EBay’s rejection of GameStop’s $56 billion takeover proposal has put GameStop’s bitcoin exposure back in the market spotlight.

CoinDesk reported on May 12 that EBay’s board did not accept GameStop’s terms of $125 per share, split evenly between cash and stock.

The EBay board called the proposal “not credible and not attractive.” It also cited doubts about the financing structure as a reason for the rejection. EBay judged it was better positioned under its current management.

Market reaction has also priced in low odds of a deal. EBay shares traded well below GameStop’s offered price even after the proposal was announced. In premarket trading on May 12, EBay fell about 1 percent to $107 and GameStop slid 4 percent. That has been read as a sign investors are not confident the deal can be completed.

Against that backdrop, GameStop’s bitcoin-related assets are again drawing attention. GameStop has about $368 million of bitcoin exposure through a covered call options strategy. In a March filing, GameStop moved most of its 4,709 BTC to Coinbase Prime, an institutional brokerage service. As a result, the position has been recorded as receivables rather than directly held bitcoin.

Under the deal structure, GameStop designed the offer based on $9.4 billion of cash and liquid assets and up to $20 billion of borrowing from TD Bank. But that financing is conditional on the post-merger company maintaining an investment-grade rating. Moody’s has already warned the deal would be negative for EBay’s creditworthiness. If GameStop raises its bid further or shifts to a hostile takeover, the financing burden could rise.

Ryan Cohen previously said the EBay deal was “far more attractive than bitcoin.” After the remark, market attention has focused on whether GameStop could reduce its bitcoin exposure if it needs additional cash. Even selling bitcoin-related assets would not be enough to fund the entire acquisition. Still, it is seen as one of the few discretionary assets GameStop could use as it tries to persuade investors the bid is feasible.

Shareholder reaction has not been uniformly supportive. Investor Michael Burry, known for the film “The Big Short,” sold his stake after the takeover proposal. He warned an EBay acquisition could saddle GameStop with debt and dilute shareholder value.

The market’s focus has narrowed to three points: whether GameStop will withdraw the offer, raise the price, or push ahead by directly persuading shareholders. Investors are also watching whether GameStop will keep its bitcoin exposure or adjust it to secure cash, alongside the direction of the deal.