EBay rejects GameStop’s $56 billion bid, putting bitcoin exposure back in focus
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- eBay board rejected GameStop's $56 billion half‑cash, half‑stock takeover offer, calling it “neither credible nor attractive.”
- GameStop holds roughly $368 million of bitcoin exposure via a covered‑call options strategy, having moved most of its 4,709 BTC to Coinbase Prime.
- GameStop’s bid relied on $9.4 billion cash and liquid assets plus up to $20 billion debt financing from TD Bank, which is contingent on maintaining an investment‑grade rating.
- Moody’s warned the transaction would be credit‑negative for eBay, and the financing math would be harder if the offer were raised or turned hostile.
- GameStop shares fell about 4% after the rejection, while eBay shares slipped roughly 1% to $107.
Why it matters: GameStop’s $56 billion bid collapse leaves the retailer without a shortcut to scale, pressuring its $368 million bitcoin position and forcing it to seek alternative financing, while eBay shareholders keep the company independent.
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