EBay has turned down GameStop’s unsolicited $56 billion takeover bid, putting the focus squarely on GameStop’s own balance sheet and its Bitcoin reserves. The eBay board, led by chairman Paul Pressler, described the proposal as neither credible nor attractive, citing both doubts about financing and confidence in eBay’s independent strategy.
That skepticism is grounded in numbers: GameStop’s offer combined cash and stock, valued eBay at $125 a share, but relied on only $9.4 billion in available assets and a commitment letter for up to $20 billion in outside financing—still well short of the bid’s total value. Investors were already wary, and shares of GameStop dropped pre-market when eBay’s rejection became public.
With merger ambitions on hold, attention is shifting back to GameStop’s own options. In its latest SEC filing, the company disclosed 4,710 bitcoin tied to its treasury strategy, reflected as digital assets and related receivables worth $368.3 million as of January 31. In the wake of the failed deal, that treasury position is now front and center as investors look for flexibility in GameStop’s capital strategy. On the table are the same options as before—hold, monetize, or unwind the position—but now the context is clearer: without an acquisition to transform the company, its Bitcoin treasury is no longer a footnote. It’s a core element as GameStop reassesses what comes next.