OceanPal looks to build AI infrastructure on the NEAR Protocol and pursue a digital asset treasury strategy

OceanPal Inc. has announced a $120 million private investment in public equity (PIPE) to fund its entry into the world of artificial intelligence and blockchain, which is recording exponential growth and interest at the moment. 

The company will channel the proceeds into launching SovereignAI Services LLC, a wholly owned subsidiary that aims to build AI infrastructure powered by the NEAR Protocol blockchain.

OceanPal’s partnership with NEAR Foundation positions it as one of the first public shipping firms to enter the digital asset treasury sweepstakes, essentially leveraging blockchain infrastructure and cryptocurrencies to drive long-term value creation.

OceanPal swaps shipping lanes for AI rails

The transaction, which involved the purchase and sale of common stock and pre-funded warrants, will be used to implement OceanPal’s digital asset treasury through SovereignAI. 

The new entity will focus on commercializing the NEAR Protocol, a blockchain network designed for artificial intelligence applications, including privacy-preserving computation and automated agent transactions.

SovereignAI’s ambitions are not modest, as it plans to acquire as much as 10% of NEAR’s native token supply over time, establishing itself as one of the largest corporate holders of the asset. 

According to OceanPal’s newly appointed co-chief executive officer, Sal Ternullo, SovereignAI is designed to serve as a “leading public investment vehicle” for investors seeking exposure to NEAR, the NEAR Protocol’s native token, and the infrastructure powering “agentic commerce,” a term used to describe autonomous AI agents that transact and make decisions on behalf of users.

“We believe NEAR presents the greatest asymmetric upside across mature projects in the digital asset market,” said Ternullo. “This is a public company launching as an active, strategic partner with the NEAR Foundation to advance a shared vision of universal AI sovereignty by leveraging the NEAR Protocol’s vertically integrated AI products and rails.”

SovereignAI plans to be active 

Per its announcement, SovereignAI is not another passive crypto accumulation venture, as it’s expected to operate an infrastructure business that will be delivering “blockchain-native, confidential AI services” across regulated industries such as finance, healthcare, and media.

The venture’s management team includes David Schwed, the company’s new chief operating officer and a former chief information security officer at Robinhood. 

Schwed said SovereignAI sits at the “convergence of two massive transformations – AI and digital ownership,” adding that NEAR’s architecture provides “the trust, security, and economic alignment necessary to realize true AI sovereignty.”

SoverignAI has heavyweight backing

The project has attracted a roster of heavyweight backers from both traditional finance and crypto-native investment circles. Participants in the PIPE deal include Kraken, Fabric Ventures, Proximity, and G20 Group. Advisory and legal partners such as Clear Street LLC, Cohen & Company Capital Markets, and Reed Smith LLP also played roles in structuring the transaction.

OceanPal has also formed a high-profile advisory board for SovereignAI, chaired by Illia Polosukhin, the NEAR Foundation’s chief executive and co-founder. Other members include Richard Muirhead of Fabric Ventures, Lukasz Kaiser of OpenAI, Philippe Sachs of Nscale, Andy Brown of Sandhill East, and Jackie Kennedy of QuickNode.

Polosukhin said the partnership aligns with NEAR’s goal of achieving “universal AI sovereignty” through decentralized, user-owned computing infrastructure. “We believe the NEAR Protocol’s AI-centric tech stack will allow user-owned AI to meet its moment,” he said.

The planned accumulation of 10% of NEAR’s token supply could also have implications for the token’s liquidity and governance dynamics, and the overall success of this partnership will depend heavily on SovereignAI delivering on its promise to make autonomous, user-owned AI a commercial reality.

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