GME meme coin soars 54% after GameStop reportedly prepares offer for eBay

GameStop’s reported intention to make an offer for eBay sent several meme coins inspired by the gaming retailer sharply higher within 24 hours.

On-chain data shows that Solana-based token GME (GME) rallied about 54% to $0.00092 in a single day, while Roaring Kitty (KITTY) surged roughly 55%, rising from $0.00038 to $0.00059.

On the stock market, shares of GameStop rose 6% at Friday’s close and gained another 4% in after-hours trading following the news, as eBay finished flat before jumping about 12% late, per Yahoo Finance.

The prospective deal, reported by The Wall Street Journal, forms part of CEO Ryan Cohen’s ambitious effort to build a $100 billion-plus industry giant. GameStop’s market capitalization is about $12 billion, while eBay’s stands at $46 billion, roughly four times larger.

GameStop has a $9 billion cash war chest built through years of aggressive cost-cutting and operational restructuring.

The brick-and-mortar gaming chain turned meme stock darling made its first Bitcoin purchase last May and later pledged nearly all of it to Coinbase Credit as collateral for a covered-call strategy, selling options to generate premium income while capping its upside.

The BTC stash was worth around $512 million when GameStop announced the purchase and had declined sharply as crypto markets retreated.

Digital shift pressures core retail business

GameStop’s core retail business is shrinking amid ongoing pressure from the industry’s shift toward digital downloads. The firm reported its fiscal 2025 revenue standing at approximately $3.6 billion, down from $5.2 billion in fiscal 2023.

GameStop accelerated store closures in the past two years. The retailer shut 727 stores in the US in 2025, bringing total closures to over 1,300 across two fiscal years and cutting its store base from 2,915 to 1,598.

GameStop reported net income of approximately $418 million in fiscal 2025, marking a turnaround from prior losses. Aggressive cost-cutting, including over $200 million in reduced operating expenses, has reshaped the business into a leaner operation.

Profitability is now supported less by traditional retail and more by interest earned on its roughly $9 billion cash reserves, alongside growth in higher-margin categories such as collectibles, which remain one of the few expanding segments of its retail business.