Orange Juice

Mm.

You know, we for, uh, even like, even at the NT level, corporations, we, you know, we raised forty million for Orange Juice.

Um-

Yeah.

You know, they, they're cash-rich in money markets, and they've either got no mortgage or they've got a locked-in mortgage.

You know, the, the wealthier, the seniors on the wealthier side, and they, they can just spend more now.

By the way, I pulled up on the screen Orange Juice.

You're not raising money to make literal orange juice.

You're not just trying to be extractive from the industry.

You're actually truly, like, invested yourself in it." Um, as we come up on time, what can you leave us with? What should we be looking forward to? October 21st is the Digital Credit Digital Conference.

Um, how can people follow it, get involved, sign up?

That's a nice ring to it, right? The Digital Credit Digital Conference.

Um, people can follow along at, um, my X handle, Tim Kotzman.

Also can follow, uh, BTCT Media, which is Bitcoin Treasuries Media.

Um, and yeah, we'll have additional speaker announcements over the next week, over the next two weeks as we get towards the 21st.

Um, happy Uptober to everyone who celebrates.

Ego Death invests in rounds from pre-seed to series A.

He is also a founding partner of Orange Juice, the first Bitcoin native private equity firm.

Welcome in, Niko.

Hi, Grace.

So you've spent time on both sides of the table, PE and actually building a small business.

When you look at the way traditional PE buys and sells businesses, how do you think about creating long-term value?

So th- this is a, um, a real thing that we, we have looked at when we founded Orange Juice.

So traditional private equity operates in a fund model, and that fund model has an ephemeral fund life.

I mean, some of the energy companies like this where they've locked in 5, 10, 15, 20 year debt and then they have a decent amount of cash and they're pretty low on net debt or maybe even net debt free and they get higher yields on their cash now.

We raised capital for a company called Orange Juice, who raised $40 million.

It's set aside to make acquisitions, and that money earns interest.

After this raise, we get more interest on our pool of capital than we did a few weeks ago.

So I do think that stablecoins around the margins slightly increased the overall demand for dollars, but it's a smaller story than some people will say, and especially a smaller story than, say, the Treasury Secretary will say, because his kind of job is to promote that story in a sense.

So I would take the view that it's it's a variable to watch, but when you actually run the numbers on it, and you mentioned Citi, I mean, Citi had a report, I think it was a year ago, I think it came out in 2025, and they kind of mapped out stablecoin potential demand through 2030, and they mapped out a range of scenarios, and you look at their base case, you know, it would result in something like, you know, a trillion or two trillion demand for stablecoins, but that partially displaces existing offshore dollar deposits uh and other kind of dollar type assets so the actual net demand for new dollars is more like hundreds of billions which is not nothing but in a five-year stretch i mean the us is going to run 10 trillion in deficits during that time so and if you if you create let's call it 500 billion to a trillion a new dollar demand over five year period and you just run 10 trillion in deficits and you know you've grown the money supply by x number of trillions It's not that it's not material, but it's just one variable among many.

Well, we founded Orange Juice.

We got the domain orangejuice.com because what we're intending to do, we think there's a big opportunity in private equity had this kind of 40-year stretch of ever declining interest rates.

Not like I have X, like what, um, Lynn Alden and the Ego Death team have now started...

Orange Juice.

Yeah, Orange Juice, where they're buying, you know, private businesses.

It's a private equity company, right? A private equity place.

They're buying businesses and taking the revenues and putting it into Bitcoin.

This one's from Tim Fiaka.

What do you think of the business model to acquire cash-flowing businesses backed by Bitcoin treasuries like Orange Juice? Do you see yourself adopting some sort of cash-flowing business model in the future? And what are your thoughts on the potential benefit of cash flow for MSTR?

Yeah, we won't do it.

It's a perfectly fine business model for other people to do.

I mean, for orange juice, it's perfectly fine.

And there are other businesses that that are in the business and their investors are in the business of acquiring cash flowing business.

So that's their business model.