According to news on January 22, the US critical metal mining company Critical Metal Corps stated that it plans to start allocating its excess reserves to BTC, and this decision has been approved by its board of directors. According to the company's announcement, it may have access to a $500 million pool of funds that will be used as part of a convertible note financing led by JBA Asset Management, subject to conditions contained in the transaction documents. The company said it would initially allocate $100 million of the $500 million pool to buy Bitcoin. The first tranche of funds has a warrant coverage rate of 100%. It also said that the remaining US$400 million can be used according to the buyer's wishes, and the warrant coverage rate is 50%. Subject to financing terms, the convertible notes are secured by cash raised and underlying BTC acquired. While the company has not announced strategic Bitcoin purchase plans, it said the move will depend on its cash flow needs and may ultimately modify some conditions of the strategy as it sees fit.