GameStop Corp. is preparing to submit an offer for eBay Inc., according to a report from The Wall Street Journal. The video game retailer, with a market capitalization of approximately $12 billion, has been quietly accumulating shares in eBay, which is valued at around $46 billion. CEO Ryan Cohen aims to scale GameStop into a $100 billion entity through such acquisitions, potentially submitting the bid as early as later this month.

GameStop ended the first quarter of 2026 with about $9 billion in cash, up significantly from the prior year, amid ongoing challenges in physical retail sales. eBay, meanwhile, reported Q1 2026 revenue of $3.1 billion, a 19% increase year-over-year, focusing on collectibles and fashion. Following the WSJ report, eBay shares rose over 10% in after-hours trading, while GameStop shares increased around 5%.

Reactions on social media and forums have been varied, with some investors expressing skepticism over the valuation disparity and others anticipating momentum from Cohen's strategy. Analysts have yet to provide detailed commentary, but the development aligns with Cohen's earlier statements on pursuing major retail sector deals. The full implications for shareholders remain to be quantified in subsequent filings.

This potential transaction underscores the evolving dynamics in consumer retail, where cash reserves and shareholder activism continue to influence corporate strategies. Further details may emerge through regulatory disclosures.