NEW YORK, July 18, 2026, 10:23 a.m. EDT. U.S. stock exchanges were not open for trading.
- GameStop held a 9.8% stake in eBay valued at $4.86 billion at the close on Friday.
- A $1 shift in eBay alters the value of the holding by $43.4 million.
GameStop Corp. NYSE:GME has disclosed a 9.8% stake in eBay Inc. NASDAQ:EBAY, with the position valued at $4.86 billion as of Friday’s closing price. The announcement was made after the end of regular U.S. trading hours.
GameStop ended the session at $21.89. Based on its June 5 share count, the company’s implied market value stood at $9.82 billion. eBay’s stake represents 49.5% of that amount.
The connection is straightforward. Every $1 fluctuation in eBay shifts the holding by $43.4 million, equating to roughly 9.7 cents per GameStop share.
The gross look-through value shifts rapidly:
| eBay share price used | Value of GameStop’s stake | eBay’s gross value per GME share | Portion of GME equity value |
|---|---|---|---|
| $100.00 | $4.34 billion | $9.67 | 44.2% |
| $112.06, Friday close | $4.86 billion | $10.84 | 49.5% |
| $125.00, Cohen bid price | $5.42 billion | $12.09 | 55.2% |
The gross values were calculated by reporters using 43.390 million eBay shares and 448.691 million GameStop shares. Tax, debt, and any control premium are not included.
GameStop finalized the settlement of 39.047 million eBay shares on July 17, converting derivative holdings into voting shares. The total paid for the stake, including net premiums, was $3.965 billion.
A valuation of $112.06 results in a notional profit of about $410 million, surpassing the fiscal 2025 adjusted EBITDA figure of $345.4 million. GameStop’s initial outlook for fiscal 2026 projects adjusted EBITDA to top $600 million.
GameStop acquired 3.516 million eBay shares in June for $381.3 million, using working capital and reporting no debt for the acquisition. As of May 2, GameStop reported $8.37 billion in cash and marketable securities.
GameStop gained 1.0% last week. eBay slipped 4.4%, and the S&P 500 lost roughly 1.6%. GameStop’s weekly trading volume dropped 15% from the week before.
The disclosure of the full voting stake came after the stock had already shown strength. The filing was released after the closing bell on Friday. The initial regular-session response will take place on Monday, July 20.
GameStop Chair and CEO Ryan Cohen has proposed an offer of $125 per eBay share, with payment terms split evenly between cash and GameStop stock. eBay Chair Paul Pressler dismissed the proposal as “neither credible nor attractive.” SEC
Cohen stated he plans to invest $500 million in the deal. The $20 billion financing letter is nonbinding and subject to conditions. “I’m not going to negotiate against myself,” Cohen said in a regulatory filing. SEC
eBay’s next earnings report is set for Aug. 5, following the upcoming week. Meanwhile, investors are expected to monitor for updated filings, any board reactions or additional information on financing.
Risks: GameStop’s balance sheet would be heavily exposed to eBay shares under this position. If the bid fails, the company may be left with a significant and unstable holding. Any updated agreement could mean taking on additional debt or dilution.
