OceanPal has successfully raised $120 million to establish a new NEAR Treasury, a strategic move that is garnering significant attention from both traditional and cryptocurrency industries. The company's objective is to utilize this NEAR Treasury to accumulate up to 10% of NEAR's total token supply.
From Maritime Operations to Blockchain Innovation
Formerly recognized for its operations in dry bulk and product tankers, OceanPal is undergoing a significant transformation, redefining itself as a new platform focused on blockchain and artificial intelligence. To facilitate this pivot, the company has established a new subsidiary named SovereignAI Services LLC.
SovereignAI will be responsible for all aspects of the NEAR Treasury. Beyond token accumulation, the company intends to develop AI infrastructure powered by the NEAR blockchain and NVIDIA technology. This infrastructure is designed to enable businesses across various sectors, including healthcare, media, and finance, to leverage blockchain-based confidential computing solutions.
“We believe NEAR presents the greatest asymmetric upside across mature projects in the digital asset market, which we aim to capture and offer to our shareholders” – OceanPal’s Co-CEO, @sal_ternullo
We are excited to be working with the @svrn_ai team. https://t.co/Omj9nOEKaBpic.twitter.com/pffnm7knRL
— NEAR Protocol (@NEARProtocol) October 28, 2025
OceanPal's ambitious plan is being executed in collaboration with the NEAR Foundation, aiming to bring this vision to fruition. Illia Polosukhin, a co-founder of the NEAR Foundation, will serve as the chairman of SovereignAI’s advisory board. The board will also include notable experts from organizations such as OpenAI, Quicknode, Fabric Ventures, and Galaxy Digital.
Key leadership figures within OceanPal are also assuming critical roles in this new venture. Sal Ternullo, formerly of State Street, will serve as co-CEO, while David Schwed, who has prior experience with Robinhood and Galaxy, will lead operations and security. The extensive experience of this team lends significant credibility to the project.
Significance of the NEAR Treasury Initiative
The potential acquisition of 10% of the NEAR token supply by SovereignAI could have a notable impact on the token's market supply dynamics. Such a substantial accumulation is expected to send a strong signal to investors regarding NEAR's long-term value proposition.
Furthermore, this initiative represents one of the earliest instances of a publicly traded company establishing a specialized cryptocurrency treasury for a specific token. This development suggests an increasing appeal of blockchain assets to conventional businesses.
🔥 LATEST: Nasdaq-listed OceanPal raises $120M to launch a $NEAR token treasury company, planning to acquire up to 10% of NEAR’s token supply. pic.twitter.com/5W0XRLadiI
— Cointelegraph (@Cointelegraph) October 29, 2025
Conclusion
OceanPal's $120 million fundraising initiative to establish a NEAR Treasury signifies a profound shift from its maritime origins to a focus on smart contracts and decentralized technologies. This bold undertaking has the potential to redefine how publicly traded companies manage digital assets. If OceanPal and the NEAR Foundation successfully execute this plan, it could set a precedent for how traditional companies engage with the blockchain industry.