Bitcoin Defies Six-Month Trend, Surges Past STRC 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. Currently trading at $79,000, BTC has demonstrated resilience, having been around $75,000 at the time of the ex-dividend date. STRC, which has been an aggressive funding tool for the company's Bitcoin purchases, typically declines by the payout value on its ex-dividend date and then gradually recovers over two weeks to reach its $100 par value. It is now trading at $99.47. The recovery of STRC to its par value 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 use the proceeds to buy more Bitcoin. Strategy's shares have surged over 9% to $178, likely due to the company tapping its common stock ATM program to fund additional Bitcoin purchases. The company recently disclosed a significant Bitcoin purchase of 34,164 BTC. The Bitcoin rally seems driven by short squeeze dynamics, with perpetual futures funding rates remaining negative, indicating bearish sentiment. As prices rise, shorts are forced to close positions, accelerating gains. Moreover, the persistent Coinbase premium, where Bitcoin trades higher on the US exchange than on offshore platforms, points to steady spot demand in the US.