GameStop’s $56 billion bid is rejected by eBay, shifting attention back to the company’s bitcoin holdings.

eBay has turned down GameStop’s $56 billion takeover bid, with the company’s board labeling the proposal “neither credible nor attractive” and casting doubt over its financing. The rejection leaves GameStop weighing its options, including walking away, improving the offer, or taking the proposal directly to shareholders.

The decision, announced Tuesday, had been largely anticipated. eBay shares have consistently traded well below GameStop’s $125-per-share offer since news of the bid surfaced, signaling that investors were unconvinced the deal would materialize. The board emphasized confidence in eBay’s standalone strategy while pointing to concerns around the structure and funding of the proposal.

GameStop’s offer combines cash and stock, supported by approximately $9.4 billion in liquidity and up to $20 billion in debt financing from TD Bank. However, the debt component depends on the merged entity maintaining an investment-grade credit rating—a requirement that could prove challenging. Moody’s has already indicated the deal would be credit negative for eBay, and any effort to raise the bid or pursue a hostile approach could further complicate financing.

CEO Ryan Cohen has previously described the potential acquisition as “more compelling than bitcoin,” prompting speculation about whether GameStop might tap its bitcoin holdings to help fund the transaction. While such a move would not fully cover the cost, it remains one of the few discretionary assets available to bolster the bid.

Markets have responded cautiously. eBay shares dipped around 1% to roughly $107 in premarket trading Tuesday, still significantly below the offer price, while GameStop shares declined about 4%.

The proposed acquisition has also drawn criticism from within GameStop’s investor base. Michael Burry, best known for The Big Short, exited his position after the bid was announced and warned that acquiring eBay could leave GameStop burdened with debt while diluting existing shareholders.

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