OceanPal has completed a $120 million financing round, partnering with the NEAR Foundation to launch SovereignAI and the Digital Asset Treasury.

BlockBeats News, October 28th, according to The Wall Street Journal report, OceanPal Inc. announced today that it has completed a $120 million private investment in public equity (PIPE) transaction for the purchase and sale of common stock and/or pre-funded warrants.

The company plans to use the net proceeds from this transaction to execute a digital asset treasury strategy through its wholly-owned subsidiary, SovereignAI Services LLC ("SovereignAI"), focusing on commercializing the NEAR Protocol, a blockchain platform designed for artificial intelligence (AI) use cases.

Through this transaction, OceanPal expects to become the primary public investment vehicle through SovereignAI, providing investors with exposure to NEAR (the native token of the NEAR Protocol) and the underlying AI infrastructure necessary to support autonomous business operations.