OceanPal's Bold Crypto-AI Shift Faces Immediate Market Backlash

OceanPal Inc. has raised $120 million through a private investment in public equity (PIPE) deal to launch SovereignAI, a subsidiary focused on commercializing the NEAR Protocol and developing AI infrastructure, according to Cointelegraph. The Nasdaq-listed shipping company, which traditionally transports dry bulk and petroleum products, will use the funds to implement a crypto treasury strategy, with plans to acquire up to 10% of the NEAR (NEAR) token supply, as reported by MarketScreener. This move positions OceanPal as a public vehicle for exposure to the blockchain platform's native token while leveraging NVIDIA technology to build privacy-preserving AI infrastructure, Splash247 noted.

SovereignAI's strategy extends beyond passive token accumulation, aiming to generate yield from its balance sheet to fund the development of blockchain-native, confidential AI cloud services, the MarketScreener release added. The initiative aligns with the NEAR Foundation's vision of "universal AI sovereignty," a framework enabling AI agents to operate autonomously while maintaining data privacy and user control, according to The Block. "We believe NEAR presents the greatest asymmetric upside across mature projects in the digital asset market," said Sal Ternullo, OceanPal's newly appointed co-CEO and former State Street executive, per MarketScreener. Ternullo emphasized the potential to capitalize on demand for regulatory-compliant AI in sectors like finance, healthcare, and media, as Splash247 highlighted.

The partnership with the NEAR Foundation also brought leadership changes, including David Schwed as chief operating officer, who previously served as Robinhood's chief information security officer, Splash247 reported. Schwed highlighted SovereignAI's role in advancing "user-owned, privacy-preserving AI at scale," leveraging NEAR's architecture to enable secure, decentralized transactions, according to MarketScreener. The advisory board includes Illia Polosukhin, NEAR's co-founder, alongside figures from OpenAI, Fabric Ventures, and Quicknode, The Block noted.

Despite the strategic pivot, OceanPal's stock plummeted nearly 21% following the announcement, BeInCrypto reported. The company reported a first-half 2025 net loss of $5.22 million, with revenue declining 54.3% year-over-year, the BeInCrypto article added. Meanwhile, NEAR's token price dipped 4.37% in 24 hours, trading at $2.24, per the same BeInCrypto coverage. Analysts note that institutional confidence in NEAR remains strong, driven by its agentic AI capabilities and chain abstraction features, according to FXStreet. However, the market's reaction underscores the risks of OceanPal's aggressive foray into crypto and AI infrastructure.

SovereignAI's ambitions reflect a broader trend of blockchain and AI integration, with companies like Cloudflare and Coinbase also exploring AI-driven financial applications, as noted by CryptoRank. NEAR's focus on enabling AI agents to manage assets autonomously aligns with growing demand for decentralized solutions in automation and compliance, FXStreet observed. OceanPal's partnership with the NEAR Foundation aims to accelerate this convergence, though the success of its strategy will depend on executing its treasury management and infrastructure development plans, MarketScreener added.