Bitcoin Defies Six-Month Trend, Surges Past Ex-Dividend Date Slump

For the first time in six months, Bitcoin has broken its post-ex-dividend date slump, with its price now exceeding $79,000. This surge comes a week after Strategy's perpetual preferred stock, STRC, reached its ex-dividend date on April 15. At the time of the ex-dividend date, Bitcoin was valued at around $75,000, demonstrating its continued strength despite the typical post-dividend adjustment in STRC. Over the past few months, STRC has been utilized as an aggressive funding instrument for the company's Bitcoin purchases. Typically, dividend-paying securities like STRC decline by approximately the payout value on their ex-dividend date, as new buyers are no longer entitled to receive the dividend. Following this decline, the shares usually recover gradually, taking about two weeks to return to their $100 par value. Currently, STRC is trading at $99.47. This recovery is significant because once the stock returns to par, Strategy, the largest publicly traded company holding Bitcoin, can use its at-the-market (ATM) program to issue new shares and utilize the proceeds to buy additional Bitcoin. Strategy's shares have risen by more than 9% to $178, with the company likely leveraging its common stock ATM program to fund additional Bitcoin purchases. The company recently disclosed its third-largest Bitcoin purchase of 34,164 BTC, with the price initially remaining within the $75,000 range. However, the Bitcoin rally appears to be driven in part by positioning, with perpetual futures funding rates remaining negative, indicating that bearish sentiment still dominates. As prices rise in this environment, short sellers are forced to close their positions, creating a short squeeze that accelerates gains. Additionally, a persistent Coinbase premium, where Bitcoin trades slightly higher on the US exchange than on offshore platforms, points to steady spot demand.