What GameStop is proposing, and the financing gap
The offer, disclosed by Cohen in comments to the Wall Street Journal, positions the deal as a route to building a credible competitor to Amazon. Cohen stated he sees scope to turn eBay into a "much bigger rival" to Amazon, according to the BBC's report on the bid.
The scale of the proposal is striking. GameStop (NYSE: GME) reported approximately $4.8bn in cash and Bitcoin holdings as of early 2025, according to its public filings. That leaves a financing gap of roughly $51bn between the company's liquid resources and the headline offer price. How that gap would be bridged remains entirely unclear.
GameStop could, in theory, attempt a combination of debt financing, equity issuance, or structured arrangements. But the company has no history of raising capital on anything close to this scale for acquisition purposes. Its previous capital raises, notably during the meme-stock trading frenzy of 2021 and subsequent share sales, brought in billions but were opportunistic equity offerings into a surging share price. Replicating that in a structured M&A context is a fundamentally different exercise.
eBay (NASDAQ: EBAY) has not publicly commented on whether it would engage with the approach. An unsolicited bid of this nature would typically require eBay's board to evaluate the offer against its fiduciary duties to shareholders, but there is no obligation to accept or even enter formal talks.
Why eBay matters to UK small-business sellers
For UK-based SMEs, eBay is not a peripheral sales channel. The platform handles an estimated £15bn or more in gross merchandise volume annually in the UK alone, making it the second-largest e-commerce marketplace for UK SME sellers after Amazon.
The platform's significance extends beyond raw transaction volume. eBay's fee structure, seller protections, dispute resolution processes, and advertising tools form the operational backbone for businesses ranging from sole traders selling refurbished electronics to mid-sized retailers running multi-category shops. Many of these sellers have built years of reputation, feedback scores, and repeat customer bases on the platform.
Any change of ownership at eBay would carry the potential for alterations to these core mechanics. Fee schedules, payment processing arrangements, fulfilment partnerships, and algorithmic visibility rules are all set by the platform operator. A new owner with different strategic priorities could adjust any or all of them.
eBay's current strategy under chief executive Jamie Iannone has focused on categories such as refurbished goods, luxury authentication, and collectibles, areas where the platform holds a defensible position against Amazon. A GameStop-led eBay might pursue a different category emphasis, particularly given GameStop's roots in gaming and consumer electronics.
Cohen's platform thesis: ambition versus execution risk
Ryan Cohen's credentials in e-commerce rest primarily on Chewy, the online pet supplies retailer he co-founded. Cohen sold Chewy to PetSmart in 2017 for $3.35bn, a transaction that demonstrated his ability to build a category-specific, customer-focused online business.
Chewy, however, was a single-category direct retailer. eBay is a multi-category, two-sided marketplace connecting millions of independent sellers with buyers across nearly every product vertical. The operational complexity is of a different order. Marketplace businesses require constant calibration of trust and safety systems, seller support infrastructure, cross-border logistics partnerships, and advertising monetisation, none of which featured prominently in the Chewy model.
GameStop itself offers little in the way of relevant operational experience. The company remains primarily a bricks-and-mortar and online retailer of video games, consoles, and related merchandise. It has no track record of large-scale mergers and acquisitions, no history of operating a third-party marketplace, and no demonstrated capability in the payments or logistics infrastructure that underpins eBay's business.
None of this means the bid is without strategic logic. A well-capitalised owner willing to invest in eBay's technology, marketing, and seller tools could theoretically accelerate growth. But the distance between a thesis and its execution is considerable, particularly when the acquirer would need to finance the vast majority of the purchase price externally.
What sellers should watch for next
The immediate practical impact on UK eBay sellers is likely to be nil. Unsolicited bids of this magnitude frequently go nowhere. eBay's board may reject the approach outright, or the financing obstacles may prove insurmountable.
However, several developments would merit close attention from any business with material revenue exposure to eBay.
First, whether eBay formally engages with the bid or discloses a rejection. A public rejection would likely end the matter in the short term. Silence or a willingness to talk would signal that the process has legs.
Second, how GameStop proposes to finance the acquisition. Any credible path to completion would require detailed financing commitments. Without them, the offer remains aspirational.
Third, whether a competing bidder emerges. A public approach of this kind can occasionally prompt other parties to evaluate eBay as a target, potentially including private equity firms or strategic acquirers with deeper e-commerce experience.
Finally, any indication of what a GameStop-owned eBay would mean in practice for seller economics. Changes to commission rates, promoted listings fees, or payment terms would flow directly to the bottom line of every business selling on the platform.
For now, the bid is a statement of intent from Cohen and GameStop. Whether it becomes anything more depends on answers to questions that remain, at this stage, entirely open.
