The company that became famous for meme stocks just made the most un-meme move in its history. And its Bitcoin might pay the price.
GameStop submitted a $55.5 billion offer to buy eBay on Sunday night. The deal would be split evenly between cash and GameStop stock. If it goes through, the meme stock retailer transforms into one of the largest e-commerce companies in America.
The problem? GameStop has $368 million in Bitcoin sitting on its balance sheet. It also needs to come up with $9.4 billion in cash and up to $20 billion in financing. Everyone is asking the same question: does the Bitcoin get sold to help fund the deal?
CEO Ryan Cohen seemed to answer that during a combative CNBC interview. He called the eBay opportunity “way more compelling than Bitcoin.” That is not what Bitcoin holders want to hear from a corporate treasury company.
What Exactly Did GameStop Offer?
GameStop offered $125 per share for eBay in a non-binding, unsolicited bid. That is a 20% premium over eBay’s Friday closing price of $104.07. It is a 46% premium over where eBay was trading in February.
The offer is 50% cash and 50% GameStop stock. The cash portion would come from GameStop’s balance sheet, which held $9.4 billion in cash and liquid investments at the end of Q4. The stock portion would come from new share issuance, diluting existing GameStop shareholders.
eBay’s board has not responded yet. A formal answer is expected within days. If eBay rejects the offer, GameStop could raise the price, walk away, or try a hostile takeover. If eBay accepts, the deal would face regulatory review from the FTC, which could take months.
GameStop stock dropped on Monday after the announcement. Investors are not sure whether to cheer the ambition or worry about the execution. Buying eBay would be the largest acquisition a retailer has attempted in years. GameStop’s core business, selling physical video games, has been shrinking. Revenue from physical stores dropped 14.2% year-over-year in Q4 2025.
Where Does the $368 Million in Bitcoin Fit?
GameStop started buying Bitcoin in early 2024 after Cohen announced a pivot toward digital assets. The company currently holds roughly 4,700 BTC worth about $368 million at current prices. It recently moved the entire stash to Coinbase Prime to generate income through lending.
In GameStop’s most recent filings, the Bitcoin is listed as part of the $9.4 billion in “cash and liquid investments” that would fund the cash portion of the deal. That means the Bitcoin could technically be sold as part of the financing package without requiring a separate board vote.
But here is the math that makes selling the Bitcoin almost pointless. The deal costs $55.5 billion. The Bitcoin is worth $368 million. That covers 0.66% of the total price. Selling every last coin would barely make a dent. And it would trigger roughly $140 million in capital gains taxes, cutting the actual proceeds to about $228 million.
So selling the Bitcoin does not meaningfully help fund the deal. But keeping it sends a message that GameStop is still committed to its digital asset strategy. The decision is more about signalling than financing.
What Did Ryan Cohen Say About Bitcoin?
This is the quote that rattled crypto. During his CNBC interview on Sunday, Cohen called the eBay acquisition “way more compelling than Bitcoin.”
That is a pretty direct signal. Cohen is telling investors that if forced to choose between holding Bitcoin and pursuing the eBay deal, he picks eBay. He is not saying he will sell the BTC tomorrow. But he is saying it is not sacred.
Compare that to Michael Saylor, who would sooner sell his house than sell a single Bitcoin. Or Tom Lee at Bitmine, who keeps buying ETH every single week. Or even Metaplanet, which issues zero-interest bonds specifically to buy more BTC. Those companies treat their crypto treasuries as core to their identity. Cohen treats it as one investment among many. Not the mission. Just a line item.
That difference matters. If the eBay deal moves forward and GameStop needs every dollar it can find, the Bitcoin is on the table. Cohen said as much without saying it directly.
What Does This Mean for Corporate Bitcoin Treasuries?
GameStop was supposed to be proof that the corporate Bitcoin treasury model works beyond Strategy. A publicly traded company, buying Bitcoin, holding it long-term, and benefiting from price appreciation alongside its core business.
If GameStop sells its BTC to fund an acquisition, it sends a message that corporate Bitcoin treasuries are expendable. Nice to have in good times. First to go when something bigger comes along. That is the opposite of what Saylor preaches. He says Bitcoin is the destination, not a rest stop.
The counter-argument is that GameStop’s Bitcoin strategy was always different from Strategy’s. Cohen never positioned GameStop as a Bitcoin company. He positioned it as a company that holds Bitcoin as part of a broader transformation. There is a difference between building your entire identity around an asset and holding some of it alongside your main business.
If eBay rejects the bid and the deal dies, the Bitcoin stays and nothing changes. If the deal goes through and GameStop keeps the BTC, it proves the treasury model can coexist with aggressive corporate strategy. If the deal goes through and GameStop sells, it proves that for most companies, Bitcoin is a trade, not a conviction.
What Happens Next?
eBay’s board will respond this week. If they reject the offer at $125, watch for GameStop to either raise the price or go hostile. Cohen sounded combative on CNBC, which suggests he is not going to walk away easily.
GameStop has not commented on whether it will sell the Bitcoin. It did not respond to CoinDesk’s request for comment. The silence is probably strategic. Why commit to holding or selling before you know whether the deal is even happening?
For Bitcoin holders, the story is a reminder that not every corporate treasury is Strategy. Some companies buy Bitcoin because they believe in it. Some buy it because it is trendy. And when something better comes along, the second group sells. The question for GameStop’s 4,700 BTC is which group Cohen belongs to. His CNBC interview gave us a pretty strong hint.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Always conduct your own research before making any investment decisions.
