There’s a new playbook emerging for getting Bitcoin onto corporate balance sheets, and it involves buying your local family-owned plumbing company. Nico Lechuga, co-founder of Orange Juice and founding partner of Ego Death Capital, has laid out a strategy to acquire cash-flow-positive family businesses and convert their free cash flow into Bitcoin holdings, using a 3x leverage strategy to turn $10 million in annual cash flow into $30 million worth of BTC.

The plan, detailed in a recent interview on Natalie Brunell’s Coin Stories podcast, has already attracted interest from more than 100 businesses within its first week of going public. The crypto community has taken notice too, with some calling it a “Berkshire of Bitcoin.”

How the leverage model works

Orange Juice acquires family businesses that are already profitable and operationally sound, using a blend of cash and equity. Then, instead of reinvesting those profits into growth or paying them out as dividends, the venture channels the free cash flow into Bitcoin purchases.

Rather than just buying $10 million worth of Bitcoin with $10 million in cash flow, Orange Juice plans to borrow against those predictable revenue streams at a 3x ratio. That means $10 million in cash flow supports $30 million in BTC acquisitions.

The debt gets serviced by the ongoing business cash flows. Lechuga has emphasized that this structure is designed to remain viable even in declining BTC markets, since the underlying businesses still produce cash regardless of what Bitcoin’s price does.

The critical distinction from a company like MicroStrategy, which has famously loaded up its balance sheet with Bitcoin, is the source of repayment. MicroStrategy has relied heavily on convertible notes and equity issuances. Orange Juice’s model ties the debt directly to operating cash flows from real businesses.

The Berkshire Hathaway comparison

Lechuga has explicitly modeled the approach after Berkshire Hathaway. Orange Juice acquires boring, profitable businesses, doesn’t restructure how they operate, and takes the cash they throw off to put into Bitcoin. Lechuga has been careful to note that Orange Juice won’t force growth strategies or restructure the companies it acquires. The businesses maintain operational independence, and founders or managers keep running things the way they always have.

Why businesses are lining up

The fact that more than 100 businesses reached out within a week of the podcast airing tells you something about the appetite for this kind of arrangement. Many family business owners face a common problem: they’ve built something profitable but have no succession plan and limited options for a clean exit.

Orange Juice offers a path to sell, get a mix of cash and equity, keep your team employed, and gain exposure to Bitcoin’s potential upside through an equity stake in the broader Orange Juice portfolio.

Lechuga’s credibility in this space isn’t coming from nowhere. Ego Death Capital, where he serves as founding partner, closed a $100 million fund in July 2025.

What investors should watch

The 3x leverage ratio is the number that should hold your attention. Leverage amplifies returns in both directions, and while the cash flow servicing model provides a cushion, it doesn’t eliminate risk. If Bitcoin enters a prolonged bear market while the acquired businesses face their own headwinds, the math gets uncomfortable quickly.

The strategy also assumes that family businesses acquired will maintain their current cash flow levels under new ownership. Business transitions, even smooth ones, can disrupt customer relationships, employee morale, and operational efficiency. Lechuga’s hands-off approach mitigates some of this risk, but it doesn’t eliminate it.