GameStop is back in the news, this time with a bold $55.5 billion offer to buy eBay. While the deal is huge, the crypto aspect is also getting a lot of attention.
GameStop currently holds about $368 million in Bitcoin, and people are wondering whether it might use it to help pay for the deal. The company says it will use cash, financing, and possibly other assets, but it has not ruled out selling its Bitcoin.
CEO Ryan Cohen has said before that the company is willing to shift resources if a good opportunity comes up. He even called the acquisition plan “more compelling than bitcoin,” suggesting that crypto might not remain a main holding if a big deal goes through.
GameStop has already been actively managing its crypto holdings. The company recently moved thousands of BTC to a brokerage platform to use a covered-call strategy, which lets it earn income while still holding Bitcoin.
If the deal goes through, GameStop will become a bigger e-commerce company. But it also raises a key question: are corporate Bitcoin holdings meant as long-term reserves, or are they just assets to use when needed?
The answer may depend on how this deal develops and whether Bitcoin stays on GameStop’s balance sheet in the future.
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