Key Notes
- Company transitions from passive shipping operations to AI infrastructure focus, rebranding ticker from OP to SVRN on Nasdaq.
- Treasury management employs active yield-generating strategies achieving 5.3% gross APY while planning validator node operations.
- Institutional backing includes $120M funding round from Kraken, Proximity, Fabric Ventures supporting NEAR Protocol integration ambitions.
Nasdaq-listed OceanPal’s wholly owned subsidiary, SovereignAI, disclosed on Nov. 17 a treasury holding of 53.9 million NEAR
NEAR
$2.21
24h volatility:
4.2%
Market cap:
$2.84 B
Vol. 24h:
$456.76 M
, representing a value of approximately $133 million by accounting time on Nov. 13. OceanPal, formerly trading as OP on Nasdaq, will now trade under a new ticker: SVRN.
The disclosure came in the form of a press release, following a prior announcement from Oct. 28, where the company communicated its intentions through a $120 million fundraising with crypto-native investors such as Kraken, Proximity, Fabric Ventures, and G20 Group, among others.
1/ Today we are sharing that SovereignAI’s treasury now holds 53.9 million $NEAR, valued at ~$133M as of 11/13.
To reflect our full commitment to this new chapter, our company has begun trading on Nasdaq as $SVRN.
— SVRN (@svrn_ai) November 17, 2025
OceanPal’s recently appointed co-CEO and CEO of SovereignAI, Sal Ternullo, doubled down on the vision to acquire 10% of NEAR’s total supply. With the disclosed 53.9 million tokens, the company’s treasury currently holds approximately 4.2% of all NEAR in circulation.
“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 affirms 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,” Ternullo said.
Interestingly, SovereignAI plans to do more than simply passively hold NEAR tokens in its treasury, aiming for active investing with yield-generating strategies plus active support to the NEAR network and ecosystem. Since inception, SVRN’s yield strategies have achieved a 5.3% gross annual percentage yield (APY) before fees, according to the official announcement.
Moreover, Ternullo answered Coinspeaker’s question in a live stream on Oct. 29, confirming their plan to not only stake the company’s owned NEAR with different validators but to run a validator node themselves at some point to help secure the network.
NEAR Price Analysis
As of this writing, NEAR is trading close to the middle of a year-to-date price range, heading to the bottom of the range, changing hands at $2.28 per token. At current prices, SVRN treasury’s position is worth nearly $123 million.
This area is marked by significant demand pressure and goes from around $1.80 to $2.10, historically representing a good entry point to trade the range. Nevertheless, this region could be lost if buyers fail to defend it as crypto quantitative tightening, as described by BitMine’s chairman, intensifies from the Oct. 10 unprecedented liquidations.
Bouncing back from this support could drive the price upwards to the range’s highs in a resistance zone between $3.05 and $3.50, previously marked by strong supply pressure. Again, NEAR could break out from this level in a bullish scenario if sellers fail to defend it.
NEAR year-to-date price chart, as of Nov. 17, 2025 | Source: TradingView
Nasdaq-listed SovereignAI’s moves signal a growing institutional interest for the project, which could create the perfect storm for a bullish breakout. The company is optimistic about the NEAR Foundation’s vision for the future and defended its thesis in this recent press release.
“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,” the company stated.
Additionally, NEAR has seen growing support from industry leaders thanks to the performance of NEAR Intents, a now-leading cross-chain protocol designed to abstract chain interoperability, recently crossing the $5 billion all-time volume.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vini Barbosa has covered the crypto industry professionally since 2020, summing up to over 10,000 hours of research, writing, and editing related content for media outlets and key industry players. Vini is an active commentator and a heavy user of the technology, truly believing in its revolutionary potential. Topics of interest include blockchain, open-source software, decentralized finance, and real-world utility.
Vini Barbosa on X
Source: https://www.coinspeaker.com/nasdaq-listed-oceanpal-sovereignai-near-treasury-133-million/