Bitcoin Defies Trend, Surges Past Strategy's Ex-Dividend Date Slump for First Time in Six Months

For the first time in six months, Bitcoin has broken its post-ex-dividend date slump, with its price now at $79,000, up from $75,000 at the time of the ex-dividend date. Strategy's perpetual preferred stock, STRC, has traditionally served as a key funding instrument for the company's Bitcoin purchases. Following its ex-dividend date on April 15, STRC declined by the value of the payout but has since recovered, currently trading at $99.47. This recovery is crucial, as it enables Strategy, the largest publicly traded company holding Bitcoin, to utilize its at-the-market program to issue new shares and purchase additional Bitcoin. The company's shares have surged over 9% to $178, with Strategy likely leveraging its common stock ATM program to fund further Bitcoin purchases. The recent Bitcoin rally appears to be driven by positioning, with perpetual futures funding rates remaining negative, indicating bearish sentiment. However, as prices rise, short sellers are forced to close positions, resulting in a short squeeze that accelerates gains. Additionally, the persistent Coinbase premium, where Bitcoin trades higher on the US exchange than offshore platforms, points to steady spot demand in the US market.