OceanPal has successfully raised $120 million through a private placement of shares, which will enable the company to expand its capabilities in artificial intelligence based on the NEAR blockchain. The investments will be directed towards the development of its subsidiary, SovereignAI, which will specialize in the commercialization of innovative AI infrastructure.
This is reported by Finway
Development Strategy and Plans for SovereignAI
According to representatives of OceanPal, the subsidiary SovereignAI will become a publicly traded investment company, providing access to the NEAR token and essential tools for creating an autonomous agent economy. The company’s statement emphasizes the key role of the NEAR protocol in developing agent-based artificial intelligence, which combines privacy, automation, and digital asset management features.
“As a result of this deal, OceanPal through SovereignAI will become a publicly traded investment company, providing access to the NEAR token and the critical AI infrastructure necessary for the development of an autonomous agent economy,” the statement reads.
SovereignAI aims to accumulate no less than 10% of the total issuance of NEAR tokens. This move will allow the company to maintain strategic control over next-generation infrastructure, create a confidential cloud for businesses, and integrate advanced solutions based on the NEAR blockchain.
Deal Participants and Company Leadership
The leadership of OceanPal is comprised of co-CEOs Sal Ternullo and Chief Operating Officer David Shwed. Joining the advisory board of SovereignAI is Ilia Polosukhin, CEO of NEAR Foundation. Additionally, the project has received support from leading cryptocurrency investors, including Kraken, Proximity, Fabric Ventures, and G20 Group. Clear Street and Cohen & Company Capital Markets served as financial advisors and placement agents, while Sealion Capital acted as a consultant.
It is worth noting that Bitwise previously filed an application with the U.S. Securities and Exchange Commission to launch a spot NEAR ETF, indicating a growing interest in the NEAR ecosystem among institutional investors.