OceanPal raised $120 million to launch a new NEAR Treasury. It is a plan that’s catching a lot of attention across both traditional and crypto industries.
OceanPal wants to use this NEAR Treasury to accumulate up to 10% of NEAR’s total token supply.
From Ships to Blockchain
OceanPal was popular for operating dry bulk and product tankers. But now, the company is redefining itself as a new platform in blockchain and artificial intelligence. To do this, it has created a new subsidiary called SovereignAI Services LLC.
SovereignAI will handle everything related to the NEAR Treasury. It’s not only about holding tokens. The company also plans to build AI infrastructure powered by the NEAR blockchain and NVIDIA technology. This infrastructure will help businesses across sectors such as healthcare, media, and finance use blockchain-based confidential computing.
“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/Omj9nOEKaB pic.twitter.com/pffnm7knRL
— NEAR Protocol (@NEARProtocol) October 28, 2025
OceanPal’s plan isn’t a solo voyage. It’s working with the NEAR Foundation to bring this vision to life. The NEAR Foundation’s co-founder, Illia Polosukhin, will chair SovereignAI’s advisory board. Other members include experts from OpenAI, Quicknode, Fabric Ventures, and Galaxy Digital.
Key leaders at OceanPal are also taking on major roles. Sal Ternullo, formerly of State Street, serves as co-CEO, while David Schwed, who has worked with Robinhood and Galaxy, will oversee operations and security. This team makes the project credible.
Why This NEAR Treasury Matters
If SovereignAI purchases 10% of the NEAR-supplied supply, it may affect the token’s market supply. Such a build-up would send a powerful signal to investors about NEAR’s long-term potential.
It is also among the earliest attempts by a publicly traded firm to establish a specialized crypto treasury for a particular token. It indicates that blockchain assets are becoming more appealing 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 raise to create a NEAR Treasury marks a major shift from ships to smart contracts. It is a bold step that may redefine how public companies handle digital assets. Should OceanPal and NEAR Foundation extract this, it would become a standard for how traditional companies enter the blockchain industry.
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