ORANGE JUICE, a new investment vehicle backed by macro strategist Lyn Alden and former BuildDirect CEO Jeff Booth, has raised $40 million to launch a permanent capital firm built around a bitcoin treasury strategy.
The structure is modeled on the "permanent capital" ownership model – meaning the firm does not have a fixed redemption window or fund life. Once capital is deployed, it stays locked into the business indefinitely, a structure that aligns with long-duration assets like bitcoin.
The $40 million round will be used to acquire operating businesses, which in turn will hold bitcoin on their balance sheets as a primary treasury reserve. The approach mirrors what companies like MicroStrategy and Metaplanet have done, but ORANGE JUICE takes it a step further by embedding the treasury strategy inside a permanent holding company.
Booth and Alden are both active backers. Alden, whose research on monetary systems and bitcoin adoption is widely followed, has long argued that firms holding bitcoin as a reserve asset hedge against currency debasement. Booth, a vocal bitcoin bull, has written extensively on deflation and the role of bitcoin in a world of falling prices.
The firm's name had some market observers doing a double take. But the backers are betting that institutional interest in bitcoin treasury strategies will keep growing. ORANGE JUICE plans to list shares on a public exchange at some point, though no timeline has been given.
For now, the $40 million is seed-stage capital. The real test will be how ORANGE JUICE identifies and acquires the right businesses – and whether it can manage the volatility that comes with holding a bitcoin reserve tied to those acquisitions.
Watch the firm's acquisition targets and any moves to take the holding company public. If the model works, more capital could follow. If bitcoin's price swipes hard, the permanent capital structure leaves no easy exit.
ORANGE JUICE raises $40M for businesses built to hold Bitcoin long term
ORANGE JUICE, a new investment vehicle backed by Lyn Alden and Jeff Booth, raised $40 million to buy operating businesses that will hold Bitcoin, a digital currency, as their main reserve. Its permanent-capital model keeps the money invested indefinitely, placing Bitcoin holdings inside a long-term business structure modeled on companies such as MicroStrategy and Metaplanet.