Orange Juice, a new permanent capital holding company, has raised $40 million and will hold a portion of its profits in Bitcoin as a treasury asset. The company, founded by a group that includes Jeff Booth, Lyn Alden, Nico Lechuga, Andi Pitt, Adrian Steckel, and Ruben Zweiban, plans to acquire small and mid-sized businesses, improve their operations, and hold them indefinitely — not flip them. Mexican billionaire Ricardo Salinas joined as the anchor investor, and he's increased his personal Bitcoin allocation from 10% to 70% of his portfolio.
The permanent capital model
Orange Juice isn't a typical venture fund. It targets cash-flowing businesses that can be bought at low prices, then improved and held forever. The founders say the goal is to generate steady profits, with a slice of those profits converted into Bitcoin as a long-term treasury reserve. The company intends to pursue a public listing down the road, though no timeline has been set.
Why the Bitcoin treasury approach now
The timing isn't great for the Bitcoin treasury model. Last year's crypto price plunge hit companies that held large Bitcoin reserves hard. Strategy — the biggest corporate Bitcoin holder — saw its stock fall nearly 80% over the past year. Still, the idea hasn't died. According to BitcoinTreasuries.net, there are now over 360 digital asset treasuries globally. Orange Juice is betting that buying businesses cheap and converting some profits to Bitcoin will outperform both traditional holding companies and pure crypto plays.
Ricardo Salinas' bet
Salinas, the founder of Grupo Salinas and one of Mexico's richest people, put money into Orange Juice as the anchor investor. He's also been vocal about Bitcoin. His decision to move from 10% to 70% of his personal portfolio into Bitcoin signals a conviction that the asset's long-term trajectory outweighs the recent volatility. For Orange Juice, having Salinas on board adds credibility and a deep-pocketed backer.
The broader landscape
Orange Juice enters a field where corporate Bitcoin treasuries are still a niche strategy. Most companies that tried it — from MicroStrategy to smaller firms — have taken a beating in the last year. But the founders argue that their model is different: they're not borrowing to buy Bitcoin; they're using operating profits from real businesses. That distinction may matter if the crypto market stays choppy.
What's next? Orange Juice hasn't announced its first acquisition yet. The company says it's actively looking for small and mid-sized businesses to buy. A public listing is on the horizon, but no exchange or date has been named.
