OceanPal’s Shift to AI and Blockchain Triggers 22.5% Drop in Share Price

OceanPal Inc. (NASDAQ: OP), a shipping company listed on Nasdaq, has entered the artificial intelligence industry by securing a $120 million private investment in public equity (PIPE) to establish SovereignAI, its fully owned subsidiary dedicated to advancing the

, a blockchain network tailored for AI-driven solutions, as detailed in a . This strategic shift transforms into a publicly traded vehicle offering access to NEAR, the native asset of the NEAR Protocol, and sets out to create a blockchain-based, privacy-focused AI cloud platform utilizing hardware, according to .

SovereignAI plans to gradually amass NEAR tokens, targeting ownership of at least 10% of the total supply, and to leverage NEAR Protocol’s infrastructure for agent-based AI and chain abstraction, as reported by

. This move is in step with the rising institutional demand for scalable, privacy-centric AI systems, as demonstrated by ongoing support from both traditional financial institutions and crypto-focused investors, according to a . NEAR’s technology allows AI agents to act as autonomous economic participants, enabling seamless transactions and automated processes while safeguarding user privacy and governance, as highlighted by Morningstar.

OceanPal’s executive team now includes Sal Ternullo as co-CEO and David Schwed as COO, both of whom bring significant backgrounds in asset management and crypto technology. Schwed pointed out that SovereignAI’s approach goes beyond simple treasury management, aiming to construct user-controlled AI infrastructure by leveraging NEAR’s security and trust mechanisms, as stated in the PR Newswire release. The advisory board, led by NEAR Foundation co-founder Illia Polosukhin, features leaders from OpenAI, Quicknode, and Fabric Ventures, highlighting the project’s broad industry partnerships, as noted by Yahoo Finance.

Although OceanPal is shifting its strategic focus, its main shipping business—centered on dry bulk and product tankers—will remain operational. However, the company disclosed a net loss of $10.4 million for the first half of the year, according to Yahoo Finance. Following the announcement, shares dropped 22.5% in after-hours trading to $1.73, a sharp fall from the June high of $79, as reported by

. Investors such as Kraken and Proximity took part in the deal, which was facilitated by Clear Street LLC and Cohen & Company Capital Markets, as mentioned by Morningstar.

SovereignAI’s emphasis on AI sovereignty mirrors the broader movement toward blockchain-based AI infrastructure. As AI agents increasingly take on asset management and autonomous operations, decentralized networks like NEAR offer the secure and compliant environment required for such activities, a trend underscored by Cointelegraph. This initiative also marks a change in treasury management, shifting from passive crypto holding to proactive infrastructure creation, as referenced in the PR Newswire release.

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