ORANGE JUICE raises $40m for permanent capital bitcoin M&A
A new permanent capital company backed by prominent bitcoin investors has raised $40 million to acquire and hold lower-middle-market US businesses, converting their cash flows into a bitcoin treasury.
ORANGE JUICE has secured $40 million to launch a permanent capital vehicle focused on acquiring and holding American small-to-medium enterprises. The Connecticut-based firm plans to target businesses generating between $1 million and $10 million in annual cash flow across multiple sectors. Instead of holding cash reserves in traditional fiat currencies, the company will convert those funds into bitcoin.
The firm is structured outside the traditional private equity model, meaning it faces no fund cycles or forced divestment timelines. This allows ORANGE JUICE to operate as a long-term holding company. Acquired businesses will keep their existing brands, and selling founders will receive a mix of cash and ORANGE JUICE equity, giving them continued exposure to the combined portfolio.
The venture was founded by partners from bitcoin venture firm ego death capital, including Jeff Booth, Lyn Alden, Nico Lechuga and Andi Pitt, alongside Adrian Steckel and operating partner Ruben Zweiban. Ricardo Salinas, founder and chairman of Grupo Salinas, joined as an 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 intends to build an in-house operations team to drive efficiency and integrate artificial intelligence across its acquisitions. Free cash flow generated by the portfolio will be used to fund further acquisitions or expand the bitcoin treasury, supported by a conservative approach to leverage and capital markets. The company plans to pursue a public listing in the future to provide liquidity for its equity holders and open access to public capital markets.
For small business owners, the model offers an alternative to standard private equity buyouts, which typically aim to resell companies within a strict timeframe. By offering ORANGE JUICE equity as part of the sale consideration, sellers retain a stake in a structure designed to appreciate through both operational growth and bitcoin's fixed supply. "Building a business takes decades. Founders deserve more than one path when it's time to transition ownership," founding partner Nico Lechuga said.
