Digital advertising veteran The Trade Desk (TTD 2.50%) used to be hot stuff. In early December 2024, the stock had posted a market-stomping 156% gain in two years. The stock traded at market-darling valuation multiples such as 134 times free cash flow and 30 times sales. The Trade Desk made mighty Nvidia‘s (NVDA -1.00%) stock look affordable by comparison.

But things have changed.

The Trade Desk’s recent earnings reports have been robust, but they were accompanied by a sobering market analysis and modest forward-looking guidance. The brutal market reaction wiped out several years of The Trade Desk’s investor gains.

So if you invested $500 in The Trade Desk five years ago, that position would be worth just $576 today:

TTD Total Return Level data by YCharts

The S&P 500 (^GSPC -0.09%) market index more than doubled over the same period, in terms of total returns. That’s an above-average compound annual growth rate (CAGR) of 15.6% versus The Trade Desk’s anemic 2.9%.

Image source: Getty Images.

Silver lining of the reality check

These days, you can buy The Trade Desk’s stock at a less outrageous valuation of 33 times free cash flow and 9 times sales. If the stock price doubled today, the shares would still carry lower valuation multiples than Nvidia’s 62 times free cash flow and 30 times sales.

Mind you, The Trade Desk is still far from a deep-discount value stock. These multiples are appropriate for a fast-growing business addressing a large target market.

And I would argue that The Trade Desk fits that description. Its sales have been soaring for years, and free cash flows are richer than ever:

TTD Revenue (TTM) data by YCharts

The company’s near-term outlook has been less bullish in recent quarters, but management still expects roughly 14% sales growth in the third-quarter report. This growth story is far from over. The 2025 stock price cuts simply made this top-notch company more affordable.

Laser Digital, a digital asset subsidiary of Japanese banking giant Nomura, has secured the first limited license to offer over-the-counter crypto derivatives under the Virtual Asset Regulatory Authority’s (VARA) Pilot Regime, the company announced Wednesday.

Laser Digital is the first firm authorized to provide institutional-grade crypto options directly to clients under the VARA framework, marking a significant milestone for the firm and the UAE’s emerging regulatory environment.

With this approval, Laser Digital is officially open for business in Dubai and will begin engaging with institutional counterparties to deliver structured derivative strategies.

The offering includes products for hedging, yield enhancement, and volatility management, all of which are tailored to meet the needs of sophisticated investors in the digital asset space.

The license falls under VARA’s Pilot Regime, designed to vet and onboard qualified firms while maintaining strong oversight of virtual asset activity. Laser Digital’s entry under this program reflects growing regulatory maturity in Dubai’s digital asset sector.

Founded by Nomura to bridge traditional finance and the crypto economy, Laser Digital offers trading, asset management, and venture investment services within a regulated institutional framework.

The company’s approval under VARA signals a deepening of Dubai’s ambitions to lead in the global race for regulated crypto innovation.

VARA, established in 2022, has steadily advanced its regulatory roadmap, most recently introducing a staged licensing framework designed to bring oversight to virtual asset activity while supporting innovation.

The Pilot Regime, which Laser Digital now operates under, allows select firms to engage with the market on a limited basis before progressing toward a full Virtual Asset Service Provider (VASP) license.

Dubai’s regulatory clarity has made it a magnet for crypto firms seeking stability amid a patchwork of enforcement actions and inconsistent policies in other jurisdictions. By securing this license, Laser Digital gains a foothold in one of the few jurisdictions offering structured access to institutional-grade crypto finance under government oversight.

I found a list of 25 English words (not my native language) on a white paper in my mother’s house. I won’t touch that desk for a long time, so this should be old.

I was looking for some information regarding 25 seed phrases, but there is no definitive anwser.

I found the BIP0039 dictionary, but the problem is that half of my words are not on this list.

Words like flute, salute, point, BIP0039.

I don’t know which coin it belongs. I’ve been waiting for a day to integrate the blockchain into my computer, and I’ve already tried the Bitcoin Core Wallet, but I have the seedphrase recovery option.

Are there other dictionaries where I can compare my lists? So can you guess the coins this wallet mentions too? What steps will you take to find it?

thank you very much.

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

June 19, 2025

US President Donald Trump has called on the House of Representatives to swiftly pass the GENIUS Act without making any amendments, urging lawmakers to deliver the bill to his desk “ASAP.”

In a post on Truth Social Thursday, Trump celebrated the Senate’s approval of the bill and warned against any attempts to delay or tweak it.

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” he wrote. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

The push comes a day after the Senate passed the GENIUS Act in a 68 to 30 vote, with 18 Democrats joining most Republicans in support.

Formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, the bill represents Congress’s first major attempt to regulate stablecoins, which are crypto tokens pegged to the US dollar.

GENIUS Act Faces Scrutiny Over Trump’s Crypto Gains Ahead of House Debate

Next, the House is expected to take up the measure, with Republicans holding a narrow majority. While GOP leadership is likely to support the bill, partisan tensions remain.

The GENIUS Act failed its initial Senate vote in May. This was largely due to concerns about Trump’s ties to the crypto industry. Sen. Elizabeth Warren, one of the bill’s strongest critics, raised serious objections. She accused the president and his family of standing to make “hundreds of millions” if the bill becomes law.

Trump’s USD1 stablecoin reportedly brought in $57m last year. Despite the controversy, several Democrats say the need to regulate the growing stablecoin sector is urgent. Sen. Mark Warner, who also raised concerns about Trump’s crypto ventures, argued that the US cannot afford to remain on the sidelines while other countries move forward with digital asset policy.

With Backing from Industry, Stablecoin Bill Moves Ahead Despite Regulatory Gaps

If the House passes the GENIUS Act, it would create a federal licensing system for stablecoin issuers. Each token would be required to maintain full 1:1 backing with US dollars.

In addition, the bill would restrict how reserves are used, limiting them to redemptions and low-risk investments such as Treasury repos. It also mandates anti-money laundering checks and basic consumer protections.

Once cleared by the House, the bill would head to President Trump for his final signature.

Large crypto firms have largely welcomed the legislation. Many have spent millions lobbying in Washington to shape digital asset rules. However, critics say the bill leaves important gaps.

While it prohibits members of Congress and their families from profiting off stablecoins, it does not apply the same rule to the president or first family. As a result, Trump could continue issuing stablecoins even as he signs the regulations governing them into law.

Other provisions in the bill have also drawn criticism. It prohibits yield-bearing stablecoins, a move some say protects traditional banks but stifles innovation. Additionally, the bill’s strict compliance rules could increase costs. This may push out smaller issuers and concentrate power among a few large players.

Even so, momentum appears to favor the bill. Trump’s allies see his urgency as a strategy to lock in digital asset policy. They hope to avoid delays from drawn-out Congressional negotiations or the risk of the bill being bundled with more contentious crypto legislation.