Critical Metal Corp, a key metallic ore mining company, plans to adopt a Bitcoin financial strategy with up to $500 million in available funds.

BlockBeats News, January 22nd, Critical Metal Corps, a U.S.-based critical metal mining company, announced its plan to start allocating its excess reserves to BTC, a decision that has received approval from its board of directors. According to the company's announcement, it may utilize a $500 million fund, which will serve as part of a convertible note financing led by JBA Asset Management, subject to conditions outlined in the transaction documents.

The company stated that out of the $500 million fund, it will first allocate $100 million to purchase Bitcoin. The subscription rights for the initial tranche of funds are covered 100%. It also mentioned that the remaining $400 million can be utilized based on the buyer's discretion, with a subscription rights coverage of 50%. Under the financing terms, the convertible notes are secured by the raised cash and the underlying BTC acquired.

While the company has not yet disclosed a specific strategic plan for Bitcoin purchases, it noted that the action will depend on its cash flow needs, and may ultimately modify some conditions of the strategy based on what it deems appropriate.