OceanPal closes $120 million offering to launch SovereignAI and digital asset treasury in collaboration with NEAR Foundation
OceanPal closed a $120 million PIPE to launch SovereignAI, focusing on AI infrastructure and a NEAR-based digital asset treasury.Summary
Nasdaq-listed shipping company OceanPal Inc. successfully completed a $120 million private investment in public equity (PIPE) to establish SovereignAI Services LLC, a new subsidiary dedicated to building digital asset and AI infrastructure in partnership with the NEAR Foundation. Crypto-native investors, including Kraken and the NEAR Foundation, participated in the funding round. The proceeds will finance a blockchain-native digital asset treasury strategy centered on the NEAR Protocol and the development of a confidential AI cloud platform utilizing NEAR and Nvidia technologies. OceanPal intends for SovereignAI to become a leading public investment vehicle offering exposure to the NEAR token, aiming to acquire at least 10% of its total supply over time. The advisory board for SovereignAI will be chaired by NEAR Foundation co-founder Illia Polosukhin. This move represents a significant diversification for OceanPal, moving into blockchain and AI while maintaining its core shipping operations.
(Source：The Block)