OceanPal's AI-Blockchain Pivot Sparks 22.5% Stock Plummet

OceanPal Inc. (NASDAQ: OP), a Nasdaq-listed shipping company, has pivoted into the artificial intelligence sector with a $120 million private investment in public equity (PIPE) deal to launch SovereignAI, a wholly owned subsidiary focused on commercializing the NEAR Protocol, a blockchain platform designed for AI applications, according to a Morningstar report. The move positions OceanPal as a public investment vehicle for exposure to NEAR, the native token of the NEAR Protocol, and aims to build a blockchain-native, confidential AI-cloud infrastructure using NVIDIA technology, as Cointelegraph reported.

SovereignAI's strategy involves accumulating NEAR tokens to acquire at least 10% of the token supply over time, leveraging the NEAR Protocol's architecture for agentic AI and chain abstraction, according to Yahoo Finance. The initiative aligns with growing institutional interest in scalable, privacy-preserving AI infrastructure, as highlighted by continued support from traditional finance and crypto-native funds, per a PR Newswire release. NEAR's tech stack enables AI agents to function as independent economic actors, facilitating transactions and automated decisions while maintaining user data privacy and governance, as noted in Morningstar's coverage.

OceanPal's leadership transition includes the appointment of Sal Ternullo as co-CEO and David Schwed as COO, both bringing expertise in asset management and crypto infrastructure. Schwed emphasized that SovereignAI's strategy extends beyond treasury management to actively building user-owned AI infrastructure, leveraging NEAR's trust and security frameworks, according to the PR Newswire release. The advisory board, chaired by NEAR Foundation co-founder Illia Polosukhin, includes figures from OpenAI, Quicknode, and Fabric Ventures, underscoring the project's cross-industry collaboration noted by Yahoo Finance.

Despite the strategic pivot, OceanPal's core shipping operations—specializing in dry bulk and product tankers—will continue, though the firm reported a first-half net loss of $10.4 million, as Yahoo Finance reported. The stock plummeted 22.5% in after-hours trading following the announcement, trading at $1.73, a stark decline from its June peak of $79, as Investing.com reported. Investors, including Kraken and Proximity, participated in the transaction, which was advised by Clear Street LLC and Cohen & Company Capital Markets, according to Morningstar.

SovereignAI's focus on AI sovereignty aligns with broader trends in blockchain-native AI infrastructure. As AI agents increasingly manage assets and operate autonomously, blockchain networks like NEAR provide the decentralized frameworks needed for secure, compliant transactions, a trend highlighted by Cointelegraph. The initiative also reflects a shift in treasury strategies, moving from passive crypto accumulation to active infrastructure development, as noted in the PR Newswire release.

---