r/DeepFuckingValue

Not saying this is exact, just throwing some napkin math out there for the group.

GameStop’s filing shows synthetic exposure to about 29.08m eBay shares through the put call pairs, with roughly 7m paid in net premium. The strikes are somewhere between about 84.74 and 114.96, but we do not know the exact weighting, so the average strike is the big missing piece.

The rough formula I’m using is:

current eBay price minus assumed average strike, multiplied by 29.08m shares, minus the 7m premium.

With eBay now around 119, the rough unrealized gainz could look something like this:

If avg strike is 85, around 980m (wtf?!)
If avg strike is 95, around 690m
If avg strike is 100, around 540m
If avg strike is 105, around 400m
If avg strike is 110, around 250m
If avg strike is near 115, still around 100m

Again, this is not realized cash and the exact number depends on the strike weighting, but the setup looks pretty wild. Whether the deal goes through or not, GameStop may already be sitting on a massive win from the trade itself. And if that gain runs through earnings, the next report could look insane.

Just imagine something like roughly 1B in quarterly revenue and reported net income also getting anywhere near that level because of those unrealized value gain. That would be absolutely nuts.

Please correct my thinkng, if i am wrong!

Source: https://www.sec.gov/Archives/edgar/data/1411579/000141157926000052/xslF345X06/primary\_doc.xml

Look at japans bond yields reaching aths and levels not seen in decades. USD/JPY hit 160 twice these past couple months before the boj intervened and now it’s creeping up there again. We all remember what happened two summers ago when japan hiked rates and the USD/JPY reached 161. The BOJ might need an emergency meeting rate hike asap, but either way it’s gonna happen in June anyway.

Ryan and warren have been stacking cash these past couple of years as the bond yields have gone up exponentially in only a few years. I think they see the writing on the wall and this might be what roaring kitty has been waiting on if you remember his thumbnail from his last stream. It might actually be time soon, any day or week now imo. Let me know what you guys think and feel free to share your thoughts.

All the fake gains made by the s&p 500 these past few years could potentially be wiped out in an instant. So many things happening at once, i can barely keep up anymore 😪. I don’t even know wtf is going on with the war too lol

APLD, NOW, and HIVE are in my radar lately. NBIS has treated me well. Looking to take some profits and diversity (not all) into other similar projects. What ya got?

Alright you beautiful crayon-gobbling filing archaeologists, I read the boring SEC stuff so we don’t have to run around screaming the wrong thing.

This filing is **NOT** “GameStop bought 29 million eBay shares.”

The cleaner read is:

> GameStop owns **25,000 actual EBAY shares** and has **economic exposure** to another **29,078,699 EBAY shares** through derivative Put/Call Pairs.

Together, the direct shares + derivative exposure equals about **6.55%** of eBay’s outstanding common stock.

That distinction matters. A lot.

GameStop is not saying it currently votes 6.55% of eBay. In fact, the filing specifically says GameStop does **not** currently have voting power or dispositive power over the underlying shares tied to the Put/Call Pairs unless/until those are physically settled.

So what changed?

The new amendment adds **6,902,699 more shares of exposure** through Put/Call Pairs:

| Date | Added exposure |

|---|---:|

| 5/8/2026 | 1,000,000 shares |

| 5/15/2026 | 3,400,000 shares |

| 5/19/2026 | 2,502,699 shares |

The funny little wrinkle: eBay rejected GameStop’s proposal on **May 12**, calling it “neither credible nor attractive.”

Then GameStop added more exposure on **May 15** and **May 19**.

Not saying that means anything with certainty.

Just saying the timeline is spicy as hell. 🌶️

### What are these Put/Call Pairs?

The counterparty is **The Toronto-Dominion Bank**, with TD Securities USA acting as agent.

The filing says these are **American-style put/call options**. The original 13D says they expire **February 23, 2028**.

The amendment says the strike prices range from:

> **$84.739414 to $114.964496**

The filing also says GameStop paid a total net premium of:

> **$7,007,703.76**

for the 29,078,699 Put/Call Pairs reported on the Schedule 13D.

### Cash-settled vs physical settlement

This is the important legalese part.

The Put/Call Pairs are **cash-settled only** unless/until the HSR antitrust condition is satisfied.

After HSR clearance, physical settlement may become possible. That means the derivatives could potentially settle into actual EBAY shares, but the filing is clear that GameStop does **not** currently have voting/dispositive power over those underlying shares.

So the current state is:

✅ 25,000 actual EBAY shares

✅ 29,078,699 EBAY-share economic exposure through Put/Call Pairs

❌ Not currently voting those 29M underlying shares

❌ Not the same as outright owning 6.55% voting stock today

### What we do NOT know

The filing does **not** give us the exact strike/premium for each individual tranche.

Exhibit 99.5 is a form pricing notification, but the actual fields for things like hedge completion date, number of options, initial hedge price, strike price, premium, and premium payment date are blank placeholders.

So don’t go full tinfoil and invent exact tranche math that is not publicly disclosed.

### My crayon take 🖍️

This looks like M&A chess.

GameStop made a proposal for eBay. eBay said no. GameStop then increased its economic exposure anyway.

Whether this is pressure, positioning, optionality, or some 69D chess RC nonsense, the filing itself is pretty clear: GameStop is building economic exposure while direct voting ownership remains tiny unless/until regulatory/settlement conditions change.

TL;DR:

GameStop does **not** currently own 6.55% voting power in eBay.

GameStop does have about **6.55% combined direct + economic exposure** to eBay through 25K actual shares and 29M+ shares underlying Put/Call Pairs.

No financial advice. I eat crayons. Verify everything. It was never about the carrot. 🚀💎🙌

Sources:

SEC 13D/A filing:

https://www.sec.gov/Archives/edgar/data/1065088/000119312526231493/xslSCHEDULE\_13D\_X02/primary\_doc.xml

Exhibit 99.2 trading data:

https://www.sec.gov/Archives/edgar/data/1065088/000119312526231493/ck0000000000-ex99\_2.pdf

Exhibit 99.4 supplemental confirmation form:

https://www.sec.gov/Archives/edgar/data/1065088/000119312526231493/ck0000000000-ex99\_4.pdf

Exhibit 99.5 pricing notification form:

https://www.sec.gov/Archives/edgar/data/1065088/000119312526231493/ck0000000000-ex99\_5.pdf

Original 13D:

https://www.sec.gov/Archives/edgar/data/1065088/000119312526202465/xslSCHEDULE\_13D\_X02/primary\_doc.xml

eBay rejection letter:

https://www.sec.gov/Archives/edgar/data/1065088/000155278126000322/e26249\_ex99-2.htm