ORANGE JUICE Raises $40 Million for Bitcoin Treasury…

What Is ORANGE JUICE Building?

ORANGE JUICE has raised $40 million to launch a permanent capital company that will acquire and permanently own American businesses while pursuing a bitcoin treasury strategy. The Connecticut-based company said it will target cash-flow-generating businesses with between $1 million and $10 million in annual cash flow across multiple sectors. The model places ORANGE JUICE between traditional private equity, holding companies, and the growing group of bitcoin treasury firms seeking long-term balance sheet exposure to the asset. The company was founded by partners from bitcoin venture capital firm ego death capital, including Jeff Booth, Lyn Alden, Nico Lechuga, and Andi Pitt, alongside Adrian Steckel. Ruben Zweiban will serve as operating partner. The strategy is designed around acquiring durable operating businesses rather than making short-term financial investments. Acquired companies will retain their identities, while founders can retire, continue operating, or transition leadership over time. Sellers will receive part of their consideration in ORANGE JUICE equity, aligning them with the longer-term performance of the holding company. “Building a business takes decades. Founders deserve more than one path when it's time to transition ownership,” founding partner Nico Lechuga said.

How Is This Different From Traditional Private Equity?

ORANGE JUICE said it is structured as a permanent capital company rather than a traditional private equity fund. That distinction is central to the model. Traditional private equity funds typically acquire businesses with defined fund lives, return targets, and exit timelines. ORANGE JUICE is instead positioning itself as a long-term owner without pressure to resell portfolio companies. The permanent capital structure may appeal to founders who want liquidity without handing their companies to buyers focused on near-term resale. It also gives ORANGE JUICE more flexibility in how it allocates cash flow. Instead of preparing each business for an eventual exit, the company plans to reinvest operating cash into additional acquisitions or its bitcoin treasury. The model still carries execution risk. Acquiring small and medium-sized businesses across sectors requires operational discipline, succession planning, and capital allocation controls. The bitcoin treasury strategy adds another variable because retained cash flow may be exposed to an asset known for sharp drawdowns and high mark-to-market volatility.

Investor Takeaway

ORANGE JUICE is combining two strategies that are usually evaluated separately: permanent ownership of cash-flowing businesses and bitcoin as a treasury reserve asset. The appeal is long-term compounding, but the model depends on disciplined acquisitions and careful balance sheet management.

Why Is Bitcoin Part Of The Treasury Strategy?

The company’s bitcoin approach reflects a broader view that operating cash flow can be converted into a long-term reserve asset rather than kept primarily in fiat cash or recycled only into acquisitions. ORANGE JUICE said cash generated by acquired businesses will be reinvested into additional acquisitions or the bitcoin treasury, with conservative use of leverage and capital markets. That approach links the value of the holding company to both business performance and treasury allocation. If acquired companies generate steady cash flow, ORANGE JUICE can use that cash to expand its portfolio or increase bitcoin holdings. If bitcoin appreciates over time, the treasury may strengthen the company’s balance sheet and create a larger ownership currency for future deals. The risk is that bitcoin volatility can complicate capital planning. A permanent capital company needs reliable liquidity to support operations, acquisitions, and potential downturns across portfolio businesses. A treasury strategy built partly around bitcoin requires clear rules on how much cash is retained, how much is allocated to bitcoin, and how leverage is managed during market stress. Ricardo Salinas, founder and chairman of Grupo Salinas, participated as an anchor investor. He said he was backing ORANGE JUICE because of its focus on cash-flow-generating businesses and a bitcoin treasury. “I have built a diversified conglomerate serving millions of customers in Latin America and employing over 170,000 people. From this I have learned two things: cash flow is king, and you cannot count on governments to protect the value of your money,” Salinas said.

What Could A Public Listing Change?

ORANGE JUICE said it intends to pursue a public listing in the future to provide a liquid ownership currency and access to capital markets. A listing could make the company more flexible as an acquirer because publicly traded equity can be used in seller consideration, employee incentives, and future capital raising. Public markets would also make the strategy easier to value but harder to manage quietly. Investors would be able to track the company’s acquisition pace, operating cash flow, bitcoin exposure, leverage, and capital allocation decisions. That transparency could support valuation if the company proves it can buy and improve businesses, but it could also increase pressure during periods of bitcoin weakness or slower deal activity. The company is also building an in-house operating team to support operational improvements and artificial intelligence adoption across its portfolio companies. That detail matters because permanent ownership does not remove the need for active management. Small businesses often require support in finance, systems, automation, hiring, and succession planning after acquisition. ORANGE JUICE’s launch shows how bitcoin treasury strategies are moving beyond pure balance sheet accumulation. The company is trying to pair bitcoin exposure with operating cash flow from acquired businesses, creating a structure closer to a long-term holding company than a standard crypto investment vehicle. Its success will depend on whether that combination can produce durable cash flow while managing the volatility that comes with bitcoin as a reserve asset.