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

For the first time in six months, Bitcoin has risen in the week following the ex-dividend date of Strategy's perpetual preferred stock, STRC. With Bitcoin currently valued at $79,000, this upward trend marks a significant shift. At the time of the ex-dividend date, Bitcoin was trading at around $75,000, demonstrating its resilience despite the typical post-dividend adjustment in STRC. Over the past few months, STRC has been used as an aggressive funding tool for the company's Bitcoin purchases. Following the ex-dividend date, STRC typically declines by the value of the payout, as new buyers are no longer entitled to receive it. However, the stock tends to recover gradually, often taking about two weeks to return to its $100 par value. Currently, STRC is trading at $99.47. This recovery is crucial, as it allows Strategy, the largest publicly traded company holding Bitcoin, to utilize its at-the-market program, issuing new shares and using the proceeds to buy additional Bitcoin. Strategy's shares have surged over 9% to $178, with the company likely leveraging its common stock ATM program to fund further Bitcoin purchases. The company recently disclosed the 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 prevails. As prices rise, short sellers are forced to close positions, creating a short squeeze that accelerates gains. Additionally, the persistent Coinbase premium, where Bitcoin trades slightly higher on the US exchange than offshore platforms, points to steady spot demand.