GameStop’s reported plan to acquire eBay sent its Solana-based meme coin GME soaring 54% to $0.00092 in 24 hours. The Roaring Kitty token (KITTY) jumped 55%.
Shares of GameStop rose 6% Friday and 4% after hours, while eBay finished flat before jumping 12% late, according to Yahoo Finance.
The Wall Street Journal reports the deal is part of CEO Ryan Cohen’s push to build a $100 billion-plus giant. GameStop’s market cap is about $12 billion, versus eBay’s $46 billion.
GameSpot holds a $9 billion cash war chest built through cost-cutting and restructuring. It made its first Bitcoin purchase last May and pledged nearly all of it to Coinbase Credit for a covered-call strategy.
Meanwhile, GameStop’s core retail business continues to shrink amid industry shift to digital downloads. Fiscal 2025 revenue was $3.6 billion, down from $5.2 billion in fiscal 2023. The company shut 727 US stores in 2025, cutting its store base from 2,915 to 1,598.
Net income hit $418 million in fiscal 2025, fueled by aggressive cost-cutting and interest on its cash reserves, plus growth in collectibles.