TL;DR
- OceanPal closes a $120 million private investment to launch SovereignAI, its AI and digital asset treasury subsidiary based on NEAR.
- The PIPE received support from Kraken, Proximity, Fabric Ventures, G20 Group, and the NEAR Foundation.
- The company will use the funds to accumulate at least 10% of the NEAR token supply.
OceanPal completed a $120 million private investment to launch SovereignAI, its new subsidiary focused on artificial intelligence (AI) infrastructure and a digital asset treasury based on the NEAR Protocol. The company aims to position itself as a public investment vehicle in NEAR and build a confidential, decentralized AI platform that combines blockchain with Nvidia technologies.
The PIPE included both crypto-native and traditional investors, such as Kraken, Proximity, Fabric Ventures, G20 Group, and the NEAR Foundation. Clear Street LLC and Cohen & Company Capital Markets acted as financial advisors, while Sealion Capital advised OceanPal. On the legal side, Reed Smith LLP represented the NEAR Foundation, Paul Hastings LLP advised the financial advisors, and Seward & Kissel LLP represented OceanPal.
The funds will enable the company to implement a NEAR-focused treasury strategy, develop cloud-based AI infrastructure, and monetize the platform by accumulating NEAR with the goal of acquiring at least 10% of the token’s total supply. SovereignAI will combine treasury management with infrastructure development, using asset yields to finance scalable, regulatory-compliant AI projects.
OceanPal Aims to Acquire at Least 10% of NEAR Supply
SovereignAI’s advisory board includes Illia Polosukhin, CEO and co-founder of the NEAR Foundation; Richard Muirhead from Fabric Ventures; Lukasz Kaiser from OpenAI; Philippe Sachs from Nscale; Andy Brown from Sandhill East; and Jackie Kennedy from Quicknode. OceanPal’s executive team is led by Sal Ternullo as co-CEO, with experience in investment and emerging technologies, and David Schwed as COO, an expert in information security and privacy for both financial and crypto systems.
OceanPal’s collaboration with the NEAR Foundation seeks to build “universal AI sovereignty,” enabling AI agents to operate as independent economic actors, manage assets, and make automated decisions, all while preserving a high level of privacy. NEAR Protocol’s AI-centric tech stack will support decentralized applications focused on finance, healthcare, and media.
OceanPal will continue its maritime operations in dry bulk and tanker shipping while scaling its crypto holdings and increasing exposure to AI-based technologies
