The Interview Jack Mallers Couldn't Give Until Now
Why Jack Mallers Stepped Away from 21—and How Nico Lechuga Is Using Profitable Businesses to Build the “Bitcoin Berkshire”
When you sit down with leaders actively shaping the intersection of Bitcoin, capital markets, and real-world businesses, one theme emerges loud and clear: principles matter far more than corporate hype.
In two incredible, back-to-back episodes of Coin Stories, I sat down with two of the most dynamic builders in the space—Jack Mallers, CEO of Strike, and Nico Lechuga, founding partner at Ego Death Capital and co-founder of Orange Juice. Both conversations pulled back the curtain on what happens when hard money principles collide with legacy Wall Street systems.
Jack Mallers on Stepping Down From Twenty One and the Truth About Corporate Treasuries
In his first unfiltered, one-on-one interview since stepping down as CEO of public treasury firm 21, Jack Mallers set the record straight on why he walked away from hundreds of millions of dollars in equity.
Free from public company SEC restrictions, Jack opened up about the fundamental strategic rift that led to his resignation:
Why He Stepped Down: Jack co-founded 21 alongside Tether’s leadership to create a hybrid business model, one that generated real products and cash flow while holding a massive Bitcoin treasury. At first he and the board shared a common vision, but in recent months, he said he no longer felt aligned with the board’s direction.
Turning Down a “Blank Check”: Rather than merging Strike into Twenty One or compromising his principles to lead a public company he no longer fully believed in, Jack chose to walk away.
The Reality of Bear Markets: Jack gave a candid assessment of the current sentiment and price action, explaining why true global Bitcoin adoption remains under one percent and why “ruthless” bear markets exist to gobble up excess leverage and false promises.
On Integrity, Humility, and Family: Jack made it clear he doesn't need to be the biggest, on the cover of magazines, or validated by Wall Street. What he cares about is being a better person and builder — and walking away helped him get there.
"I failed in many ways, and I own that... I laid out a vision and set expectations that ultimately weren't met. And some people were impacted by that. And that's real. And that's the guilt that comes with this story."
— Jack Mallers, CEO of Strike
Nico Lechuga on Orange Juice and Fixing Broken Private Equity
Fresh off announcing a $40 million raise led by Mexican billionaire Ricardo Salinas, Nico Lechuga joined the show to explain how the new holding company, Orange Juice, is offering small business owners an alternative to predatory private equity.
Nico and several co-founders (like Jeff Booth and Lyn Alden) are building a permanent capital vehicle designed to function like a “Berkshire Hathaway on a Bitcoin standard”:
The Broken Private Equity Model: Traditional PE funds frequently load local family businesses with high-interest debt, drain their free cash flow to pay early investor dividends, and risk bankrupting the company.
The Orange Juice Alternative: Orange Juice acquires cash-flowing, real-world businesses—such as laundromats, HVAC providers, or local services—for a blend of cash and equity. Instead of forcing unsustainable growth or gutting company culture, Orange Juice holds these companies into perpetuity.
Building a Hard Money Treasury: The steady free cash flow generated by these underlying businesses is used with conservative leverage to accumulate a long-term Bitcoin treasury.
Lessons from VC and Hot Sauce: Nico also shared his journey from private equity deals in West Africa to meeting Jeff Booth, deploying venture capital at Ego Death Capital, and creating Señor Lechuga—a bootstrapped hot sauce brand that made it onto Hot Ones and into Joe Rogan’s hands.
This was one of my favorite interviews of the entire year, make sure you don’t miss and share it with those you know!
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