Orange Juice raises $40m to build cash-flow Bitcoin treasury
Lyn Alden and Ricardo Salinas have backed a $40 million holding company that aims to solve the cash-flow vulnerabilities plaguing the Bitcoin treasury model.
Macroeconomist Lyn Alden and Ego Death Capital partners Jeff Booth, Nico Lechuga and Andi Pitt have launched Orange Juice, a holding company that has raised $40 million to acquire small and mid-sized businesses. Co-founded alongside Adrian Steckel and Ruben Zweiban, the firm will convert a portion of its portfolio companies' profits into Bitcoin to serve as its primary treasury asset.
The strategy represents a direct challenge to the dominant Bitcoin treasury framework. Most existing pure-play digital asset holding companies rely heavily on equity raises or debt to accumulate Bitcoin, leaving them structurally vulnerable to crypto market downturns. By prioritizing operating income, Orange Juice intends to accumulate its treasury reserve without requiring constant external capital injections.
“Pure-play Bitcoin holding companies exist, but their cash-flowing operations tend to be small or non-existent,” Alden wrote in a blog post. “Orange Juice instead will emphasize building a strong and diversified base of cash flows, with a portion of the retained earnings of its businesses accumulating into a Bitcoin treasury.”
This cash-flow focus arrives as the traditional treasury model faces severe stress. Strategy, the largest and oldest Bitcoin treasury, has seen its Nasdaq-listed stock plummet by nearly 80% over the past year. A broader market downturn has forced many of the more than 360 digital asset treasuries tracked by BitcoinTreasuires.net to liquidate portions of their holdings to stay afloat.
The 2025 trend of little-known public companies buying digital assets to boost their share prices has largely reversed as prices fell. Orange Juice is betting that structural cash flows will insulate it from these forced selling dynamics, offering equity investors a less leveraged proxy to Bitcoin appreciation.
Mexican billionaire Ricardo Salinas, who recently increased his personal Bitcoin allocation from 10% to 70% of his portfolio, participated as the anchor investor. The firm intends to target businesses facing succession challenges, holding them indefinitely rather than flipping them within traditional private equity fund cycles.
“Over the coming decades, a significant wave of business successions will take place,” the announcement said. “Unlike traditional private equity, Orange Juice is not constrained by fund cycles or the pressure to resell, allowing it to focus on the long-term health of its businesses.” The company has stated it intends to pursue a public listing in the future.
