integration” at a significant scale.

Discover: The best pre-launch token sales

The post GameStop GME Eyes $55.5B eBay Takeover: $368M Bitcoin Treasury in Danger? appeared first on Cryptonews.