eBay Rejects GameStop's $56B Bid, Bitcoin Exposure in Focus
eBay rejected GameStop's $56 billion takeover bid, reigniting discussion around GameStop's $368 million bitcoin exposure through a covered-call strategy.
eBay has rejected GameStop's $56 billion takeover bid, putting the spotlight back on GameStop's bitcoin exposure. The video game retailer's ambitious offer was built around $9.4 billion of cash and liquid investments, but eBay's board deemed it insufficient.
GameStop holds roughly $368 million worth of bitcoin exposure through a covered-call options strategy. According to a filing in March, the firm shifted nearly all of its 4,709 BTC to institutional brokerage Coinbase Prime, converting the position into a receivable rather than directly held bitcoin. This structure means GameStop's bitcoin bet is now tied to counterparty risk and the performance of its options strategy, rather than pure spot exposure. For crypto traders, the saga highlights how traditional companies are increasingly using bitcoin as a strategic asset, and how such positions can influence M&A dynamics. Check NowPrice's crypto page for real-time bitcoin pricing and options market data.
Looking ahead, GameStop must decide whether to walk away, raise its bid, or take the fight directly to eBay shareholders. The outcome could set a precedent for how bitcoin holdings are valued in corporate transactions. Traders will also watch for any updates on GameStop's options strategy, as shifts in its bitcoin position could signal broader institutional sentiment towards the asset.