GameStop Rises 13% After Report Ryan Cohen Buys eBay Stock

GameStop shares climbed about 13% after reports that investor Ryan Cohen has been quietly buying shares of eBay ahead of a possible takeover proposal. GameStop’s market value was roughly $11 billion at the close; eBay’s was about $45 billion. eBay shares rose more than 10% in after-hours trading.

Reports indicate the buying occurred before a potential bid that could be made as soon as later this month. Terms of any proposal have not been disclosed. If eBay’s board declines to engage in talks, Cohen could present an offer directly to eBay shareholders.

Cohen controls GameStop and has publicly said he is pursuing a large consumer or retail acquisition to broaden the company’s business beyond video games and collectibles. He described the strategy as ‘way more compelling than bitcoin’ and declined to say whether GameStop would sell bitcoin holdings to help fund acquisitions. He compared the approach to Berkshire Hathaway’s model, adding that the company aims to move on a faster timeline.

GameStop reported roughly $9 billion in cash and marketable securities at the end of March, up from about $4.8 billion a year earlier. The company recorded annual profits in fiscal 2024 and fiscal 2025 after five straight annual losses. By the fiscal 2025 third quarter, gross margin had improved by seven percentage points and net income reached $77.1 million, compared with a $3.1 million loss in an earlier period.

Potential funding sources for a deal include cash and liquid assets, some exposure to bitcoin, use of margin or issuing stock. Cohen has not provided specifics. Under a revised compensation plan, he could receive up to $35 billion in stock if GameStop reaches a $100 billion market value and meets other targets.

Investor interest in a possible large acquisition has supported GameStop’s rally this year; the stock is up about 30% year to date. Notable investors have added to their positions. Michael Burry has been buying GameStop shares and wrote that Cohen is ‘making lemonade out of lemons,’ arguing the company should use its cash to buy a growing, profitable business.

eBay has gained momentum over the past year, with shares up more than 50% as the company refocused on categories such as collectibles and fashion. In February, eBay agreed to buy the Depop marketplace for $1.2 billion. For now, corporate filings or a formal offer have not been made public and the situation remains fluid.