GameStop Corp. Increases Economic Exposure in eBay Inc. to 7.78% via Derivatives

On May 28, 2026, GameStop Corp. filed Amendment No. 2 to its Schedule 13D regarding its investment in eBay Inc. (EBAY). While GameStop continues to hold 25,000 shares of common stock directly (representing approximately 0.01% of the class), the reporting person has significantly increased its economic exposure through derivative instruments. Specifically, GameStop entered into additional Put/Call Pairs with The Toronto-Dominion Bank, covering an additional 5,430,291 shares. This brings GameStop's total economic exposure to 34,508,990 shares, or approximately 7.78% of eBay's outstanding common stock. The Put/Call Pairs currently have strike prices ranging from $84.74 to $118.28. These derivatives are currently cash-settled only; however, they may be physically settled in shares once the HSR Act Condition is satisfied. GameStop paid a net premium of approximately $1.59 million for the newest set of derivatives using working capital. Although GameStop disclaims beneficial ownership of the underlying derivative shares until the HSR condition is met, the filing indicates a substantial increase in its strategic economic interest in eBay.