Connecticut-based Orange Juice has raised $40 million to build a permanent capital company that will acquire and hold U.S. businesses while using bitcoin as part of its treasury strategy, the firm said.
The company said the funding will support acquisitions of cash-flow-positive businesses across multiple industries, with a focus on firms generating between $1 million and $10 million annually. Orange Juice plans to hold these companies indefinitely rather than buy, restructure, and sell them within a fixed fund timeline, marking a notable departure from the traditional private equity model.
Orange Juice was founded by partners associated with bitcoin-focused venture capital firm Ego Death Capital. Its leadership team includes Booth, Alden, Lechuga, Pitt, and Steckel, with Zweiban named operating partner. The company said it intends to combine long-term ownership, operating support, and a bitcoin treasury to create a corporate structure designed around durable cash flow and balance-sheet preservation.
The round was anchored by Salinas, chairman of Grupo Salinas, who is backing the firm’s model of acquiring established operating businesses and using their cash flows to expand holdings or build digital asset reserves. Orange Juice said cash generated by acquired companies may be used for additional acquisitions, operating improvements, or increasing the firm’s bitcoin reserves. The company also said it expects to use leverage in a controlled manner.
The launch adds another example of corporate bitcoin adoption moving beyond public technology firms and specialized financial vehicles. Orange Juice is aiming at smaller, everyday businesses that produce recurring cash flow, a segment that has historically been targeted by private equity funds, family offices, search funds, and strategic buyers.
A permanent ownership model
Orange Juice is positioning itself as a permanent capital company, meaning it does not plan to operate according to a typical buyout fund cycle. Conventional private equity funds often raise capital, acquire companies, attempt to improve performance, and sell those businesses within a set period so that capital can be returned to their backers. Orange Juice says it does not intend to follow that pattern.
Instead, the firm plans to buy and hold operating companies for the long term. That structure is intended to remove the pressure to sell a business simply because a fund has reached the end of its life. For sellers, the company is presenting itself as a buyer that can offer continuity rather than a short-term ownership change.
The firm said acquired businesses will keep their brand identities. Founders and current owners will have flexibility to reduce their responsibilities over time, remain involved in operations, or retire after a transaction closes. Orange Juice said deal terms will include an equity component from Orange Juice as part of the purchase consideration, giving sellers a continued link to the broader company after the sale.
That approach could appeal to owners of smaller businesses who are seeking succession plans but do not want to see their companies quickly absorbed, rebranded, or resold. Many U.S. business owners in service, manufacturing, distribution, and other cash-flowing sectors face transition questions as founders age or families decide not to continue operating the business.
Orange Juice is seeking to enter that market with a structure that combines acquisition capital, operational support, and a treasury strategy centered partly on bitcoin.
Bitcoin as a treasury reserve
The most distinctive element of the Orange Juice model is its plan to maintain bitcoin reserves at the holding company level. The company is not simply acquiring businesses with cash flow; it is also treating bitcoin as a reserve asset that can sit alongside operating cash and other corporate resources.
The idea reflects a broader trend in corporate finance, where a growing number of companies have added bitcoin to their balance sheets. Public company treasury trackers show that more than 1.2 million bitcoin are held by publicly listed companies worldwide, equal to nearly 6% of the asset’s fixed 21 million coin supply.
Most of that corporate adoption has been concentrated among larger public companies, bitcoin-focused firms, and entities created specifically to accumulate the asset. Orange Juice is attempting to bring a similar treasury concept into the lower middle market, where privately held operating companies generate cash through ordinary business activity rather than through financial speculation.
The company’s model depends on the assumption that stable cash flow from acquired businesses can support both operations and long-term reserve accumulation. If successful, it would create a structure in which revenue from traditional businesses can be converted, over time, into a scarce digital asset held at the parent company level.
Such a strategy also introduces balance-sheet volatility. Bitcoin’s price can move sharply over short periods, and companies that hold it must manage liquidity needs, tax considerations, accounting treatment, debt obligations, and market risk. Orange Juice has said it will use leverage in a controlled way, but the interaction between debt, acquisition activity, operating cash flow, and bitcoin reserves will be a central factor in how the model performs.
A challenge to traditional private equity
Orange Juice’s strategy places it in direct competition with standard buyers of small and midsize businesses. Private equity firms, independent sponsors, search funds, and strategic acquirers have long targeted profitable companies with dependable cash flow. Orange Juice is entering that same market but offering a different pitch: long-term ownership, brand preservation, founder flexibility, and exposure to a parent company that uses bitcoin as a treasury asset.
For sellers, the appeal may depend on how they value continuing equity in Orange Juice compared with an all-cash sale. Some owners may prefer immediate liquidity and a clean exit. Others may view ongoing participation in a larger holding company as attractive, particularly if they believe the combination of cash-flowing businesses and bitcoin reserves can create long-term value.
The permanent capital model also changes incentives for management. A fixed-life fund often needs to show measurable improvement within a limited window before selling. A long-term holding company can, in theory, make slower operational changes, invest patiently, and avoid rushed exits. However, it also must maintain discipline because there is no automatic sale process to force capital recycling.
Orange Juice said it plans to reinvest cash generated by acquired businesses into further acquisitions or hold it in bitcoin reserves. That creates a compounding strategy, but it also requires careful judgment about when to buy businesses, when to build reserves, and when to keep cash available for operations.
Operational improvements and AI integration
Orange Juice also plans to create an internal operations unit focused on improving efficiency across its companies. The firm said artificial intelligence will be part of that effort, with Zweiban expected to oversee operating improvements and the deployment of machine learning tools across acquired businesses.
For smaller companies, AI tools may be used to improve customer service, automate administrative tasks, enhance marketing, speed up accounting processes, manage inventory, or support sales teams. The impact will vary by industry and by the quality of each company’s existing systems.
The decision to build internal operating capacity is important because acquisition strategies depend heavily on post-deal execution. Buying stable businesses is only one part of the model. Maintaining margins, retaining employees, keeping customers, and improving systems are often the harder tasks.
Orange Juice’s plan suggests it wants to operate more like a holding company with centralized support functions than a passive owner. If it can standardize certain tools across multiple businesses, it may be able to reduce costs or improve productivity. But smaller firms can also be difficult to integrate because they often rely on founder knowledge, informal processes, and long-standing local relationships.
The company has not disclosed specific acquisition targets or the timetable for its first deals.
Plans for a public listing
Orange Juice said it intends to pursue a future public listing. A public listing could give the firm broader access to capital markets and provide liquidity options for ownership over time.
For a permanent capital company, public markets can serve several purposes. A listed structure can allow the company to raise additional funds, issue equity in acquisitions, and give early backers a way to sell shares without forcing the sale of the underlying businesses. It can also create market visibility around the company’s net asset value, operating performance, and bitcoin treasury position.
At the same time, becoming public would increase disclosure requirements and expose the company to daily market pricing. Firms with bitcoin-heavy balance sheets can see their share prices influenced not only by operating results but also by broad sentiment toward digital assets. That can create a gap between operating fundamentals and market valuation, especially during periods of bitcoin volatility.
A future listing would likely require Orange Juice to provide more detailed reporting on its businesses, debt, bitcoin holdings, acquisition pace, and treasury policies. Traders would also look for clarity on how the company values acquired businesses and how much of its cash flow is allocated to bitcoin versus reinvestment or debt reduction.
Corporate adoption remains under scrutiny
Bitcoin was trading near $64,700 in mid-July 2026 after a period of volatility earlier in the year. Corporate treasury activity remains a closely watched factor in the market because large, long-term holders can reduce the amount of bitcoin available for active trading.
Orange Juice’s initial $40 million raise is small compared with the size of the global bitcoin market, but the model is notable because it applies the treasury concept to smaller operating companies. If similar holding companies emerge, the effect could be broader than any single acquisition program. Instead of one public company buying bitcoin with capital-market proceeds, multiple cash-flowing firms could gradually direct operating surplus into digital reserves.
The near-term market impact will depend on the pace of acquisitions, the amount of cash each company generates, and how much Orange Juice allocates to bitcoin after operating needs and deal costs. A handful of small acquisitions would not significantly change bitcoin supply dynamics. A larger network of permanent capital firms using similar policies could have a more meaningful effect over time.
For now, the key questions are operational rather than market-driven. Orange Juice must show it can acquire quality businesses at reasonable prices, retain management talent, improve operations, manage debt, and maintain a disciplined treasury policy. The bitcoin component may attract attention, but the model’s durability will depend on whether the underlying companies continue to produce steady cash flow.
Salinas’ backing gives the venture a high-profile supporter with a known interest in bitcoin and corporate treasury alternatives. His participation may help Orange Juice gain visibility among business owners and capital providers, but execution will determine whether the strategy can scale.
The company’s first acquisitions will provide the clearest test of its approach. Deal terms, industry selection, leverage levels, and the treatment of founders will show how Orange Juice plans to translate its permanent capital thesis into operating reality. For traders watching corporate bitcoin adoption, the firm’s progress may offer an early signal of whether treasury-focused holding companies are becoming a more active force in the market.
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