Orange Juice Holdings Inc., a newly launched Connecticut-based permanent capital company, has raised $40 million to acquire profitable American businesses and use their cash flow to build a long-term Bitcoin treasury. The firm, founded by partners from Bitcoin-focused venture firm ego death capital—including Jeff Booth, Lyn Alden, Nico Lechuga, and Andi Pitt—alongside Adrian Steckel, aims to permanently own the companies it buys, avoiding the traditional private equity model that forces portfolio exits after a few years.
Anchor investor Ricardo Salinas, founder and chairman of Grupo Salinas, expressed that “cash flow is king” and backed the combination of operating businesses and a Bitcoin reserve. The company targets businesses generating $1 million to $10 million in annual cash flow across various industries. Sellers will receive part of their compensation in Orange Juice equity, allowing them to retain exposure to the holding company and its Bitcoin strategy. The firm also plans to pursue a public listing in the future to make its stock more liquid and usable as acquisition currency.
Orange Juice’s model links Bitcoin accumulation directly to operating cash flow rather than relying solely on securities issuance. Cash generated by portfolio companies can fund additional acquisitions or Bitcoin purchases, with conservative use of leverage. This structure contrasts with companies like Strategy (formerly MicroStrategy), which recently sold Bitcoin to meet dividend obligations after building a large system of preferred securities. Orange Juice’s operating businesses provide a unique cash-flow source, but its acquisition-currency component still depends on achieving a favorable public market valuation. If Bitcoin weakens or the listing receives a skeptical market reception, sellers may demand more cash, undermining the flywheel that relies on equity as currency.
