SVRN Inc. said on Tuesday it has completed its corporate transformation from a shipping company to a digital asset treasury focused on NEAR Protocol tokens, holding 55.5 million NEAR tokens as part of the transition.
The company, formerly known as OceanPal Inc., executed a $120 million private placement in October 2025 with the NEAR Foundation, forming SovereignAI Services LLC as part of the restructuring plan. SVRN retired all Series C preferred stock and eliminated all outstanding debt in July 2026 without cash payments, stock issuance, or selling NEAR tokens, the company said.
SVRN’s common shares continue trading on the Nasdaq Capital Market under the ticker SVRN. The company also launched a public dashboard to display its digital asset holdings, modified net asset value, and calculation methodology, with periodic updates planned.
Chief Executive Officer Sal Ternullo said the transformation was completed in ten months, during which the company expanded its NEAR position, restructured its capital stack, and exited its legacy shipping business entirely. SVRN described itself as the only publicly traded NEAR digital asset treasury.
The company has also pursued commercial partnerships, including a pilot with Oracle to enable stablecoin payments on Oracle Simphony point-of-sale systems settled via the NEAR Protocol.
