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RYVYL Inc. (NASDAQ: RVYL) has announced a definitive agreement to merge with privately-held RTB Digital, Inc. (Roundtable), a Web3 digital media SaaS technology firm, in a transaction anticipated to close by year-end 2025, subject to stockholder approval and customary conditions[1]. The merger combines RYVYL's digital payment infrastructure with Roundtable's full-stack media platform, aiming to accelerate revenue and distribution growth for clients including Yahoo, TheStreet, and Paris Saint-Germain (PSG) European Football Club[1].
A key component of the deal is the infusion of $33 million in new capital into the combined entity, with $30 million allocated to the company's treasury in Bitcoin[1]. This strategic move positions the firm to leverage
as a reserve asset, enhancing its balance sheet and supporting innovation in digital media infrastructure[1]. RYVYL's interim CEO, George Oliva, emphasized that the Bitcoin investment aligns with a long-term strategy to integrate digital assets and strengthen the company's financial foundation[1].The merger structure assigns 15.15% ownership to
stockholders and 84.85% to RTB Digital shareholders[1]. Post-merger, the company will operate under the name RTB Digital, Inc. (doing business as Roundtable), with James Heckman, founder of RTB Digital, assuming the role of CEO. Heckman, a serial media platform pioneer, brings a team of blockchain and technology experts, including Eyal Hertzog (Bancor founder) and Bill Sornsin (former Microsoft product leader), to drive the decentralized media liquidity pool[1].The combined entity's treasury strategy is designed to provide decentralized liquidity for clients while fostering innovation. Heckman highlighted that the $33 million capital raise will equally dilute all shareholders post-merger, with future financing expected to proportionately affect both parties[1]. The platform's Bitcoin-powered infrastructure aims to enable publishers to control their data, audiences, and intellectual property through self-pay systems[1].
Market reactions to the merger have been positive. RYVYL's stock surged approximately 40% in after-hours trading following the announcement, reflecting investor confidence in the new corporate direction and leadership[2]. Analysts note that the integration of Bitcoin into a US-listed company's balance sheet is a rare occurrence, potentially attracting regulatory scrutiny while signaling broader acceptance of crypto assets in corporate finance[2].
The merger's strategic vision is supported by a leadership team with extensive experience in media and blockchain innovation. Heckman's prior ventures, including Maven (sold to Yahoo) and Scout.com (sold to Fox), underscore his track record in scaling SaaS platforms for global media brands[1]. Roundtable's existing ecosystem includes partnerships with Yahoo, Miss World, and over 150 sports journalists, generating millions in revenue[1].
Financial advisors Maxim Group LLC and legal counsel Ellenoff Grossman & Schole LLP and Zuber Lawler LLP are supporting the transaction[1]. The merger remains subject to RYVYL stockholder approval, with a proxy statement expected in October and a shareholder meeting scheduled for Q4 2025[1].
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