Bitcoin-focused permanent capital firm ORANGE JUICE raises $40M to buy U.S. cash-flow businesses

ORANGE JUICE has raised $40 million to launch a permanent capital company that will acquire and permanently own U.S. businesses while running a bitcoin treasury strategy, the firm said in a statement cited by The Block.

The Connecticut-based vehicle plans to target cash-flow-generating companies with between $1 million and $10 million in annual cash flow across sectors. Acquired businesses will retain their brands, with founders able to retire, stay on, or transition leadership over time, and sellers will receive part of their consideration in ORANGE JUICE equity.

ORANGE JUICE was founded by partners from bitcoin VC firm ego death capital — Jeff Booth, Lyn Alden, Nico Lechuga and Andi Pitt — alongside Adrian Steckel, with Ruben Zweiban serving as operating partner. The firm said it is structured as a permanent capital company rather than a conventional PE fund, avoiding fixed fund cycles and the pressure to exit portfolio companies on a timetable.

Mexican billionaire Ricardo Salinas, founder and chairman of Grupo Salinas, joined as an anchor investor, backing the focus on cash-flow businesses combined with a bitcoin treasury. ORANGE JUICE said cash flows from portfolio companies will be reinvested into additional acquisitions or bitcoin, with conservative use of leverage and capital markets.

The firm is building an in-house operating team to drive operational improvements and AI adoption across portfolio companies. It also intends to pursue a future public listing to create a liquid equity currency for acquisitions and broader access to capital markets.