OceanPal’s Ambitious Move into Crypto-AI Encounters Swift Negative Reaction from the Market

OceanPal Inc. has secured $120 million via a private investment in public equity (PIPE) arrangement to establish SovereignAI, a new subsidiary dedicated to advancing the NEAR Protocol and building AI infrastructure, as reported by

. The shipping firm, listed on Nasdaq and known for transporting dry bulk and petroleum cargo, intends to use the capital to roll out a crypto treasury initiative, including plans to purchase up to 10% of the NEAR (NEAR) token supply, according to . This strategy positions as a publicly traded proxy for exposure to NEAR’s native token, while also utilizing NVIDIA technology to develop AI infrastructure with a focus on privacy, as noted by Splash247.

SovereignAI’s approach goes beyond simply holding tokens, aiming to generate returns from its assets to support the creation of confidential, blockchain-native AI cloud services, MarketScreener further explained. The project is in line with the NEAR Foundation’s goal of achieving “universal AI sovereignty,” which allows AI agents to function independently while safeguarding user data and privacy, according to

. “We see NEAR as offering the most significant asymmetric potential among established digital asset projects,” stated Sal Ternullo, OceanPal’s newly named co-CEO and former State Street executive, as cited by MarketScreener. Ternullo pointed out the opportunity to meet the rising demand for compliant AI solutions in industries such as finance, healthcare, and media, as highlighted by Splash247.

The collaboration with the NEAR Foundation also resulted in changes to the executive team, including the appointment of David Schwed as chief operating officer, who was previously Robinhood’s chief information security officer, Splash247 reported. Schwed emphasized SovereignAI’s mission to promote “user-owned, privacy-focused AI at scale,” leveraging NEAR’s infrastructure to support secure and decentralized transactions, as per MarketScreener. The advisory board features Illia Polosukhin, NEAR’s co-founder, along with representatives from OpenAI, Fabric Ventures, and Quicknode, The Block mentioned.

Despite this strategic shift, OceanPal’s shares dropped by nearly 21% after the news broke, according to BeInCrypto. The company posted a net loss of $5.22 million for the first half of 2025, with revenue falling 54.3% compared to the previous year, BeInCrypto also reported. At the same time, NEAR’s token price fell 4.37% in a single day, trading at $2.24, based on the same BeInCrypto report. Analysts indicate that institutional interest in NEAR remains robust, fueled by its advanced AI features and chain abstraction, as stated by

. Nonetheless, the market’s response highlights the risks associated with OceanPal’s bold entry into the crypto and AI sectors.

SovereignAI’s goals mirror a larger movement toward integrating blockchain and AI, with firms like Cloudflare and Coinbase also investigating AI-powered financial solutions, according to

. NEAR’s emphasis on empowering AI agents to autonomously manage assets fits the increasing demand for decentralized automation and compliance tools, FXStreet observed. OceanPal’s alliance with the NEAR Foundation seeks to speed up this integration, though the ultimate outcome will rely on the effective execution of its treasury and infrastructure strategies, MarketScreener concluded.