GameStop has made a non-binding offer to acquire eBay for $55.5 billion, sparking speculation about the potential use of its $368 million bitcoin holdings to finance the deal. The company, which holds approximately $368 million in bitcoin, submitted the offer to buy eBay for $125 per share in cash and stock. To fund the acquisition, GameStop plans to utilize its $9.4 billion in cash and liquid investments, as well as up to $20 billion in financing.
The possibility of selling its bitcoin holdings to support the deal has been raised, following comments from CEO Ryan Cohen that the company's crypto holdings could be sold to fund a large acquisition. GameStop recently transferred 4,709 BTC to Coinbase Prime as part of a covered-call options strategy, generating income while maintaining exposure to bitcoin. The company's bitcoin stash is valued at $368 million and is classified as 'receivables' on its balance sheet.
Cohen has stated that the company has the ability to issue stock to facilitate the deal. The proposed acquisition would transform GameStop into a more comprehensive e-commerce player and may determine the long-term fate of its bitcoin holdings.