GameStop has amassed a 9.8% stake in eBay and its chairman Ryan Cohen declared in a Bloomberg interview that he is coming for eBay one way or another. GameStop now owns 43.4 million eBay shares after buying 3.5 million shares for about $381 million in mid-June and converting 39 million more from options in July, following an unsolicited $125-per-share buyout offer in May that valued eBay at roughly $56 billion. eBay’s board swiftly rejected that bid as neither credible nor attractive, citing financing concerns, and GameStop’s market capitalization of around $10 billion is about a quarter of eBay’s $50 billion. Cohen aims to leverage GameStop’s 1,600 stores as authentication hubs for collectibles, a category that already accounts for 42% of GameStop’s revenue, while eBay has been strengthening its own high-margin categories under CEO Jamie Iannone and recently reported 19% year-over-year revenue growth to $3.09 billion. Hedge fund data shows 61 funds held eBay at the end of the first quarter of 2026 with a total value of $1.82 billion, while GameStop was held by 29 funds with a total value of $293 million, indicating institutional investors trust eBay more than GameStop.
GameStop Corp.GameStop built a 9.8% stake in eBay and chairman vows to pursue acquisition, signaling aggressive capital deployment.
eBay IncGameStop, with a 9.8% stake and activist intent, threatens eBay's independence and strategy.
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