Critical Metals (CRML) said Tuesday it will adopt bitcoin as a primary asset in its treasury program.

The company said that, under a convertible note deal led by JBA Asset Management, it may have access to up to $500 million to buy bitcoin, with $100 million closing in the first tranche.

The first tranche of $100 million was issued with 100% warrant coverage, the company said, adding the other tranches of up to $400 million at the buyers discretion will have 50% warrant coverage.

The convertible notes are mainly secured by the cash raised and any potential bitcoin that is acquired, the company said, adding the notes are convertible into common shares at a fixed conversion price of $6 per share and the warrants are convertible at $7.

Critical Metals shares were falling 2.1% in recent trading.

Price: 8.32, Change: -0.18, Percent Change: -2.09