OceanPal Inc. closed a $120 million private investment in public equity transaction on 2025‑10‑28, raising $120 million in net proceeds. The deal involved the purchase and sale of common stock and pre‑funded warrants and was offered to institutional accredited investors in a private placement.
The proceeds will be used to establish SovereignAI Services LLC, a wholly owned subsidiary focused on building a NEAR Protocol‑based AI infrastructure. SovereignAI will develop confidential AI services and token monetization strategies, and it plans to acquire at least 10 % of the NEAR token supply over time.
The subsidiary will build blockchain‑native, confidential AI‑cloud infrastructure using NVIDIA technology, powered by the NEAR Protocol. Leadership for the new venture includes Sal Ternullo as Co‑CEO and David Schwed as COO, while the advisory board is chaired by Illia Polosukhin and includes advisors from OpenAI, Nscale, Sandhill East, and Quicknode.
The $120 million PIPE is OceanPal’s largest financing event to date, strengthening its balance sheet after a challenging first half of 2025. That period saw time charter revenues fall 50.4 % to $6.2 million and a net loss widen to $10.4 million. At the time of the transaction, OceanPal’s market capitalization was approximately $14.73 million, and the company had completed a one‑for‑twenty‑five reverse stock split effective 2025‑08‑25.
The capital raised will also support a digital asset treasury strategy, with yields from asset management intended to finance scalable, regulatory‑compliant AI projects.
The transaction included participation from notable crypto‑native investors such as Kraken, Proximity, Fabric Ventures, G20 Group, and the NEAR Foundation.
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