PANews reported on January 22 that according to Globenewswire, US mining giant Critical Metal Corps (Nasdaq: CRML) said it plans to start allocating its excess reserves to BTC, a decision that has been approved by its board of directors. According to the company's announcement, it may be able to use a $500 million pool of funds, which will be part of the convertible note financing led by JBA Asset Management, subject to the conditions contained in the transaction documents.

The company said that out of the $500 million pool, it will first allocate $100 million to buy Bitcoin. The first batch of funds has a 100% warrant coverage. It also said that the remaining $400 million can be used according to the buyer's wishes, with a warrant coverage of 50%. According to the financing conditions, the convertible notes are secured by the cash raised and the underlying BTC acquired. Although the company has not yet announced a strategic Bitcoin purchase plan, it said that the move will depend on its cash flow needs and may eventually modify some of the conditions of the strategy as it deems appropriate.