OceanPal’s $120 Million Bet on NEAR: Investor Panic Sends Stock into Freefall!

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In a move that seems as wild as a sailor on shore leave, OceanPal Inc. has decided to throw $120 million into the digital ocean, betting it all on the NEAR Protocol’s native token. The Nasdaq-listed shipping company, once content with navigating the seas, has now set its sights on the cryptic waves of digital assets. Oh, what a time to be alive!

Yet, in a twist worthy of a Greek tragedy, the company’s stock promptly plunged, with investors likely scratching their heads over this sudden pivot toward the blockchain. After all, who wouldn’t be suspicious of a ship that wants to sail into uncharted crypto waters?

OceanPal Takes the Plunge into the Digital Abyss with a $120 Million NEAR Gamble

The company announced it had secured $120 million through a private investment in public equity (PIPE) to fund SovereignAI Services LLC, its newly minted subsidiary tasked with commercializing the NEAR Protocol. So, what exactly does this mean? Well, apparently, OceanPal is now in the business of buying up NEAR tokens like a collector with an unhealthy obsession. Their goal? A hefty 10% of the NEAR token supply, just so they can sit at the “cool kids” table of institutional holders. 🍾

“As a result of this transaction, OP, through SovereignAI, is expected to serve as the leading public investment vehicle to gain exposure to NEAR, the NEAR Protocol’s native token, and the foundational AI infrastructure needed to enable agentic commerce,” the press release confidently declares. Yep, you read that right: “agentic commerce”-sure, why not?

The company’s plan to leverage its newfound digital treasure? Developing a top-secret AI cloud infrastructure built on NVIDIA technology, naturally powered by NEAR. But will this grand scheme float, or will it sink faster than a cargo ship with a hole in the hull?

Of course, no crypto venture would be complete without a cast of colorful backers. Investors like Kraken, Proximity, Fabric Ventures, and the G20 Group are all along for this wild ride. And don’t forget the new leadership hires! Sal Ternullo as co-CEO and David Schwed as COO-because who better to steer the ship than a pair of crypto enthusiasts with a dream?

“This is a public company launching as an active, strategic partner with the NEAR Foundation to advance a shared vision of universal AI sovereignty,” says Ternullo, as though he’s speaking directly from the pages of a futuristic sci-fi novel. “We plan to use this decentralized, confidential compute infrastructure to capitalize on the explosive demand for privacy-first, regulatory compliant AI across enterprise markets including finance, healthcare, and media…” That sounds reassuring, right? 🙄

Market Reaction and the Inevitable Stock Meltdown

As OceanPal chases after its new digital destiny, they assure us that their global shipping operations will continue, much like a captain insisting his crew sail on despite a storm. But the numbers don’t lie-OceanPal’s recent financial results are, let’s say, less than stellar.

As of June 2025, the company’s revenue stood at a measly $3.08 million, a brutal 54.3% decline from the previous year. They also reported a net loss of $5.22 million, with a profit margin so negative it could suck the life out of a battery–169.53%, if you must know.

And then, the inevitable happened. The stock tanked. According to Google Finance, the stock closed at $1.74, a 20.91% drop. In fact, OP has been on a year-long descent, losing a staggering 94% of its value. Who said crypto was a sure thing? 🛑

Meanwhile, the NEAR Protocol’s native token is following a similar path-down, down, down. As of the latest data, NEAR is priced at $2.24, which represents a 4.37% dip in the past 24 hours and a 20.7% decline over the past month. Seems like the only thing that’s near a high right now is the drama.

In conclusion, as OceanPal and NEAR continue to face these unpredictable market forces, the question remains: Can this audacious leap into blockchain and AI be the lifeboat they need, or is it just another iceberg in their path? Only time will tell, but at this rate, it’s anyone’s guess. ⏳

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2025-10-29 08:52