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

For the first time in six months, Bitcoin has risen in the week following Strategy's (MSTR) ex-dividend date for its perpetual preferred stock, STRC. With Bitcoin now trading at $79,000, this marks a significant departure from its typical post-dividend adjustment pattern. STRC has been used as an aggressive funding tool for the company's Bitcoin purchases over the past few months. The stock typically declines by the payout value on its ex-dividend date, only to recover gradually over the next two weeks. Currently trading at $99.47, STRC's recovery is crucial as it allows Strategy, the largest publicly traded company holding Bitcoin, to utilize its at-the-market (ATM) program to issue new shares and purchase additional Bitcoin. Strategy's shares have surged over 9% to $178, with the company likely leveraging its common stock ATM program to fund more Bitcoin purchases. The company recently disclosed its third-largest Bitcoin purchase of 34,164 BTC, which has contributed to the Bitcoin rally. The perpetual futures funding rates remain negative, indicating that bearish sentiment still prevails, but the rising prices are forcing short sellers to close their positions, creating a short squeeze that accelerates gains. Meanwhile, the persistent Coinbase premium, where Bitcoin trades higher on the US exchange than on offshore platforms, suggests steady spot demand.