How eBay Can Save $1.2 Billion by Embracing Bitcoin Payments — No Merger Needed

The Unsolicited Bid That Raises Eyebrows

When Ryan Cohen, the chairman of GameStop, launched a $55.5 billion unsolicited bid to merge the meme-stock retailer with eBay, it sent shockwaves through the corporate world. On the surface, the proposal appears enticing: Cohen promises to cut $2 billion in overhead and boost eBay’s diluted GAAP earnings per share from $4.26 to $7.79 in the first year. However, a closer look reveals significant risks. The deal would require taking on $20 billion in new debt from TD Securities and diluting GameStop’s stock to acquire a company four times its size. Analysts and investors remain deeply skeptical, which is why eBay’s stock continues to trade well below Cohen’s $125 offer price.

A Smarter Path to Efficiency

eBay’s board doesn’t need a smaller, meme-driven retailer to strip its budget aggressively. Instead, the company can achieve genuine operational efficiency by upgrading its payment layer—a move that’s already been proven by an unlikely pioneer: Steak 'n Shake. By looking at this real-world blueprint, eBay can unlock a massive structural victory on its own terms.

The Steak 'n Shake Proof of Concept

In 2023, the national burger chain Steak 'n Shake activated Bitcoin Lightning Network payments across its locations. It wasn’t just a marketing gimmick. The real-world data completely upended corporate retail finance:

• 50% Fee Savings: By processing payments over the decentralized Bitcoin Lightning protocol, Steak 'n Shake immediately cut its payment transaction costs in half compared to legacy credit card networks.
• Strategic Bitcoin Reserve: Instead of converting those savings back to fiat, the company funneled the capital directly into a Strategic Bitcoin Reserve to fund employee bonuses, creating a self-reinforcing financial flywheel.

eBay’s Payments Blindspot

eBay is an e-commerce titan, processing massive transaction volumes across its global marketplace. In its fiscal year 2025 financial results, eBay reported steady momentum, yet it remains anchored to traditional payment rails. Through its internal eBay Managed Payments system, the company swallows substantial transaction fees from credit card cartels—fees it then passes on to sellers via a take-rate of roughly 13.25%.

While eBay guards its exact net processing costs, traditional credit card networks (Visa, Mastercard, Amex) charge large digital merchants an average of 2.5% to 3.5% in global interchange and processing fees. Applying a conservative 3% merchant swipe fee to eBay’s estimated $80 billion in annual payment volume reveals a staggering opportunity:

• Total legacy swipe fees: Approximately $2.4 billion per year.
• Potential savings with Bitcoin Lightning: If eBay could follow Steak 'n Shake’s lead and cut those costs by 50%, it would save $1.2 billion annually.

The Bottom Line: No Merger Required

By incorporating Bitcoin Lightning payments, eBay could instantly slash its payment processing expenses without taking on massive debt, diluting shares, or risking a controversial merger. The saved funds could then be redirected toward lowering seller fees, enhancing the buyer experience, or even building a corporate Bitcoin reserve—all while maintaining full autonomy. In a market where every percentage point matters, this approach offers a far less disruptive and more sustainable path to profitability.

For eBay, the answer isn’t a high-stakes game of corporate chess. It’s a simple upgrade to the payment layer—one that’s already been proven to work in the real world. By ignoring GameStop’s offer and embracing Bitcoin, eBay can achieve a $1.2 billion victory entirely on its own terms.