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

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. Currently, bitcoin is trading at $79,000, up from around $75,000 at the time of the ex-dividend date, demonstrating the cryptocurrency's continued strength despite the typical post-dividend adjustment in STRC. Over the past few months, STRC has served as a key funding instrument for the company's bitcoin purchases, with its value declining by approximately the payout amount on the ex-dividend date, only to recover gradually over the subsequent two weeks and move back towards its $100 par value. STRC is now trading at $99.47. The recovery of STRC to its par value is significant, 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, with the company likely leveraging its common stock ATM program to fund additional bitcoin purchases. The company recently disclosed its third-largest bitcoin purchase of 34,164 BTC, and while the price initially remained within the $75,000 range, the bitcoin rally appears to be driven in part by positioning, with perpetual futures funding rates remaining negative, indicating that bearish sentiment still dominates the market. As prices rise, short sellers are forced to close their positions, creating a short squeeze that accelerates gains. Furthermore, the persistent Coinbase premium, where bitcoin trades at a higher price on the US exchange compared to offshore platforms, points to steady spot demand from the US market.