GameStop has raised its economic stake in eBay to more than 6%, escalating a takeover campaign that ranks among the most audacious moves in recent corporate history. The video game retailer turned Bitcoin treasury company is now sitting on a meaningful chunk of one of the internet’s oldest e-commerce platforms, and it doesn’t appear to be slowing down.
The increased position comes after GameStop first disclosed a 5% stake in eBay back in early February 2026. Quietly accumulating shares over the past few months, the company has now crossed the 6% threshold, a level that in activist investing circles signals serious intent rather than casual portfolio diversification.
The $55.5 billion question
Here’s the thing. GameStop isn’t just buying eBay shares to collect dividends. On May 3, the company submitted an unsolicited proposal to acquire 100% of eBay at $125 per share, a cash-and-stock transaction valued at approximately $55.5 billion. That price represented a 46% premium to eBay’s unaffected closing price at the time.
The proposed deal structure is split evenly: 50% cash and 50% GameStop common stock. To back it up, GameStop pointed to its $9.4 billion in cash on hand and a “highly confident” letter covering up to $20 billion in acquisition financing.
