GameStop Launches Stunning $55.5B Bid to Acquire eBay
In an unexpected move, GameStop has put forward a $55.5 billion acquisition proposal for eBay combining cash and stock, revealing a 5% ownership position while announcing Ryan Cohen would helm the merged entity.
In a surprising development, GameStop has put forth an unsolicited, non-binding bid worth $55.5 billion to acquire eBay through a combination of cash and stock, marking the video game retailer's latest effort to expand well beyond its traditional retail operations.
On Sunday, the gaming company submitted its non-binding offer to purchase the entirety of eBay for $125 per share using a mix of cash and stock, the company revealed in a public statement.
GameStop's proposal represents a substantial 46% premium over eBay's closing stock price on Feb. 4, 2026, which was unaffected by speculation—the date when GameStop initiated building its stake in the e-commerce platform. The company has also revealed that it has amassed approximately 5% of eBay's economic interest through a combination of derivative instruments and direct common stock ownership.
This acquisition attempt arrives as GameStop seeks to transform itself away from traditional brick-and-mortar video game sales, a transition that has included adopting a Bitcoin treasury strategy that received approval in 2025. However, the takeover bid presents significant questions regarding financing capabilities and execution feasibility, given that eBay's market valuation exceeds GameStop's by several multiples.
Potential cost cuts and integration plans
In its proposal, GameStop has identified potential annual cost reductions of approximately $2 billion that could be achieved following a successful acquisition. According to the company, these savings would result from streamlining marketing expenditures, product development operations, and administrative functions across the combined organization.
GameStop highlighted that eBay allocated approximately $2.4 billion to sales and marketing initiatives during fiscal year 2025, despite achieving a net addition of merely one million active buyers.
More spend is not producing more users on a marketplace with near-universal brand recognition.
GameStop
Additionally, GameStop identified its physical retail network of approximately 1,600 locations across the United States as a potentially valuable resource for eBay's logistics infrastructure and authentication operations. The company proposed that these brick-and-mortar locations could serve as centers for product collection and fulfillment operations.
The proposal further specifies that GameStop's current CEO would assume the chief executive role of the newly combined organization should the acquisition move forward successfully.
eBay should be worth — and will be worth — a lot more money. I'm thinking about turning eBay into something worth hundreds of billions of dollars.
Ryan Cohen, GameStop CEO
Data from TradingView indicates that eBay's current market capitalization is valued at $46.2 billion as of this writing. In comparison, GameStop maintains a market cap of approximately $12 billion.
GameStop has garnered significant attention for its increasing involvement with cryptocurrency markets, especially following its decision to incorporate Bitcoin (BTC) into its corporate treasury approach in 2025. This strategic shift placed the company among a limited number of publicly traded corporations exploring digital assets as a component of their balance sheet diversification strategies.
The company also emerged as a focal point during the 2021 meme stock phenomenon, during which retail investors orchestrated coordinated purchasing campaigns that propelled its share price dramatically upward and generated unprecedented market volatility.