GameStop proposes a $55.5 billion acquisition of eBay; $3.68 million Bitcoin's future in doubt

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CryptoWorld News reports that GameStop (GME) plans to acquire online marketplace eBay (EBAY) for $55.5 billion, sparking new questions about whether its holdings of approximately $368 million worth of Bitcoin (BTC) will be used to fund the deal. GameStop submitted a non-binding offer to acquire eBay for $125 in cash and stock per share, a 46% premium over its early February stock price. The company stated that it currently holds a 5% economic stake through stock and derivatives. Such a transaction could require significant cash, and GameStop expects to fund the offer using its $9.4 billion in “cash and liquid investments” as well as up to $20 billion in financing. GameStop also disclosed that it has transferred approximately 4,709 Bitcoin to Coinbase Prime to maintain exposure to Bitcoin while generating income. The company views its Bitcoin holdings on its balance sheet as “accounts receivable.”

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