EBay rejects GameStop’s $56 billion bid, putting bitcoin exposure back in focus
Key takeaways
- The online marketplace's board called the half-cash, half-stock offer "neither credible nor attractive" Tuesday.
- That puts GameStop’s bitcoin position back in the conversation, as CoinDesk reported earlier this month.
- The cultish firm holds roughly $368 million worth of bitcoin exposure via a covered-call options strategy.
The online marketplace's board called the half-cash, half-stock offer "neither credible nor attractive" Tuesday. By Shaurya Malwa|Edited by Oliver Knight May 12, 2026, 1:35 p.m. 2 min read Make preferred on A Game Stop store (Coin Desk Archive)What to know: EBay’s board rejected Game Stop’s $56 billion half-cash, half-stock takeover bid as “neither credible nor attractive,” citing financing concerns and confidence in its current strategy.The market signaled skepticism that the deal will close, with eBay shares trading well below GameStop’s $125-per-share offer and both stocks slipping after the rejection.GameStop’s sizable bitcoin options position and limited discretionary assets, along with warnings from investor Michael Burry about debt and dilution, raise questions about how it would fund a higher or hostile bid.Shopping giant eBay has rejected video game retailer GameStop’s ambitious $56 billion takeover offer, leaving the latter to decide whether it wants to walk away, raise the bid or take the fight directly to shareholders.
EBay’s board called the half-cash, half-stock offer “neither credible nor attractive” on Tuesday, per Reuters, citing doubts around financing and arguing the company is better positioned under its current management. The rejection was widely expected. EBay has traded well below GameStop’s $125-per-share bid since the offer surfaced, a sign investors were not convinced the deal could close.
That puts GameStop’s bitcoin position back in the conversation, as CoinDesk reported earlier this month.