tl;dr
OceanPal Inc., a Nasdaq-listed shipping company, invested $120 million in NEAR Protocol's token, aiming to build AI infrastructure. Despite backing from Kraken and others, its stock dropped 20.91% post-announcement, reflecting investor skepticism. Financial results showed a 54.3% revenue decline in ...
**OceanPal Ventures into Digital Assets with $120M NEAR Protocol Bet, Despite Market Skepticism**
OceanPal Inc., a Nasdaq-listed shipping company, has taken a bold step into the cryptocurrency space, announcing a $120 million private investment in public equity (PIPE) to fund its digital asset treasury strategy centered on the NEAR Protocol’s native token. The move positions OceanPal as one of the latest traditional enterprises to explore blockchain and AI integration, reflecting a growing trend of corporate adoption in the crypto sector. However, the company’s stock fell sharply after the announcement, underscoring lingering investor concerns about the risks of such a pivot.
**A Strategic Bet on NEAR Protocol**
The investment, directed through OceanPal’s subsidiary SovereignAI Services LLC, aims to acquire at least 10% of NEAR Protocol’s token supply, making SovereignAI one of the largest institutional holders of the asset. The subsidiary is tasked with commercializing the NEAR Protocol, a blockchain platform known for its focus on decentralized applications and AI infrastructure.
OceanPal’s strategy extends beyond token acquisition. The company plans to leverage the capital to develop a confidential AI cloud infrastructure powered by NVIDIA technology, built on the NEAR Protocol. This infrastructure is designed to cater to enterprise markets such as finance, healthcare, and media, emphasizing privacy and regulatory compliance.
**Notable Backing and Leadership Shifts**
The $120 million raise attracted significant attention from high-profile investors, including Kraken, Proximity, Fabric Ventures, and the G20 Group. OceanPal also announced key executive appointments to lead the digital asset initiative: Sal Ternullo as co-CEO and David Schwed as COO. The advisory board includes NEAR Protocol CEO Illia Polosukhin, along with experts from OpenAI and Fabric Ventures.
Ternullo emphasized the vision of “universal AI sovereignty,” stating that OceanPal aims to harness NEAR’s decentralized infrastructure to meet the rising demand for privacy-first AI solutions. “We plan to capitalize on the explosive demand for regulatory-compliant AI across enterprises while enabling control and ownership for businesses and consumers,” he said.
**Market Reaction and Financial Challenges**
Despite the strategic ambitions, OceanPal’s stock plummeted 20.91% to $1.74 following the announcement, reflecting investor skepticism. The company’s recent financial results further highlight the challenges ahead. As of June 2025, OceanPal reported revenue of $3.08 million—a 54.3% year-over-year decline—and a net loss of $5.22 million, with a profit margin of -169.53%.
The broader crypto market also showed weakness. NEAR Protocol’s native token fell 4.37% in 24 hours and 20.7% over the past month, mirroring OceanPal’s struggles. Analysts suggest that the market remains cautious about the viability of blockchain-based ventures, particularly for traditional companies venturing into untested territories.
**A High-Stakes Pivot**
OceanPal’s move underscores the growing intersection of blockchain, AI, and traditional industries. However, its success hinges on overcoming both market volatility and operational hurdles. The company must navigate the complexities of managing a digital asset treasury while maintaining its core shipping operations, all amid a challenging economic climate.
As the crypto and AI sectors continue to evolve, OceanPal’s experiment could serve as a case study for other traditional firms seeking to diversify. Yet, with its stock down 94% year-to-date and the broader market in flux, the road ahead remains uncertain. For now, investors will be watching closely to see if OceanPal’s bold bet on NEAR and AI can turn the tide—or if it will become another cautionary tale in the volatile world of digital assets.