TLDR
- OceanPal, a shipping company, closed a $120 million private investment deal to launch SovereignAI, a new AI infrastructure subsidiary
- SovereignAI will focus on building confidential AI cloud services on the NEAR Protocol blockchain using NVIDIA technology
- The company plans to acquire at least 10% of NEAR token supply over time, making it the first public company with a NEAR-focused treasury strategy
- Investors in the deal include Kraken, Proximity, Fabric Ventures, and G20 Group
- OceanPal’s stock fell over 20% following the announcement, trading at $1.73 after reaching $79 in June
OceanPal Inc., an Athens-based shipping company, completed a $120 million private investment in public equity transaction on Tuesday. The funds will launch SovereignAI, a wholly owned subsidiary focused on AI infrastructure built on the NEAR Protocol blockchain.
The shipping firm trades on Nasdaq under the ticker OP. The company has a market capitalization of $14.73 million and generated $19.43 million in revenue over the last twelve months.
SovereignAI will develop confidential AI cloud services using NVIDIA technology. The subsidiary plans to accumulate at least 10% of NEAR token supply over time.
This marks the first public company to adopt a digital asset treasury strategy centered on NEAR Protocol. Most companies pursuing similar strategies have focused on Bitcoin or Ethereum.
“We believe NEAR presents the greatest asymmetric upside across mature projects in the digital asset market, which we aim to capture and offer to our shareholders,” said Sal Ternullo, OceanPal’s newly appointed Co-CEO. David Schwed, the company’s chief operating officer, stated the strategy goes beyond treasury management to build infrastructure for user-owned, privacy-preserving AI.
Investment Partners and Advisory Board
The transaction attracted several crypto-native investors including Kraken, Proximity, Fabric Ventures, and G20 Group. Clear Street LLC and Cohen & Company Capital Markets served as financial advisors and placement agents.
Illia Polosukhin, CEO and co-founder of NEAR Foundation, will chair SovereignAI’s advisory board. The board includes representatives from OpenAI, Quicknode, and Fabric Ventures.
“We are very pleased to welcome SovereignAI to the NEAR ecosystem,” Polosukhin said. He expressed interest in working with the subsidiary to achieve universal AI sovereignty.
Stock Performance and Business Operations
OceanPal’s stock fell more than 20% on Tuesday following the announcement. Shares traded at $1.73, down from a June high of $79.
The company maintains a current ratio of 7.05, indicating strong short-term liquidity. OceanPal reported a first-half net loss of $10.4 million from its shipping operations.
The shipping business will continue operating separately from SovereignAI. OceanPal specializes in transporting dry bulk and petroleum products globally.
The securities in the transaction were sold to institutional accredited investors through a private placement. The offering was not registered under the Securities Act of 1933.
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