SVRN completes pivot to NEAR digital asset business

 

OceanPal Inc. (NASDAQ: SVRN), now legally renamed SVRN, Inc., reports completion of its shift from a dry bulk shipping company to a NEAR-focused digital asset and infrastructure business.

OceanPal Inc. (NASDAQ: SVRN), now legally renamed SVRN, Inc., reports completion of its shift from a dry bulk shipping company to a NEAR-focused digital asset and infrastructure business. The legal name change became effective August 27, 2026, aligning the corporate entity with the SVRN brand used since November 2025.

SVRN now manages what it describes as the only publicly traded NEAR digital asset treasury, holding more than 55.5 million NEAR tokens with institutional staking and qualified custody. In July 2026 it sold its shipping business, retired all Series C preferred stock, and eliminated all outstanding debt with no cash paid, no stock issued, and no NEAR sold. The company also launched a public dashboard showing its NEAR holdings, mNAV, and methodology, supporting transparency around progress toward its stated target of accumulating 10% of the NEAR token supply over time.

All debt and Series C preferred stock eliminated with no cash or equity cost, as SVRN sold its shipping business in July 2026 with no cash paid, no stock issued, and no NEAR sold, leaving a simpler capital structure focused on its digital asset strategy.
SVRN has built a large NEAR token position of over 55.5 million tokens and launched a public dashboard showing holdings and mNAV, increasing transparency into its digital asset treasury and progress toward its long-term target of accumulating 10% of the NEAR token supply.

SVRN highlights material risks tied to its concentration in a single digital asset (NEAR), including market price and volatility, and its ability to acquire additional NEAR on acceptable terms and achieve its accumulation target.
The company discloses dependence on completing its audit and internal control remediation and filing its delayed Annual Report on Form 20-F for fiscal year 2025, noting that reported figures may change, including materially, upon completion.

https://www.stocktitan.net/sec-filings/SVRN/6-k-ocean-pal-inc-current-report-foreign-issuer-0f1903988b99.html