Bitcoin Defies Six-Month Trend, Surges Past Strategy's STRC Ex-Dividend Date Slump

For the first time in six months, Bitcoin has broken its post-ex-dividend date slump following Strategy's (MSTR) STRC payout event. With Bitcoin now trading at $79,000, this marks a significant turning point from its $75,000 value at the time of the ex-dividend date on April 15. STRC, Strategy's perpetual preferred stock, has been crucial in funding the company's Bitcoin purchases over the past few months. Typically, STRC's value drops by the payout amount on its ex-dividend date, as new buyers are no longer eligible to receive the dividend. However, the stock tends to recover within two weeks, returning to its $100 par value. Currently, STRC is trading at $99.47. This recovery is vital for Strategy, the largest publicly traded company holding Bitcoin, as it allows the company to utilize its at-the-market (ATM) program to issue new shares and purchase more Bitcoin. Strategy's shares have risen by over 9% to $178, likely due to the company tapping into its common stock ATM program to fund additional Bitcoin purchases. The company recently announced its third-largest Bitcoin purchase of 34,164 BTC, which initially had a minimal impact on the price. However, the current Bitcoin rally seems to be driven by market positioning, with perpetual futures funding rates remaining negative. This indicates that bearish sentiment still dominates, with short sellers paying long positions to maintain their trades. As the price increases, short sellers are forced to close their positions, creating a short squeeze that accelerates the gains. Additionally, the persistent Coinbase premium, where Bitcoin trades at a higher price on the US exchange compared to offshore platforms, suggests steady spot demand.