Although the Christology of the Ebionites in general, and the so-called Gospel of the Ebionites cited by Epiphanius of Salamis in particular, has been commonly classified as adoptionist, the utility of the term ‘adoptionism’ has been recently called into question. This article will focus on the fragment about Jesus’ baptism in Panarion, 30.13.7–8 to determine whether it depicts Jesus’ adoption to divine sonship. Although the text does not use adoptionist terminology and imagery, Jesus does acquire a new christological identity in the pericope when he is possessed by the spirit and metaphorically begotten by the deity. This should be relabelled as a possessionist Christology. However, Epiphanius wrongly interpreted the text through the lens of Cerinthus’ Christology, in which Jesus is only temporarily inhabited by the Christ aeon between his baptism and his crucifixion.