Bitcoin Defies Six-Month Trend, Rises After Strategy's Ex-Dividend Date

For the first time in six months, Bitcoin has seen an increase in the week following the ex-dividend date of Strategy's perpetual preferred stock, STRC. Currently trading at $79,000, Bitcoin has shown resilience despite the typical post-dividend adjustment in STRC. The stock, which has been used as an aggressive funding instrument for the company's Bitcoin purchases, experienced a decline on its ex-dividend date, but has since recovered and is now 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. The company's shares have risen over 9% to $178, with the company likely using its common stock ATM program to fund further Bitcoin purchases. Strategy recently disclosed a significant Bitcoin purchase of 34,164 BTC, and the Bitcoin rally appears to be driven by positioning, with perpetual futures funding rates remaining negative and a persistent Coinbase premium indicating steady spot demand.