●
OceanPal launches SovereignAI focused
on commercializing the NEAR Protocol
● Deep alignment on a shared vision
for universal AI sovereignty with the NEAR Foundation will facilitate the implementation
of a NEAR treasury strategy
●
Capital generated from treasury
management strategy will be used to build a unique blockchain-native,
confidential AI-cloud infrastructure using NVIDIA tech and powered by NEAR
ATHENS, GREECE & NEW
YORK – October 28, 2025 – OceanPal Inc. (“OceanPal”, “OP”, NASDAQ: OP), today announced the
closing of a $120M private investment in public equity transaction for the purchase and sale of common stock
and/or pre-funded warrants to purchase shares of common stock (the “Offering”).
The Company intends to use the net proceeds of the transaction to implement a
digital asset treasury strategy through its new wholly owned subsidiary, SovereignAI Services LLC (“SovereignAI”), focused on
commercializing the NEAR Protocol, a blockchain platform architected for
Artificial Intelligence (“AI”) use cases. As a result of this transaction, OP,
through SovereignAI, is expected to serve as the leading public investment
vehicle to gain exposure to NEAR, the NEAR Protocol’s native token, and the
foundational AI infrastructure needed to enable agentic commerce.
The NEAR Protocol’s focus on agentic AI & chain abstraction aligns
with increasing institutional interest in automation, compliance, and scalable
AI infrastructure, proven by continued support from leading TradFi and
crypto-native funds. NEAR’s AI-centric tech stack allows AI agents to function
as independent economic actors, allowing them to transact, manage assets, and
make automated decisions, all while maintaining data privacy, governance, and
economic rights of their end users.
SovereignAI intends to monetize its infrastructure business by
accumulating NEAR with the objective of acquiring at least 10% of the NEAR
token supply over time. SovereignAI represents an evolution in the treasury
company landscape, moving beyond passive accumulation models to focus on the
successful execution against operating and infrastructure businesses,
leveraging the yield from its balance sheet to build an innovative unique
blockchain-native, confidential AI infrastructure.
"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 OceanPal’s newly appointed Co-CEO, Sal 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,
which were purpose-built for these exact use cases. We plan to use this
decentralized, confidential compute infrastructure to capitalize on the
explosive demand for privacy-first, regulatory compliant AI across enterprise
markets including finance, healthcare, and media while enabling businesses and
consumers to maintain control and ownership."
Mr. Ternullo brings deep expertise in early-stage investing, asset
management, and working with frontier technologies at firms like State Street,
KPMG, most recently serving as General Partner at A100x. The OP executive team also
includes newly appointed Chief Operating Officer (“COO”), David Schwed, who
brings extensive experience in information security and privacy in both
traditional financial institutions and crypto-native contexts, working at firms
including BNY and Galaxy, while most recently serving as the Chief Information
Security Officer for Brokerage & Money at Robinhood.
“SovereignAI is positioned at the convergence of two massive
transformations - AI and digital ownership,” said Mr. Schwed. “Our strategy
goes beyond treasury management to actively build the infrastructure enabling
user-owned, privacy-preserving AI at scale. NEAR Protocol’s architecture
provides the trust, security, and economic alignment necessary to realize true
AI sovereignty and unlock the next generation of autonomous agent commerce.”
The strategy is supported by NEAR Protocol ecosystem-aligned strategic advisors,
leading investors, and operating partners. The NEAR Foundation and the
following key individuals will not only contribute capital to the transaction
but will also support the strategy on a go-forward basis. OP has constructed a
world class Advisory Board for SovereignAI chaired by Illia Polosukhin, CEO
& co-founder NEAR Foundation, alongside, Richard Muirhead (founder, Fabric
Ventures & NEAR Foundation Council member since inception), Lukasz Kaiser
(OpenAI), Philippe Sachs (Nscale), Andy Brown (Sandhill East), and Jackie
Kennedy (Quicknode) providing direct access to AI experts, hyperscalers and
infrastructure companies to deliver on its mission.
“We are very pleased to welcome SovereignAI to the NEAR ecosystem,” said
Mr. Polosukhin, CEO & co-founder NEAR Foundation. “I
look forward to working with them to realize a shared vision of achieving true universal
AI sovereignty by enabling private, user-owned AI and autonomous agent
commerce. We believe the NEAR Protocol’s AI-centric tech stack will allow user-owned
AI to meet its moment.”
The transaction involved
several strategic participants, including crypto-native investors such as
Kraken, Proximity, Fabric Ventures, G20 Group – among others. Clear
Street LLC and Cohen & Company Capital Markets, a division of Cohen &
Company Securities, LLC (“CCM”), served as financial advisors and placement
agents to SovereignAI. Sealion Capital LLC served as advisor to OceanPal Inc.
Reed Smith LLP served as legal advisor to NEAR Foundation and will
represent SovereignAI following the closing of the Offering. Paul Hastings LLP
served as legal advisor to Clear Street LLC and CCM, and Seward & Kissel
LLP acted as legal advisors to OceanPal Inc.
Following the transaction, OP will continue to operate as a global
provider of shipping transportation services, specializing in the ownership and
operation of dry bulk vessels and product tankers. OP expects to continue its
seaborne transportation of bulk commodities as well as refined petroleum
products.
Securities Disclaimers:
The information provided in this press release is intended for
informational purposes only and does not constitute investment advice,
endorsement, analysis, or recommendations with respect to any financial
instruments, investments, or issuers. Investment in cryptocurrency and NEAR
projects involves substantial risk, including the risk of complete loss. This
press release does not take into account the investment objectives, financial
situation, or specific needs of any particular person and each individual is
urged to consult their legal and financial advisors before making any
investment decisions.
The offer and sale of the securities in the Offering, including the
shares of common stock underlying the pre-funded warrants, was made to
institutional accredited investors in a transaction not involving a public
offering pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the "Securities Act"), and have not been registered under the
Securities Act or applicable state securities laws. Accordingly, the securities
issued in the Offering and shares of common stock underlying the pre-funded warrants
may not be offered or sold in the United States except pursuant to an effective
registration statement with the Securities and Exchange Commission
("SEC") or an applicable exemption from the registration requirements
of the Securities Act and such other applicable state securities laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described herein, nor
shall there be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state or
other jurisdiction.
The private placement was conducted in accordance with applicable Nasdaq
rules and was priced to satisfy the "Minimum Price" requirement (as
defined in the Nasdaq rules).
About OceanPal Inc.
OceanPal Inc. is
a global provider of shipping transportation services, specializing in the
ownership and operation of dry bulk vessels and product tankers. OP is engaged
in the seaborne transportation of bulk commodities, including iron ore, coal,
and grain, as well as refined petroleum products. OP’s fleet is primarily
employed on time charter trips with short to medium duration and spot charters,
with a strategic focus on maximizing long-term shareholder value.
About SovereignAI
SovereignAI is a wholly owned subsidiary of
OP formed to implement the company’s digital asset treasury strategy, and developer
of confidential AI infrastructure offering a superior path to get exposure to
the intersection of AI and blockchain in the public markets. SovereignAI will
use NEAR Protocol’s purpose-built technology to establish private, user-owned
agentic commerce. Funds generated by SovereignAI’s holistic treasury management
strategy of NEAR tokens will be used to further the Company’s goal of building unique
blockchain-native AI infrastructure.
To learn more
about SovereignAI, please visit: https://www.svrn.net/
Media Contact: svrn@mgroupsc.com
Cautionary Note
Regarding Forward-Looking Statements
This press
release contains statements that constitute “forward-looking statements” within
the meaning of the U.S. federal securities laws. Forward-looking statements are
statements other than historical facts and include, without limitation,
statements regarding the potential for and amount of additional cash proceeds
from warrant exercises, the anticipated use of proceeds from the announced
Offering, future announcements and priorities, expectations regarding
management, corporate governance, market position, business strategies, future
financial and operating performance, and other projections or statements of
plans and objectives.
These
forward-looking statements are based on current expectations, estimates,
assumptions, and projections, and involve known and unknown risks,
uncertainties, and other factors—many of which are beyond OP’s control—that may
cause actual results, performance, or achievements to differ materially from
those expressed or implied by such statements. Important factors that may
affect actual results include, among others, OP’s ability to execute its growth
strategy; its ability to raise and deploy capital effectively; developments in
technology and the competitive landscape; the market performance of NEAR; and
other risks and uncertainties described under “Risk Factors” in OP’s Annual
Report on Form 20-F filed with the SEC on April 15, 2025, and in other subsequent
filings with the SEC. These filings are available at www.sec.gov. OP
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise, except as
required by law.
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