Bitcoin Defies Six-Month Trend with Post-Ex-Dividend Date Surge

For the first time in six months, Bitcoin has seen a rise in the week following the ex-dividend date of Strategy's perpetual preferred stock, STRC. This milestone comes as Bitcoin's price has reached $79,000, up from $75,000 at the time of the ex-dividend date on April 15. The strength of Bitcoin, despite the typical decline in STRC post-dividend, highlights its resilience. STRC has been a key funding instrument for Strategy's Bitcoin purchases over the past few months. Typically, STRC's price drops by the value of the payout on its ex-dividend date, as new buyers are no longer entitled to receive the dividend. However, the stock tends to recover gradually, often returning to its $100 par value within two weeks. Currently, STRC is trading at $99.47. This recovery is crucial for Strategy, the largest publicly traded company holding Bitcoin, as it enables the company to utilize its at-the-market (ATM) program to issue new shares and buy additional Bitcoin. Strategy's shares have surged over 9% to $178, likely due to the company tapping its common stock ATM program to fund further Bitcoin purchases. The company recently disclosed its third-largest Bitcoin purchase of 34,164 BTC. Although the price initially remained within the $75,000 range, the Bitcoin rally appears to be driven by positioning, with perpetual futures funding rates remaining negative. This indicates that bearish sentiment still dominates, with short sellers paying long positions to hold their trades. As prices rise, shorts are forced to close positions, creating a short squeeze that accelerates gains. Additionally, the persistent Coinbase premium, where Bitcoin trades slightly higher on the US exchange than offshore platforms, points to steady spot demand.