Bitcoin Defies Six-Month Trend, Surges Past $79,000 After STRC Ex-Dividend Date

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, which occurred on April 15. With Bitcoin currently trading at $79,000, this marks a significant shift from its price of around $75,000 at the time of the ex-dividend date, demonstrating continued strength in the cryptocurrency 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 value of the payout 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 around two weeks to return to their $100 par value. STRC is currently trading at $99.47. The recovery of STRC is crucial 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 purchase 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 further Bitcoin purchases. The company recently disclosed its third-largest Bitcoin purchase of 34,164 BTC, while the price initially remained 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.