Overview
- Etsy signed a definitive all-cash agreement to sell Depop to eBay for $1.2 billion, with closing targeted for Q2 2026 pending regulatory approval.
- Shares of Etsy rose roughly 9–10% on Feb. 19 after the sale was announced alongside a better-than-expected Q4 per-share earnings report.
- Depop generated about $1 billion in 2025 gross merchandise sales and had roughly 7 million active buyers, skewing toward younger shoppers.
- Etsy’s core marketplace weakened, with active buyers down 2% year over year to 93.54 million and Q1 GMS guidance up to $2.43 billion versus $2.8 billion a year earlier.
- The sale price trails Etsy’s approximately $1.62 billion purchase in 2021, and options data showing a 4.56x put-to-call ratio points to cautious investor positioning.