Activ8 聚合 Fugazi 做空评估 SVRN：重述未审计巨亏与 20-F 逾期，但均为数月旧闻、无新增事实

Fugazi Research on SVRN, Inc.
Bottom Line
Activ8 Report Assessment
Activ8 evaluates every investigator report across three dimensions: the nature of the thesis, the type of evidence supporting it, and the catalyst for stock repricing. Scores are derived solely from the source report. New to these dimensions? Read our guide.
How SVRN Makes Money
SVRN, Inc. (ticker: SVRN, formerly OceanPal Inc.) was spun off from Diana Shipping in November 2021 as a small dry-bulk and tanker shipping company. In October 2025 it completed a PIPE led by the NEAR Foundation, which contributed roughly $100 million in its own tokens for 71.62% beneficial ownership, and rebranded as a NEAR digital-asset treasury company. Preliminary unaudited FY2025 vessel revenue was $13.4 million (down from $25.7 million), staking income was $0.7 million, net loss was $65.2 million, and the company reported $77.5 million in unaudited digital assets (roughly 51.3 million NEAR) and $33.2 million cash at December 31, 2025. Its remaining vessels were subsequently sold to a related party, leaving NEAR tokens as the principal identifiable asset.
Main Report Evidence
FY2025 Losses Dwarf Revenue; No Audited Figures Exist
Preliminary, unaudited FY2025 financials show a net loss of $65.2 million against total reported revenue and other income of $14.1 million, implying approximately $4.96 of common-shareholder loss for every $1 of reported revenue. The figures are unaudited — CBIZ CPAs was only engaged January 26, 2026, following EY’s resignation, and the Form 20-F has missed both its original deadline and its Rule 12b-25 extension. No balance sheet has been furnished to investors since these unaudited December 31, 2025 figures.
Key Allegations
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