Bitcoin Surpasses Six-Month Slump Following STRC Ex-Dividend Date

For the first time in six months, Bitcoin has broken its post-ex-dividend slump following the Strategy's STRC ex-dividend date. The company's perpetual preferred stock, STRC, has now passed its April 15 ex-dividend date, and Bitcoin has risen to $79,000, up from $75,000 at the time of the ex-dividend date. This increase in Bitcoin's price highlights the cryptocurrency's continued strength despite the typical decline in STRC following the dividend payout. Over the past few months, STRC has been used as an aggressive funding instrument for Strategy's Bitcoin purchases. 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, the stock tends to recover gradually, often taking about two weeks to return to its $100 par value. STRC is currently trading at $99.47. The recovery of STRC is crucial, as it allows Strategy, the largest publicly traded company holding Bitcoin, to utilize its at-the-market program, issuing new shares and using the proceeds to buy additional Bitcoin. Strategy's shares have increased by over 9% to $178, with the company likely using its common stock ATM program to fund additional 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, indicating that bearish sentiment still dominates. 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.