- SovereignAI will accumulate up to 10% of NEAR tokens, combining treasury management with infrastructure development to support AI and blockchain innovation.
- OceanPal partners with NEAR Foundation, leveraging AI-centric technology to deliver confidential, regulatory-compliant enterprise AI solutions across finance, healthcare, and media sectors.
- Leadership includes Co-CEO Sal Ternullo and COO David Schwed, supported by top advisors from NEAR Foundation, OpenAI, and leading crypto-native investors.
OceanPal Inc. (NASDAQ: OP) announced a $120 million private investment to launch SovereignAI, a subsidiary focused on commercializing the NEAR Protocol. The new venture will implement a digital asset treasury strategy to acquire NEAR tokens.
Strategic Alignment with NEAR Foundation
SovereignAI aims to accumulate up to 10% of NEAR’s token supply over time through its treasury management approach. The collaboration with the NEAR Foundation emphasizes a shared vision of AI sovereignty.
“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,” said OceanPal Co-CEO Sal Ternullo in a press release announcement. “We plan to use this decentralized, confidential compute infrastructure to capitalize on the explosive demand for privacy-first, regulatory compliant AI.”
The NEAR Protocol is designed for agentic AI, enabling autonomous economic activity while maintaining data privacy and governance. The partnership will provide OceanPal access to NEAR’s vertically integrated AI products and infrastructure.
Building Blockchain-Native AI Infrastructure
Proceeds from the $120 million PIPE offering will fund the construction of confidential AI infrastructure powered by NEAR and NVIDIA technology. SovereignAI intends to develop a blockchain-native cloud system that supports privacy-first and regulatory-compliant AI operations.
“SovereignAI is positioned at the convergence of two massive transformations—AI and digital ownership,” said David Schwed, COO. “Our strategy goes beyond treasury management to actively build the infrastructure enabling user-owned, privacy-preserving AI at scale.”
This infrastructure will cater to enterprises in finance, healthcare, and media. It will allow businesses and consumers to maintain ownership and control of AI systems. OceanPal’s approach emphasizes operational and infrastructure development, moving beyond traditional treasury accumulation models.
Leadership and Expertise at SovereignAI
Sal Ternullo brings experience from State Street, KPMG, and A100x. He will oversee the strategic deployment of capital into NEAR token accumulation and AI infrastructure initiatives.
David Schwed will manage information security and privacy operations. “NEAR Protocol’s architecture provides the trust, security, and economic alignment necessary to realize true AI sovereignty,” said Schwed. The leadership team combines investment, technology, and security expertise to advance SovereignAI’s objectives.
Support from Strategic Advisors and Investors
SovereignAI has established a robust advisory board including Illia Polosukhin of NEAR Foundation, Richard Muirhead of Fabric Ventures, and Lukasz Kaiser of OpenAI. “We are very pleased to welcome SovereignAI to the NEAR ecosystem,” said Polosukhin. “We look forward to working with them to realize a shared vision of achieving true universal AI sovereignty.”
Strategic investors such as Kraken, Proximity, and G20 Group participated in the funding round. Clear Street LLC and Cohen & Company Capital Markets acted as placement agents, with Sealion Capital advising OceanPal. Legal representation was provided by Reed Smith LLP, Paul Hastings LLP, and Seward & Kissel LLP.
SovereignAI’s launch positions OceanPal as a leading public investment vehicle for NEAR tokens and AI infrastructure development. The initiative combines blockchain technology with enterprise AI needs, emphasizing privacy and user ownership.
