#BinanceHODLerERA breakdown and analysis of the news that OceanPal Inc. has completed a $120 million PIPE (private investment in public equity) deal to boost its digital‐asset strategy:
What’s Going On: Key Facts
OceanPal has closed a $120 million PIPE financing.
The funds will be used by its wholly owned subsidiary SovereignAI Services LLC to execute a digital asset treasury strategy and to commercialize the
#NEAR Protocol (a blockchain platform) in support of AI infrastructure ambitions.
As part of this pivot, OceanPal is positioning itself as a public vehicle to gain exposure to the
#NEAR ecosystem and its token, while still operating its shipping business.
SovereignAI reportedly has the goal of acquiring at least 10% of the NEAR token supply over time as part of its treasury strategy.
The financing included participation by crypto‐native investors (e.g. Kraken, Fabric Ventures) and support from the
#NEAR Foundation.
OceanPal will continue its core operations in shipping (dry bulk, product tankers) in parallel with this new AI / blockchain initiative.
An advisory board for SovereignAI is being chaired by Illia Polosukhin, co-founder of NEAR, with members from the AI, infrastructure, and crypto spaces:
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