Bitcoin Defies Six-Month Trend, Surges Past STRC Ex-Dividend Date

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. This surge comes as bitcoin's price has reached $79,000, up from around $75,000 at the time of the ex-dividend date on April 15. STRC, which has been used to fund the company's bitcoin purchases, typically declines by the value of the payout on its ex-dividend date but tends to recover over two weeks. Currently trading at $99.47, STRC's recovery is crucial as it allows Strategy, the largest publicly traded company holding bitcoin, to utilize its at-the-market program to issue new shares and buy more bitcoin. Strategy's shares have jumped over 9% to $178, likely due to the company tapping into its common stock ATM program to fund additional bitcoin purchases. The company recently disclosed a significant bitcoin purchase of 34,164 BTC, and the ongoing rally appears to be driven by positioning, with negative perpetual futures funding rates indicating bearish sentiment. As prices rise, shorts are forced to close positions, creating a short squeeze that accelerates gains. Meanwhile, a persistent premium on Coinbase, where bitcoin trades higher than on offshore platforms, suggests steady spot demand from the US market.