OceanPal Inc. has successfully secured $120 million to initiate its digital asset treasury strategy, focusing on the NEAR Protocol’s native token. This Nasdaq-listed shipping company joins the trend of traditional firms venturing into digital assets, signifying a broader corporate shift towards crypto adoption.
However, OceanPal’s stock experienced a decline post-announcement, indicating potential investor doubts regarding its move towards blockchain holdings.
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OceanPal Dives into Digital Assets with $120 Million NEAR Bet
The press release states that OceanPal completed a $120 million private investment in public equity (PIPE) to support SovereignAI Services LLC, a subsidiary focused on commercializing the NEAR Protocol.
SovereignAI aims to secure at least 10% of NEAR’s token supply, positioning itself among the top institutional holders of this asset.
“This transaction positions OP, via SovereignAI, as the primary public investment vehicle for gaining exposure to NEAR, the NEAR Protocol’s native token, along with the essential AI infrastructure needed for agentic commerce,” the press release mentions.
The company also intends to use the capital raised through its treasury management strategy to establish a confidential AI cloud infrastructure built on NVIDIA technology and powered by NEAR.
Prominent investors backing this initiative include Kraken, Proximity, Fabric Ventures, and the G20 Group. OceanPal has also made new executive appointments to advance its digital asset efforts.
Sal Ternullo is appointed co-CEO, and David Schwed takes on the role of COO. The advisory board includes NEAR CEO Illia Polosukhin and advisors from OpenAI and Fabric Ventures.
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“This public company is launching as a strategic partner with the NEAR Foundation to pursue a shared vision of universal AI sovereignty by utilizing the NEAR Protocol’s dedicated AI products and infrastructure, specifically designed for these applications. We aspire to employ this decentralized, confidential computing infrastructure to meet the growing demand for privacy-first, regulatory-compliant AI across various sectors, including finance, healthcare, and media, while empowering businesses and consumers to retain control and ownership,” Ternullo stated.
Market Reaction and Stock Performance
While OceanPal embarks on its crypto and AI strategy, it assures that its global shipping operations will carry on. Nonetheless, recent financial results indicate challenges ahead.
As of June 2025, revenue stood at $3.08 million, marking a 54.3% decrease year over year. The net loss was $5.22 million, with a profit margin of -169.53%.
Additionally, Google Finance data revealed that the latest announcement led to a drop in stock prices. OP closed at $1.74, a decline of 20.91%. Overall, the stock has struggled this year, down 94% year-to-date.
NEAR Protocol’s native token has also suffered a decline alongside OceanPal’s stock. As per BeInCrypto Markets data, NEAR was trading at $2.24 at the time of reporting, reflecting a 4.37% loss in the last 24 hours and a 20.7% drop over the month.
As both OceanPal and NEAR navigate market challenges, the outcome of this ambitious transition into blockchain-centric AI remains uncertain.
