ORANGE JUICE has raised $40 million to launch a permanent-capital company that will acquire profitable U.S. businesses and direct part of their cash flow into a Bitcoin treasury. The company announced that it will target established businesses generating between $1 million and $10 million in annual cash flow across a range of industries.
The model is designed as an alternative to traditional private equity. Instead of buying companies with the expectation of selling them after a fixed holding period, ORANGE JUICE plans to own its portfolio businesses indefinitely. The structure is intended to give founders more flexibility when they are ready to step back, sell part of their ownership, or transfer operational control over time.
Acquired companies will retain their existing names, teams, and customer relationships. Founders may remain involved, leave immediately, or transition management gradually depending on the needs of the business. Sellers may also receive part of the purchase consideration in ORANGE JUICE equity, allowing them to retain exposure to the broader holding company.
Permanent Capital Replaces the Traditional Exit Cycle
Private equity firms typically operate through funds with predetermined investment periods and exit timelines. That structure can create pressure to resell portfolio companies, increase leverage, or prioritize short-term financial targets. ORANGE JUICE argues that permanent ownership allows management to focus on long-term operational improvements without preparing each business for a future sale.
The company was founded by partners linked to Bitcoin venture firm ego death capital, including Jeff Booth, Lyn Alden, Nico Lechuga, and Andi Pitt. Adrian Steckel also joined as a founding partner, while Ruben Zweiban will serve as operating partner. Mexican businessman Ricardo Salinas participated as the anchor investor in the $40 million financing round.
Salinas said the strategy reflects two principles developed through building a large diversified business group: cash flow is essential, and governments cannot always be relied upon to preserve the value of money. His participation connects ORANGE JUICE with an investor who has publicly supported Bitcoin as a long-term reserve asset.
Business Cash Flow Will Support Bitcoin Accumulation
Cash generated by acquired companies will be available for additional acquisitions, operational investment, and purchases for the Bitcoin treasury. The company plans to use leverage conservatively and does not appear to be relying on debt-funded Bitcoin purchases as the primary driver of its strategy.
The approach differs from public companies that raise capital mainly to buy Bitcoin and then depend heavily on the cryptocurrency’s market performance. ORANGE JUICE intends to begin with operating businesses that already produce cash, creating a recurring source of funding for treasury accumulation even when capital markets become less favorable.
The Block reported that the company will focus on healthy businesses with durable earnings rather than distressed turnarounds. That may reduce acquisition risk, although integrating multiple companies and maintaining consistent operating standards will still require experienced management.
ORANGE JUICE is entering a market shaped by a large generational transfer of privately owned businesses. Many U.S. founders are approaching retirement without a clear succession plan, while employees and family members may not be positioned to take control. A permanent owner that preserves the company’s identity could appeal to sellers who do not want their businesses absorbed, renamed, or quickly resold.
The Bitcoin component adds both potential upside and volatility. If the treasury appreciates over time, it could strengthen the holding company’s balance sheet and expand acquisition capacity. A prolonged decline in Bitcoin, however, could reduce available capital and complicate valuations. The success of the model will therefore depend on disciplined acquisitions, strong operating cash flow, and a treasury policy capable of surviving multiple market cycles.
