51% eBay exposure would be fully covered by only 68% of Q1 risk-free income
6.55% economic exposure to $EBAY (29.1 million shares via cash-settled put/call pairs) net premium was around $7 million.
$EBAY -> 444 million total shares outstanding 51% of $EBAY -> 226.5 million shares
226.5M minus 29.1M = 197.4M shares exposure needed.
Using the exact average net premium per share from the 13D filing ($7M ÷ 29.1M = $0.24), the extra cost works out to 197.4M × $0.24 ≈ $47.4 million + the original$7M premium = $54.6 million total net premium.
Meanwhile $GME’s $9+ billion cash pile (end of Q4 2025) is generating risk-free income. at a 3.6% annualized yield (3-month T-bill rates). In Q1, $GME will generate $9.014B × 0.036 × (13/52) = $81 million.
$54.6M/$81M = 67.4%
51% of eBay exposure would be fully covered by only 67.4% of Q1 risk-free income.