GameStop Steps Up EBAY Exposure To 6.5% As Ryan Cohen Pushes $56B Takeover Vision

• GameStop said the derivatives carry strike prices between $84.74 and $114.96 per share.
• eBay had previously rejected GameStop’s $56 billion acquisition proposal. 
• GameStop CEO Ryan Cohen has been proposing nearly $2 billion in cost cuts to make eBay more profitable. 

GameStop’s (GME) pursuit of eBay (EBAY) is drawing renewed attention after the former reported an increase in its economic exposure to the online marketplace operator to roughly 6.5%, according to an updated regulatory filing submitted with the U.S. Securities and Exchange Commission (SEC). 

GME’s Derivative Strategy For EBAY Exposure

The Schedule 13D filing on Tuesday showed that GameStop directly owns 25,000 shares of eBay stock and has economic exposure to more than 29 million additional shares through put/call option structures.

Combined, the exposure amounts to roughly 6.55% of eBay’s outstanding common stock, up from the previously held 5%, based on the company’s share count reported in April. 

GameStop disclosed that the derivative contracts involve strike prices ranging from roughly $84.74 to $114.96 per share. The company said the derivatives could later convert into physical shares if federal clearance under the Hart-Scott-Rodino Act is obtained. Until then, GameStop said it does not maintain voting authority over the underlying stock connected to those contracts.

The move comes after GameStop previously proposed acquiring eBay in a deal valued at approximately $56 billion. eBay later spurned the offer, saying “the proposal is neither credible nor attractive.” 

Ryan Cohen Pushes Cost-Cutting Vision For EBAY 

GameStop CEO Ryan Cohen’s activist-style campaign for eBay has become one of Wall Street’s most closely watched corporate battles in 2026.

In his public remarks tied to the proposal, Cohen criticized what he described as bloated spending and slow operational execution at eBay. His restructuring blueprint calls for nearly $2 billion in annual expense reductions, including cuts to advertising, administrative operations and product development.

He has argued that the changes could improve profitability while streamlining the e-commerce platform’s operations. Cohen also suggested GameStop’s retail footprint could support eBay’s marketplace through package drop-offs and authentication services.

However, analysts have questioned GameStop’s move to seek $20 billion in financing, raising concerns about whether the company can fund the proposed deal despite its roughly $12 billion market value.

What Are GME Retail Traders Saying 

On Stocktwits, retail sentiment around the stock remained in ‘bearish’ territory. 

A user said, “I suspect the EBAY position could increase even further past the new 6.55% position, and there may be more SEC filings in the coming weeks.” 

Another user said, “The exposure just provides a tiny discount to the $125. I would prefer he just stack up the exposure then drop a tender offer directly to eBay shareholders later next year, “ and added, “Let the eBay concerns simmer for a while. Sit back and watch eBay's lack of performance show itself on the ER.”

So far this year, while GME stock has gained 10%, EBAY has surged over 31%. 

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