The transformation concludes a shift that began in October 2025, when the company entered a private placement with the NEAR Foundation. By July 2026, SVRN had divested its entire shipping business, retired all Series C preferred stock, and cleared its outstanding debt. This restructuring occurred without issuing new stock or selling its NEAR holdings, effectively isolating the firm's balance sheet to focus exclusively on the NEAR ecosystem.
In section Releases
OceanPal Completes Pivot to NEAR-Focused SVRN, Inc.
SVRN, Inc. has finalized its year-long corporate overhaul, officially shedding its legacy identity as dry bulk shipping operator OceanPal. The New York-based firm, now fully transitioned into a digital asset treasury manager, oversees a portfolio of 55.5 million NEAR tokens while pushing for broader commercial adoption of the protocol.
CEO Sal Ternullo described the move as the end of the company's initial phase, providing a clean foundation for its long-term strategy. SVRN currently maintains a public dashboard to track its treasury, which includes institutional staking and custody arrangements. Beyond holding assets, the firm is testing integrations for stablecoin payments within Oracle Simphony point-of-sale systems. SVRN remains committed to its goal of accumulating 10% of the total NEAR token supply, positioning itself as a primary infrastructure player in the emerging agentic economy.
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