Bitcoin Defies Six-Month Trend, Surges Past Strategy's 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, which took place on April 15. With bitcoin currently trading at $79,000, up from around $75,000 at the time of the ex-dividend date, this marks a significant shift in the cryptocurrency's trend. STRC has been utilized as an aggressive funding instrument for Strategy's bitcoin purchases over the past few months. Typically, STRC declines by the value of the payout on its ex-dividend date, as new buyers are no longer entitled to receive the dividend. However, following this drop, the shares often recover gradually over a two-week period, returning to their $100 par value. STRC is currently trading at $99.47. The recovery of STRC is crucial, as it enables Strategy, the largest publicly traded company holding bitcoin, to utilize its at-the-market program, issuing new shares and using the proceeds to purchase additional bitcoin. Strategy's shares have surged over 9% to $178, with the company likely leveraging its common stock ATM program to fund further bitcoin purchases. The company recently disclosed a significant bitcoin purchase of 34,164 BTC, while the price initially remained within the $75,000 range. Nevertheless, 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, shorts are forced to close positions, creating a short squeeze that accelerates gains. Additionally, a persistent Coinbase premium, where bitcoin trades slightly higher on the US exchange than offshore platforms, points to steady spot demand.