Overview
- The Nasdaq-listed shipper formed SovereignAI Services LLC to build a confidential AI cloud using NEAR Protocol integrated with Nvidia technology.
- OceanPal disclosed a long-term plan to accumulate at least 10% of NEAR’s total token supply as an operating digital-asset treasury.
- The $120 million private investment in public equity will fund the venture, with reported participation from Kraken, Proximity, Fabric Ventures, the G20 Group, and the NEAR Foundation.
- NEAR co-founder Illia Polosukhin will chair SovereignAI’s advisory board, and OceanPal appointed Sal Ternullo as co-CEO and David Schwed as COO to lead the effort.
- OP shares closed down about 21% to $1.74 after the announcement, extending steep year-to-date losses, and the company says its shipping operations will continue.