Orange Juice launches as permanent capital vehicle with Bitcoin treasury

Lynn Alden has co-founded Orange Juice, a company designed to operate as a permanent capital vehicle similar to Berkshire Hathaway. The firm acquires and holds cash-flowing businesses while maintaining a Bitcoin treasury. Alden argues that this structure addresses a critical flaw in pure-play Bitcoin treasury companies, which often face a ticking clock due to debt service requirements and pro-cyclical capital access. By relying on the cash flows from acquired businesses, Orange Juice can support debt indefinitely, removing the pressure to sell Bitcoin during market downturns. Alden noted that if a company has cash flow, it can support debt indefinitely without a ticking clock attached to its Bitcoin stack. The strategy also leverages a demographic trend of aging business owners seeking exits, creating a market for private equity. However, Alden criticized traditional private equity for leveraging cost-cutting and flipping businesses, practices she believes can lead to higher bankruptcy rates. Instead, Orange Juice intends to hold businesses for decades, using Bitcoin as a store of value for excess cash. This approach allows for counter-cyclical investment in either businesses or Bitcoin depending on market conditions, creating a more sustainable and less pro-cyclical investment vehicle.