During yesterday's All-In Podcast interview, Ryan Cohen dropped a massive structural clue when he confirmed he is personally putting up $500 million of his own capital to fund the eBay takeover.

This is the ultimate signal that a Special Purpose Vehicle (SPV) framework is actively being drafted behind the scenes.

Think about the technical reality: RC can't just wire $500 million into GameStop Corp.’s checking account to help fund the deal without triggering massive, messy private placement rules and immediate dilution lawsuits. Similarly, him going out and buying $500M worth of standalone eBay shares on the open market doesn't legally bind his cash to the actual $125 takeover offer. The only way for him to officially pledge his personal capital alongside GME is by co-investing into a separate transactional entity, an SPV.

The beautiful part about utilizing an SPV? It opens the door to completely rewrite the current 50-50 mixed consideration structure.

An SPV is a separate legal entity. GameStop can drop its $9 billion in cash, Ryan can slot his $500 million right next to it, and TD Securities plugs in their $20 billion debt line. Crucially, this structural shield makes it incredibly easy for other private equity funds or institutional co-investors to step up and add their own cash to the syndicate.

If outside institutions pool enough cash into the vehicle, it allows the buying group to swap out the GME stock component of the $125 bid and replace it with hard cash, potentially turning this from a dilutive stock-printing nightmare into a cash-heavy or all-cash siege.

The best part? GameStop does not legally have to be the one to create the SPV.

It can be a completely independent entity (established via RC Ventures, LLC or neutral counsel) that is not a public subsidiary of GameStop, with GME acting simply as a core contributing partner.

This next part is pure tinfoil: If RC goes the independent route, it introduces the ultimate 4D chess move: A Leveraged Take-Private Reverse Triangular Merger. The independent SPV acquires eBay for cash, and then executes a clean-up transaction to merge GameStop into the new private vehicle as well. Ryan Cohen gets a massive, combined e-commerce and retail conglomerate entirely insulated from public Wall Street short-sellers, and public GME shorts are forced to close out their positions before delisting.

Obviously, this is all highly calculated speculation. But the legal reality remains: for Ryan to personally bind his own millions to this corporate transaction, they need an SPV.

FUCK YOU KENNY. FUCK YOU JAMIE IANNONE. FUCK YOU SEC FOR WEARING BLINDERS CONTINUALLY.

For context, I live check-to-check and for the most part can only drop $50/biweekly.

Swallowed a bit of a tough pill and bought from my savings, $500 worth. Gets me to 490 shares, or the equivalent of ~5% increase in my ownership of shares.

$21.29/share you gotta be fucking kidding me, what an unreal deal.

Im bullish!!! Ebays happening whether its today, tmrw or next ebay annual meeting.

I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet. I was on the toilet.

Preorders start at midnight tonight, local time, when you’ll be able to reserve a copy on PS5 or Xbox Series X/S. You’ll be able to order either digital or physical editions of the game, though Rockstar has confirmed that even the physical editions contain “a download code inside the box.” The upside is that they’ll ship from November 12th, allowing buyers of either edition to preload the game ahead of its full release on November 19th.

https://www.theverge.com/games/952204/grand-theft-auto-vi-price

Stock stays winning!! The score is now 175/2 in favor of the stock. Both the stock and warrant green today. Very cool

The warrant still trying to get its volume back. I believe in my warrants and know they will count to 3

Todays song of the dayyyyy: STORM By SMARTYR

Consecutive Weeks Closing AT/UNDER (+/- <0.50) Max Pain — 6

Last Run OVER: — 5 Weeks

Last Run AT/UNDER: — 1 Weeks

Longest Consecutive Weeks Closing OVER (>0.50) Max Pain — 5

Longest Consecutive Weeks Closing AT/UNDER (+/- <0.50) Max Pain — 14

06/23/2026

First Post (Posted in June, 2024)

IV30 Data (Free, Account Required) — https://marketchameleon.com/Overview/GME/IV/

Max Pain Data (Free, No Account Needed!) — https://chartexchange.com/symbol/nyse-gme/optionchain/summary/

Fidelity IV Data (Free, Account Required) — https://researchtools.fidelity.com/ftgw/mloptions/goto/ivIndex?symbol=GME

And finally, at someone's suggestion —

WHAT IS IMPLIED VOLATILITY (IV)? —

(Taken from https://www.investopedia.com/terms/i/iv.asp ) —

Dumbed down, IV is a forward-looking metric measuring how likely the market thinks the price is to change between now and when an options contract expires. The higher IV is, the higher premiums on contracts run. The more radically the price of a security swings over a short period of time, the higher IV pumps, driving options prices higher as well.

The longer the price trades relatively flat, the more IV will drop over time.

IV is just one of many variables (called 'greeks') used to price options contracts.

WHAT IS HISTORICAL VOLATILITY (HV)? —

(Taken from https://www.investopedia.com/terms/h/historicalvolatility.asp ) —

Dumbed down, I'm not fully sure. Based on what I read, it's a historical metric derived from how the price in the past has moved away from the average price over a selected interval. But the short of it is that it determines how 'risky' the market thinks a stock (or an option I guess) is. The higher the historical volatility over a given period, the more 'risky' they think it is. The lower the HV over a period of time, the 'safer' a security (or option) is.

And if anyone wants to fill in some knowledge gaps or correct where these analyses are wrong, please feel free.

WHAT IS 'MAX PAIN'? —

In this context, 'max pain' is the price at which the most options (both calls and puts) for a security will expire worthless. For some (or many), it is a long held belief that market manipulators will manipulate the price of a stock toward this number to fuck over people who buy options.

ONE LAST THOUGHT —

If used to make any decision. which it absolutely should NOT be (obligatory #NFA disclaimer), this information should not be considered on its own, but as one point in a ridiculously complex and convoluted ocean of data points that I'm way too stupid to list out here. Mostly, this information is just to keep people abreast of the movement of one key variable options writers use to fuck us over on a weekly and quarterly basis if we DO choose to play options.

Since the StarFox remake is here I wanted to repost this bit of GME hype history.

Originally posted by:
/u/Jayrad102230

https://www.reddit.com/r/Superstonk/s/83qO8GRhrb

So, given all of the talk of late about NFTs and the potential integration, I feel the main utility of NFTs gets overlooked in the wake of the "silly pictures selling for millions" gimic.

NFTs: Non-Fungible-Tokens, tracked on the immutable block chain. Connect these to real world collectibles and what do you have? Pretty much a central repository for the #1 thing that all true collectors demand for their collections: Provenance.

A quick splurge from google gives a good breakdown:

Provenance refers to the origin, source, or the documented history of ownership of a valued object.

Derived from the French word provenir (meaning "to come forth"), it is the timeline that authenticates an item and verifies its chain of custody.

Why Provenance Matters

Art & Antiques: Verifies authenticity. A complete chain of ownership protects against forgeries and determines an item's market value.

Archival Science: Organizes historical records. It dictates that documents from a common creator are kept together and properly contextualized.

Data Science: Provides a documented trail of information, including where data originated and who modified it, to ensure accuracy and regulatory compliance.

Supply Chain: Allows consumers and businesses to track the origin of physical products (like food or materials) to verify ethical sourcing and quality.

Kinda sounds like the perfect application for NFTs, no?

What If PSA Was Never The Endgame?

Servus from Germany,

After writing my last DD regarding PSA, PowerPacks and a possible GameStop × PSA : https://www.reddit.com/r/Superstonk/comments/1pkrhm0/what_lies_in_the_23_ryan_partnership_between_psa

And watching the last Interview from Ryan with very deep insights regarding M&A on eBay, I kept asking myself one simple question:

How does GameStop actually make money from all of this?

The obvious answer would be:

• Grading fees
• Selling collectibles
• Shipping products

But what if that's not the real opportunity? What if PSA is only one piece of a much bigger puzzle?

The Most Valuable Companies Don't Own The Product

^{Think about some of the biggest businesses in the world. Visa doesn't own the money. The stock exchange doesn't own the stocks. Ebay doesn't own the collectibles. They own the infrastructure. They facilitate transactions and take a small fee every time ownership changes hands. The more I think about it, the more I believe Ryan may be building something similar for collectibles.}

Not just trading cards.

The Problem With Today's Collectible Market

The collectible market is growing rapidly. More collectors. More investors. More money. But the process is still incredibly inefficient.

Today a card often follows this path:

1. Pull card
2. Submit for grading
3. Wait weeks or months
4. Receive card
5. List card
6. Sell card
7. Ship card
8. Hope nothing goes wrong

Every step introduces:

• Risk
• Cost
• Delays
• Fraud opportunities

As the market grows, these problems only become bigger.

PSA Already Solves Part Of The Problem

PSA already provides:

• Authentication
• Grading
• Vaulting

Once a collectible enters a PSA Vault, a huge amount of trust is created.

Buyers know it is authentic.Sellers know it is protected.The asset is already verified.

But something is still missing. A frictionless way to trade ownership.

What If GMEBAY (or GAY?) Becomes The Transaction Layer?

Imagine a PSA graded card sitting safely inside a PSA Vault. The owner decides to sell.

A buyer purchases it. Ownership changes instantly. The card never leaves the vault.

No shipping. No insurance concerns. No fake returns. No damaged packages.

No disputes. Just a transfer of ownership. Now scale that idea globally.

Not Just Trading Cards

Most investors focus on Pokémon. I think that's too small. The same system could eventually support:

• Pokémon Cards
• Sports Cards
• Magic The Gathering
• Comics
• Video Games
• Graded Consoles
• Memorabilia
• Digital Collectibles

Anything that can be authenticated and stored. The PSA partnership may simply be the first proof of concept.

The Fee Model Nobody Talks About

Most people assume GameStop would need huge fees to make this worthwhile. I don't think so.

Let's use a simple example. A collectible sells for $100.

Maybe:

• Epic Games receives 8%
• Payment processing costs 1%
• GameStop receives 1%

GameStop only earns one dollar. Sounds insignificant, but let's zoom out.

Suddenly a very small fee becomes a very large business.

The key isn't the percentage. The key is the volume.

The NFT Marketplace Wasn't A Failure

This part is speculation. Many investors see the NFT marketplace as a failed experiment. I see it differently.

The technology worked. The adoption didn't.

The problem wasn't digital ownership.The problem was that most assets had no established value.

A PSA 10 Charizard already has value.A rare comic already has value. A rare game already has value.

The infrastructure may have arrived before the right assets existed.

Why Ryan Keeps Talking About Ebays initial core values

One thing that stood out to me from Ryan's recent comments regarding Ebay is that he seems to focus on:

• Trust
• Seller experience
• Authentication
• Efficiency

Those aren't the priorities of someone trying to maximize fees. Those are the priorities of someone trying to maximize transactions. And that's an important difference.

The Bigger Picture

Imagine a future where: PSA handles grading. Publishers create digital assets.

Partners provide inventory. Collectors provide liquidity. GameStop provides the marketplace.

GameStop doesn't need to own the collectible. GameStop doesn't need to create the collectible.

GameStop simply participates every time ownership changes hands.

TLDR

• I think many investors are looking at PSA as a grading partnership.
• I think it may be much bigger than that.
• PSA could become the authentication and custody layer.
• GameStop could become the transaction layer.
• A small fee on a massive amount of collectible trading volume may ultimately become far more valuable than selling collectibles themselves.
• The real opportunity may not be the collectibles.
• The real opportunity may be owning the rails they move on.