Roundtable CEO James Heckman says his company's upcoming merger with fintech firm RYVYL Inc. (NASDAQ: RVYL) marks a turning point for blockchain in media, one that focuses on real operating utility instead of speculative token plays.
In a conversation with TheStreet Roundtable host Scott Melker, Heckman discussed Roundtable's NASDAQ progress, its $75 million merger with RYVYL, and why he believes this deal separates genuine innovation from the wave of crypto treasury companies that have recently tried, and often failed to go public.
"There's been a ton of activity with crypto companies, treasury companies going public on NASDAQ, or at least trying. It's not as easy as people think. I think some of the announcements happen. Money goes into SPAC, people can get out of the SPAC. RTOs, reverse mergers into public companies that are on NASDAQ get delisted," Heckman said.
"The SEC has been very reticent to approve mergers where they're not actual mergers. They're going into shells. They're not actual real companies. I think you're going to see a lot of these announcements and not with a operating company on NASDAQ."
NASDAQ approval clears path for $75M merger
On Oct. 15, Roundtable and RYVYL announced that NASDAQ had officially notified RYVYLthat it achieved the required shareholder equity threshold, effectively lifting its delisting risk ahead of the merger.
The confirmation followed a direct, fully funded equity investmentfrom Roundtable into RYVYL, a move designed to strengthen the fintech firm's balance sheet and maintain its listing before the merger closes later this year.
"Of course, a lot of these treasury companies have been under a lot of strain. They're all going either and sometimes trading less than mNAV. So Roundtable made their announcement a little bit a couple of weeks ago that we had signed a definitive agreement with Rival, which is actually an operating SaaS software company on NASDAQ."
Heckman discussed the company's NASDAQ progress, its upcoming $75 million merger with the fintech firm RYVYL Inc. (NASDAQ: RVYL), and how Roundtable is redefining what a blockchain-powered media company could shape into.
"We invested directly into RYVYL. So we did get a letter from NASDAQ releasing that danger. We also, when you say we, Rival, filed with a shareholder meeting and a proxy statement of 15:1 reverse split." Heckman said. "So the two major issues on a lot of these small caps are share price and shareholder equity. So took care of both. We made that announcement this morning, pretty excited about it. I think now, you know, ahead of us is SEC regulatory approval. We feel very good about our situation and very good about the progress of the company."
RYVYL, which operates a global digital payment processing network, is seeking shareholder approval at its upcoming annual meeting on Oct. 30, a measure aimed at ensuring compliance with NASDAQ's minimum share price rule before the Dec. 9 deadline.
Following the announcement, RYVYL stock jumped more than 12% to $0.3830, extending its monthly gains to roughly 35%.
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A Web3 media platform powered by Bitcoin liquidity
Unlike typical "crypto treasury" ventures that rely on speculative holdings, Roundtable runs a Web3 SaaS platform built to decentralize and automate the media industry through a Bitcoin-backed liquidity pool.
The company's liquidity pool allows creators and publishers to receive real-time, on-chain payments, bypassing the opaque accounting systems of traditional ad networks.
"If you're creating videos or stories, you'll literally see your revenue produced in real time in your own smart wallet," Heckman told Melker. "You don't have to wait for accounting or ad networks to tell you how much you've made. It's as fast as buying Bitcoin."
Heckman emphasized that he isn't criticizing crypto treasury companies but highlighting the lack of actual operating leverage at several of them.
"At least there's a foundational value that a lot of these treasuries — certainly Bitcoin is one of them. But are they actual operating growth businesses?" He asked. "It'd be hard to argue that these are actual tech companies with operating leverage that can grow and justify these multiples."
"I think the next level up is a lot of people are investing in companies that are going to take their profits and put it in Bitcoin. But I think you're still subject to the multiple. So, you know, if you're a hotel chain, if you're a car dealership chain or a restaurant industry, you're still going to be three to six times EBITDA. I think that's how that thing settles in."
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Building the "DeWeb" future with Eyal Hertzog
Heckman credited Eyal Hertzog, co-founder and architect of Roundtable's DeWeb platform, as a key force behind the company's blockchain innovation.
"We just merged with DeWeb, led by Eyal Hertzog — the pioneer of decentralized finance." He added, "He invented it, holds the patents, and wrote the original white paper."
Hertzog, best known as the co-founder of Bancor and inventor of automated market-making, the protocol that underpins DeFi liquidity pools is building Roundtable's decentralized architecture. The platform aims to give major media brands like TheStreet , Yahoo , and Paris Saint-Germain's media arm real-time, on-chain payments and transparent data ownership.
A merger built for longevity
Under the terms of the $75 million merger, Roundtable's brand, technology, and SaaS network will combine with RYVYL's fintech infrastructure to expand its Web3 publishing ecosystem and accelerate revenue growth.
Once the merger is approved:
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James Heckmanwill become CEO of the combined company, renamed RTB Digital, Inc., doing business as Roundtable .
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Walton Comer, XBTO co-founder and early Deribit investor, will serve as Chairman.
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Six Roundtable directorswill join the board, with RYVYL's independent director Brett Moyercontinuing.
"We've taken big, deliberate steps to make sure this isn't just another crypto announcement, but a real, sustainable business going public," Heckman said. "We're just getting started — this is the next chapter for Web3 media."
Disclosure : This article was provided by Roundtable, the subject of the story. Roundtable and its affiliates have a direct financial interest in the securities of the company discussed. This communication should not be construed as investment advice.
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This story was originally reported by TheStreet on Oct 15, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
