GameStop’s $9 Billion War Chest: 5 Likely Acquisition Targets Ranked

3 days ago 3

Trey Thoelcke

Tue, March 31, 2026 astatine 7:25 AM CDT 5 min read

GameStop (GME) holds $9.01B successful combined currency and short-term investments from equity raises and convertible debt, positioning the institution to get Peloton (PTON), which trades astatine a $1.7B marketplace headdress and offers 2.661M paid subscribers for recurring gross that GameStop lacks. Marathon Digital (MARA) astatine $3.0B marketplace headdress is besides realistic fixed GameStop’s $519.4M Bitcoin holdings and Marathon’s 60.4 EH/s mining hashrate.
Ryan Cohen’s acquisition intentions stay unannounced, but GameStop’s monolithic currency presumption and declining banal comparables crossed retail and fittingness sectors make some accidental and unit to deploy superior meaningfully.
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GameStop (NYSE: GME) has softly go 1 of the astir antithetic equilibrium sheets successful American retail. The institution present holds $9,013,800,000 successful combined currency and short-term investments, the effect of equity raises, a $4.16 cardinal convertible indebtedness issuance, and a leaner store footprint. CEO Ryan Cohen has signaled superior superior deployment intentions without naming a target. That ambiguity has fueled speculation crossed Wall Street and Reddit alike, wherever 1 station precocious noted that "GME shareholders got the amended of us" arsenic the banal posted +10% year-to-date gains portion the broader marketplace fell. With billions available, present are 5 companies GameStop could realistically pursue, ranked from slightest to astir likely.

eBay (NASDAQ: EBAY) is the astir strategically compelling sanction successful the conversation. Its recommerce exemplary overlaps straight with GameStop's collectibles segment, which present accounts for 31.2% of its sales. eBay posted full-year gross of $11.1 cardinal with 135 cardinal progressive buyers and is acquiring Depop from Etsy for $1.2 billion, deepening its recommerce credentials. The occupation is that eBay carries a marketplace headdress of astir $39.4 billion, much than 4 times GameStop's full currency warfare chest. Even astatine a distressed valuation, this woody would necessitate transformational leverage Cohen has fixed nary denotation helium would pursue.

Buyout odds: Longshot.

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Best Buy (NYSE: BBY) shares the aforesaid carnal retail DNA arsenic GameStop and has struggled to grow, with full-year gross of $41.69 cardinal connected a −1% trajectory. The banal is down 11.8% implicit 1 twelvemonth and 44.8% implicit 5 years. The strategical overlap is real, but Best Buy's marketplace headdress of $13.4 cardinal inactive exceeds GameStop's deployable cash, and absorbing a $41 cardinal gross concern would beryllium operationally overwhelming for a institution inactive rationalizing its ain store count.

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