Key Takeaways
- Ryan Cohen reaffirmed GameStop's pursuit of eBay in a Bloomberg TV interview, refusing to say if he'd raise the $56 billion offer
- Cohen's vision includes a digital marketplace for video game items and using GameStop stores to authenticate trading cards
- GameStop shareholders recently approved more authorized shares to fund strategic acquisitions including the eBay deal
Ryan Cohen isn't backing down. The GameStop CEO told Bloomberg TV on Thursday that his company will keep pursuing eBay despite the e-commerce giant rejecting a $56 billion takeover bid earlier this year. "We're coming for eBay one way or another," Cohen said, declining to reveal whether he planned to sweeten the offer.
Cohen's ambition runs bigger than the rejected bid suggests. He told Bloomberg he wants to turn the combined company into a $1 trillion business. The playbook: build a digital marketplace for video game items, merge the two companies' collectibles operations, and convert GameStop's physical stores into authentication hubs for trading cards.
How did we get here?
GameStop submitted a nonbinding proposal to acquire 100% of eBay on May 3, with Cohen slated to run the merged entity. The pitch was aggressive. GameStop's letter to eBay pointed out that the marketplace spent $2.4 billion on sales and marketing in fiscal 2025 and added just 1 million net active buyers. Cohen promised to slash roughly $1.2 billion from that marketing budget as part of $2 billion in annual cost cuts within a year of closing.
eBay's board wasn't impressed. On May 12, the company called the proposal "neither credible nor attractive." The rejection cited eBay's "standalone prospects," uncertainty about how GameStop would finance the deal, and concerns about long-term profitability and growth.
“The pro forma company is going to be investment grade.”
— Ryan Cohen, GameStop CEO, Bloomberg TV interview
What has GameStop done since the rejection?
GameStop hasn't gone quiet. On June 26, the company issued a press release stating that its "leadership team remains focused on advancing the proposed acquisition of eBay" and promised additional materials were coming. Then on July 7, shareholders approved an increase in authorized Class A common stock shares, a move the company explicitly tied to funding "strategic acquisitions, including its proposed acquisition of eBay, Inc."
That shareholder vote matters. GameStop built significant cash reserves and Bitcoin holdings following the 2021 meme stock frenzy. The company reportedly holds around $4.5 billion in Bitcoin after converting cash reserves to crypto starting in 2024. But acquiring eBay at $56 billion or higher requires stock as currency, which explains the push for more authorized shares.
Why does Cohen want eBay?
Cohen's background explains the logic. He founded Chewy and sold it to PetSmart for $3.35 billion in 2017. He understands e-commerce at scale. GameStop's brick-and-mortar video game business is shrinking as digital downloads dominate. eBay's 132 million active buyers and established marketplace infrastructure offer a way out of that decline.
The synergies aren't fictional. Both companies have collectibles businesses. GameStop has physical locations that could serve as authentication centers for trading cards, sneakers, and other high-value items that eBay sellers currently struggle to verify. And a digital marketplace for video game items, things like skins, in-game currencies, and virtual goods, could tap markets that neither company currently owns.
What are the obstacles?
eBay's market cap hovers around $73 billion, making the $56 billion bid a discount. Cohen would likely need to raise his price. Financing remains murky. Stock dilution, Bitcoin sales, or debt would all carry different risks for GameStop shareholders and eBay's board.
Regulatory scrutiny is another unknown. A combined GameStop-eBay would control significant e-commerce infrastructure, though neither company dominates the way Amazon does. Antitrust review would depend on how regulators define the relevant market.
Logicity's Take
Cohen is playing a public pressure campaign. By repeatedly stating his intentions on TV and through press releases, he's signaling to eBay shareholders that a higher offer could come and that management might be leaving money on the table. For fintech and finance teams watching this, the real story is the financing structure. GameStop can't buy eBay with Bitcoin or cash alone. The share authorization vote suggests a stock-heavy deal, which means eBay shareholders would become GameStop shareholders. Whether that's attractive depends entirely on whether they believe Cohen's $1 trillion vision. Payment infrastructure integration between the two platforms would be the first operational challenge post-merger, particularly harmonizing buyer protection, seller payouts, and fraud detection systems.
Frequently Asked Questions
How much did GameStop offer to buy eBay?
GameStop submitted a $56 billion nonbinding proposal in May 2026 to acquire 100% of eBay.
Why did eBay reject GameStop's offer?
eBay's board cited its standalone prospects, uncertainty about deal financing, and concerns about long-term profitability and growth.
What is Ryan Cohen's plan for the combined company?
Cohen wants to build a digital marketplace for video game items, combine both companies' collectibles businesses, and use GameStop stores as trading card authentication hubs.
How would GameStop finance an eBay acquisition?
Shareholders recently approved more authorized shares, suggesting a stock-heavy deal. GameStop also holds approximately $4.5 billion in Bitcoin reserves.
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Source: PYMNTS | / PYMNTS
Manaal Khan
Tech & Innovation Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
