OceanPal Raises $120M to Launch SovereignAI, Buys 10% NEAR
OceanPal Inc. has raised $120M in a private equity round to launch SovereignAI, a subsidiary focused on commercializing NEAR Protocol. Backed by the NEAR Foundation under a shared “AI sovereignty” vision, SovereignAI will build privacy-preserving AI infrastructure on NEAR’s layer-1 blockchain using NVIDIA technology. The venture plans a crypto treasury strategy to acquire up to 10% of NEAR’s token supply. OceanPal named Sal Ternullo as co-CEO and David Schwed as COO. Illia Polosukhin, NEAR Foundation CEO, joins the advisory board alongside Richard Muirhead (Fabric Ventures) and Lukasz Kaiser (OpenAI). NEAR Protocol, launched in 2020, enables autonomous AI agents to manage digital assets across networks. This initiative underscores the growing synergy between AI agents and blockchain for DeFi and institutional use. Traders should watch for potential market impacts as NEAR supply tightens and demand rises.
Bullish
The planned purchase of up to 10% of NEAR’s token supply by a new institutional treasury should boost demand and reduce circulating supply. Backing from the NEAR Foundation and NVIDIA tech for AI infrastructure adds credibility and signals long-term ecosystem growth. In the short term, this may trigger bullish momentum and price spikes. Over the long term, enhanced utility through AI-driven use cases could attract more users and developers, supporting sustainable growth in NEAR’s token value.