In a bid to expand its operations, GameStop has made a non-binding offer to acquire eBay for $55.5 billion, raising questions about the potential use of its bitcoin holdings to fund the deal. The company, which possesses approximately $368 million in bitcoin, submitted the offer, representing a 46% premium to eBay's share price in early February. GameStop intends to finance the acquisition using 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 acquisition has been left open by the company's CEO, Ryan Cohen. GameStop had earlier transferred about 4,709 BTC to Coinbase Prime as part of a covered-call options strategy, and the company's cash and bitcoin reserves could potentially be utilized to fund the deal. The acquisition, if successful, would transform GameStop into a more comprehensive e-commerce player and determine the fate of its bitcoin holdings.