GameStop is making a seriously bold move: the gaming retailer has submitted a non-binding proposal to acquire 100% of eBay at US$125 per share, using a mix of cash and stock.
That is not a small swing, bro. GameStop currently holds a 5% economic stake in eBay through derivatives and beneficial ownership of common stock. According to the reported proposal, the offer represents a 46% premium over eBay’s unaffected closing price on February 4, the date GameStop began acquiring shares in the company. It is also a 20% premium over eBay’s closing stock price on Friday.
For context, GameSpot reported that GameStop’s market cap is around US$12 billion, while eBay sits much higher at about US$46 billion. So yes, this is a much smaller company trying to take over a much bigger online marketplace. Very GameStop-coded, honestly.
If the deal actually goes through, Ryan Cohen would become CEO of the combined company. Cohen said GameStop has secured US$20 billion in debt financing from TD Bank for the possible acquisition, on top of US$9 billion in cash available for the deal.
Why this matters to Malaysia and SEA fans
At first glance, this sounds like pure Wall Street business news. But for gamers, anime collectors, retro hunters, and figure kaki in Malaysia and SEA, eBay is still one of the big global platforms for hard-to-find stuff.
We are talking old Pokémon games, discontinued consoles, imported Blu-rays, rare manga volumes, trading cards, collector’s editions, vintage game merch, and figures that never officially came to Malaysia. Even if many local buyers prefer Shopee, Lazada, Carousell, Facebook groups, or direct Japan proxy services, eBay still matters because it affects global resale pricing and availability.
If GameStop somehow takes over eBay, the big question is what happens to collectibles and gaming resale. Does GameStop push harder into gaming hardware, retro products, graded collectibles, and pop culture goods? Or does it focus more on financial restructuring and cost-cutting? For SEA buyers, any shift in fees, seller policies, shipping options, or category priorities could affect how easy—or expensive—it is to buy imported items.
And let’s be real: Malaysians already deal with currency conversion pain, international shipping, customs concerns, and sellers who do not always ship here. A major ownership shake-up at eBay could make the experience better, worse, or just more unpredictable.
GameStop’s recent history is messy
Cohen has been leading GameStop since January 2021. In June 2023, GameStop appointed him Executive Chairman of the board after terminating Matthew Furlong as CEO. The company then hired Mark Robinson as General Manager, making him the company’s principal executive officer.
GameStop has been trying to tighten its business for years. Its sales dropped 10% in the first quarter of fiscal year 2023, and while aggressive cost-cutting helped reduce losses, the company still lost US$300 million in the previous fiscal year.
The retail footprint has also been shrinking. Since 2019, GameStop has closed more than 800 stores worldwide. In May 2025, French-Canadian entrepreneur Stephen Tetrault acquired Electronics Boutique Canada inc. from GameStop Global Holdings S.A.R.L. and rebranded those stores as EB Games Canada.
So this proposed eBay acquisition is not coming from a company in chill mode. GameStop has been transforming, cutting, restructuring, and now apparently trying to grab one of the world’s biggest online resale marketplaces.
For now, the proposal is still non-binding, meaning nothing is locked. But if this becomes real, it could be one of the biggest gaming-adjacent business moves in years—and collectors across Malaysia and SEA should keep an eye on it.
Source: Anime News Network