OceanPal’s $120 Million NEAR Push Sends Stock Plummeting By Nearly 21%
OceanPal raised $120 million to fund its digital asset strategy focused on the NEAR Protocol, causing its stock to drop nearly 21%.Summary
OceanPal Inc., a Nasdaq-listed shipping firm, announced it raised $120 million through a private investment in public equity (PIPE) to launch a digital asset treasury strategy centered on the NEAR Protocol's native token.
This capital will fund SovereignAI Services LLC, a subsidiary tasked with commercializing NEAR Protocol, aiming to acquire at least 10% of NEAR's token supply. OceanPal plans to use this capital to develop confidential AI cloud infrastructure built on NVIDIA technology and powered by NEAR. The venture attracted notable investors, including Kraken, and saw new executive appointments, with NEAR CEO Illia Polosukhin joining the advisory board.
Despite the ambitious pivot into crypto and AI, OceanPal's stock (OP) fell 20.91% to close at $1.74 following the announcement, reflecting investor skepticism. This decline occurred while the company's shipping operations continue, though recent financial results showed significant year-over-year revenue decreases and net losses. The NEAR token also experienced a decline alongside the stock.
(Source：BeInCrypto)