CoinDesk
EBay's board has formally rejected GameStop's $56 billion half-cash, half-stock takeover offer, calling it "neither credible nor attractive" and expressing confidence in its existing strategy. Markets had already priced in skepticism — eBay shares were trading well below the $125-per-share offer price, and both stocks slipped further after Tuesday's rejection.
The collapse of deal momentum puts GameStop's bitcoin exposure back in focus. The company holds roughly $368 million in BTC exposure via a covered-call options strategy, with nearly all of its 4,709 BTC shifted to Coinbase Prime as a receivable rather than directly held coins. CEO Ryan Cohen had framed the eBay bid as "way more compelling than bitcoin," raising the question of whether that position gets unwound to shore up financing.
The deal's funding structure was already fragile: $9.4 billion in cash and liquid assets plus up…
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