Bitcoin Defies Trend, Surges Past Strategy's Post-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. With Bitcoin currently trading at $79,000, up from $76,297.97, this marks a significant departure from the typical post-dividend adjustment in STRC. Over the past few months, STRC has been utilized as an aggressive funding tool for the company'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 over the next two weeks, moving back toward its $100 par value. Currently, STRC is trading at $99.47. This recovery is crucial, as once the stock returns to par, Strategy, the largest publicly traded company holding Bitcoin, can utilize its at-the-market program to issue new shares and use 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 its third-largest Bitcoin purchase of 34,164 BTC, with the price initially remaining within the $75,000 range. However, 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, the persistent Coinbase premium, where Bitcoin trades slightly higher on the US exchange than offshore platforms, points to steady spot demand.