Ryvyl's Strategic Merger with RTB Digital: Opportunities, Uncertainties, and a Hold RatingWe have traversed the web3 world behind a few covered companies as detailed here back in the summer of 2023; perhaps we were too early to call out the technology evolution? Rountable has a real business supporting media clients such as French soccer club. The combined companies usher Roundtable to the public market inexpensively (relative to the IPO or SPAC process), while synergies offer clients "decentralized liquidity" and Ryvyl's balance sheet in support of innovation. The deal needs Ryvyl shareholders to vote in favor, incidental we think in recognizing Ryvyl's Euro business, its most lucrative, is gone, the U.S.