● SovereignAI
treasury currently holds 53.9 million NEAR token with a value of approximately
$133 million as of November 13, 2025 at 12PM EST
● Current treasury
holdings represent approximately 4.2% of total NEAR token supply, with
SovereignAI on track to achieve its 10% total accumulation target
● Ticker symbol
change from “OP” to “SVRN” reinforces commitment to shared vision of individual
sovereignty in AI
ATHENS, GREECE & NEW YORK – November 17,
2025 – OceanPal Inc.
(“OceanPal” or “OP”, NASDAQ: OP), today announced that its wholly owned
subsidiary SovereignAI Services LLC (“SovereignAI”), which is focused on
commercializing the NEAR Protocol, disclosed its initial treasury update
as part of its commitment to OP’s recently announced NEAR
treasury strategy. As of November 13, 2025, at 12PM EST, SovereignAI treasury holdings totaled 53.9
million NEAR.
Following its prior
announcement, OceanPal also
disclosed that beginning today November 17, 2025, shares of the Company΄s
common stock will trade on Nasdaq under the new ticker symbol “SVRN.”
SovereignAI Treasury Update
● Treasury Holdings: As of November 13th, 2025, SovereignAI’s liquid NEAR holdings totaled
53.9 million NEAR, representing a total value of approximately $133 million.
This amount represents ~4.2% of the total NEAR token supply, demonstrating
SovereignAI’s ability to quickly reach its 10% of total token supply
accumulation target.
● Yield: Since
inception, SovereignAI’s yield strategies have achieved a 5.3+% gross annual
percentage yield (APY) before fees.
OceanPal’s recently appointed Co-CEO and CEO of SovereignAI, Sal
Ternullo, commented, “We believe in greater individual sovereignty and individual ownership
of AI and our immediate execution on previously disclosed plans to acquire 10%
or more of the total NEAR supply affirm our belief that NEAR Protocol’s
vertically integrated AI capabilities will facilitate this future. Our
disciplined and data-driven approach to treasury management will allow us to
offer our shareholders what we believe is the greatest asymmetric upside among
mature Layer 1 protocols in the market with exposure to an investment in
critical AI infrastructure."
Why NEAR?
Just as onchain payment rails are creating a more transparent,
accessible financial system, SovereignAI believes open AI rails the NEAR
Protocol enables are the essential foundation of a user-owned genetic economy.
NEAR was uniquely architected for high-performance AI-native use cases, making
it the best positioned blockchain protocol to deliver this critical
infrastructure. Furthermore, the NEAR network continues to lead in user
adoption, exceeding 41.6 million monthly
active users and is one
of the most widely adopted networks by users across use cases from e-commerce,
gaming, loyalty programs and many others. The network currently processes
between $100 to $200 million dollars in
daily transaction volume through NEAR Intents—underscoring healthy, organic demand at scale for Near Protocol’s
unique technology. This growth demonstrates that NEAR Protocol’s unified
liquidity layer and vertically integrated AI capabilities will be the
foundation for the future of agentic commerce.
Our SVRN Vision
Alongside the treasury update, OceanPal also disclosed it will be
changing its stock ticker but not undertaking any other corporate action that
affects the rights of outstanding common stock, with no action required by
shareholders in connection with the ticker symbol change. This change is
designed to reflect SovereignAI’s (or “SVRN” for short) vision, that it shares
with the NEAR Foundation, of user-owned, agentic AI. SVRN’s goal is to serve as
a leading publicly traded vehicle that provides exposure to both the NEAR token
and its unique capability among digital assets to create the foundational AI
infrastructure, enabling private, autonomous agent commerce. NEAR’s AI-focused
stack allows agents to transact, manage assets, and make automated decisions while
preserving user privacy, governance, and economic rights, aligning with growing
institutional interest in scalable, compliant AI solutions.
Mr. Ternullo concluded, “We΄re just getting started, and SVRN represents the beginning of a new
chapter in how institutions and investors can participate in the future of
agentic commerce. We look forward to disclosing further updates on the
successful execution of our holistic NEAR treasury management strategy in order
to fund the AI infrastructure buildout we’ll operationalize during our next
phase of growth.”
To learn more about SovereignAI’s NEAR treasury strategy, please visit: https://www.svrn.net/
About SovereignAI
SovereignAI is a wholly owned subsidiary of
OP formed to implement the company’s digital asset treasury strategy, and
developer of confidential AI infrastructure offering a superior path to get
exposure to the intersection of AI and blockchain in the public markets.
SovereignAI will use NEAR Protocol’s purpose-built technology to establish
private, user-owned agentic commerce. Funds generated by SovereignAI’s holistic
treasury management strategy of NEAR tokens will be used to further the
Company’s goal of building unique blockchain-native AI infrastructure.
To learn more about SovereignAI, please visit: https://www.svrn.net/
About OceanPal Inc.
OceanPal Inc. is a global provider of shipping transportation services,
specializing in the ownership and operation of dry bulk vessels and product
tankers. OP is engaged in the seaborne transportation of bulk commodities,
including iron ore, coal, and grain, as well as refined petroleum products.
OP’s fleet is primarily employed on time charter trips with short to medium
duration and spot charters, with a strategic focus on maximizing long-term
shareholder value.
Media Contact: svrn@mgroupsc.com
Cautionary
Note Regarding Forward-Looking Statements
This press
release contains statements that constitute “forward-looking statements” within
the meaning of the U.S. federal securities laws. Forward-looking statements are
statements other than historical facts and include, without limitation, future
announcements and priorities, expectations regarding management, corporate
governance, market position, business strategies, future financial and
operating performance, and other projections or statements of plans and
objectives.
These
forward-looking statements are based on current expectations, estimates,
assumptions, and projections, and involve known and unknown risks,
uncertainties, and other factors—many of which are beyond OP’s control—that may
cause actual results, performance, or achievements to differ materially from
those expressed or implied by such statements. Important factors that may
affect actual results include, among others, OP’s ability to execute its growth
strategy; its ability to raise and deploy capital effectively; developments in
technology and the competitive landscape; the market performance of NEAR; and
other risks and uncertainties described under “Risk Factors” in OP’s Annual
Report on Form 20-F filed with the SEC on April 15, 2025, and in other subsequent
filings with the SEC. These filings are available at www.sec.gov. OP undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except as required by
law.
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