Key Takeaways:
Lyn Alden and Jeff Booth raised $40 million to launch Orange Juice, a permanent-capital holding company that will acquire US businesses and hold retained earnings in Bitcoin.
"Building a business takes decades. Founders deserve more than one path when it's time to transition ownership," founding partner Nico Lechuga said.
The company targets cash-flow-positive US businesses generating $1 million to $10 million in annual cash flow. Unlike traditional private equity, Orange Juice is not constrained by fund cycles or the pressure to resell, allowing it to focus on long-term ownership. Acquired businesses will maintain their identities, and sellers receive part of their consideration in Orange Juice equity, enabling continued participation in the long-term upside.
Orange Juice intends to pursue a public listing in the future, creating a publicly tradable equity that represents a diversified basket of small US businesses with a growing Bitcoin treasury underneath. The $40 million seed round was anchored by Ricardo Salinas, the Mexican billionaire founder of Grupo Salinas, who said he is backing the team because cash-flow companies paired with a Bitcoin treasury offer a hedge against currency debasement.
The company was founded by partners from ego death capital, a Bitcoin venture capital firm, including Jeff Booth, Lyn Alden, Nico Lechuga, and Andi Pitt, along with Adrian Steckel and Ruben Zweiban as operating partner. Salinas, whose conglomerate employs over 170,000 people across Latin America, participated as anchor investor.
"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. "Orange Juice is built on both — cash flowing companies and a Bitcoin treasury. That is why I am backing this team."
Orange Juice is assembling an in-house operating team to support operational improvements and help portfolio companies navigate the AI transition. Cash generated by the businesses will be reinvested into acquisitions or the Bitcoin treasury, with conservative use of leverage and capital markets, according to the company.
The model mirrors elements of MicroStrategy's Bitcoin treasury strategy but with operating cash flows underneath. If Orange Juice eventually lists on a stock exchange, it would offer traditional investors exposure to Bitcoin through a vehicle that also generates real operating income. Bitcoin was trading near $65,000 as of the announcement, according to CoinGecko data.
This article is for informational purposes only and does not constitute investment advice.
