Lyn Alden's New Firm Will Buy 'Boring' Businesses — and Bitcoin. Why?

Summary

Lyn Alden explains her new venture Orange Juice, a permanent capital holding company that raised $40 million to acquire boring, cash-flowing businesses and layer a Bitcoin treasury on top. She contrasts this countercyclical model with pure-play Bitcoin treasury companies like Strategy, critiques Strategy's recent dollar reserve missteps and STRK volatility, and maintains a long-term bullish stance on Bitcoin as a scarce treasury asset.

• Alden raised $40M for Orange Juice, a holding company that buys mature, cash-flowing businesses and holds Bitcoin at the parent level.
• The model provides countercyclical optionality: buy businesses when Bitcoin is expensive, accumulate Bitcoin when it is cheap.
• Orange Juice targets small, AI-resistant, non-crypto businesses with durable cash flows and low multiples, avoiding venture-backed startups.
• Alden criticizes Strategy (MSTR) for letting its USD reserve fall too low, triggering a volatility event in its preferred stock STRC.
• She suggests Strategy should rebuild its dollar reserve and could buy back STRC if it stays in the 80s, but emphasizes a wait-and-see approach.
• Alden views Bitcoin as ideal for corporate treasuries, acting as 'rocket fuel' when combined with stable operational cash flows.
• She does not see quantum computing as an imminent threat to Bitcoin but supports early research into quantum-resistant signatures.