OceanPal completes $120 million financing and partners with NEAR Foundation to launch SovereignAI and digital asset treasury

ChainCatcher news, OceanPal Inc. today announced the completion of a $120 million private investment in public equity (PIPE) transaction for the purchase and sale of common stock and/or pre-financing warrants.

The company plans to use the net proceeds from this transaction to implement a digital asset treasury strategy through its wholly-owned subsidiary SovereignAI Services LLC ("SovereignAI"), which focuses on commercializing the NEAR Protocol, a blockchain platform designed for artificial intelligence (AI) use cases. Through this transaction, OceanPal expects to become a major public investment vehicle through SovereignAI, providing investors with exposure to NEAR (the native token of the NEAR Protocol) and the foundational AI infrastructure needed to support autonomous business operations.