The perpetual preferred shares STRC of Strategy (MSTR) went ex-dividend one week ago on April 15. Bitcoin (BTC) is currently trading at $79,000, marking the first time in six months that BTC has risen one week after the ex-dividend date.
On the ex-dividend date, the price of Bitcoin was approximately $75,000, highlighting its strength despite the typical dividend adjustment by STRC. Over the past several months, STRC has been the primary funding instrument for the company’s active Bitcoin purchases.
Like most dividend-paying securities, STRC typically drops by approximately the amount of the dividend on the ex-dividend date, as new buyers are no longer entitled to receive the dividend.
After a stock price declines, it typically rebounds gradually, taking about two weeks to recover to around its $100 face value. STRC is currently trading at $99.47.
This recovery is critical because once the stock price returns to par, the largest public company holding Bitcoin can leverage its at-the-market (ATM) program to issue new shares at the current price and use the proceeds to purchase more Bitcoin.
As of press time, Strategy's stock rose over 9% on Wednesday to $178, as the company may be leveraging its common stock ATM program to fund additional Bitcoin purchases.
Strategic disclosure: The third-largest Bitcoin transaction in history, with a volume of 34,164 BTC, initially held within the $75,000 range.
However, Bitcoin's rally appears to be partially driven by positioning. The funding rate for perpetual futures remains negative, meaning short sellers must pay fees to long positions to maintain their trades, indicating that bearish sentiment still dominates.
In this environment, as the price rises, short sellers are forced to close their positions, causing a short squeeze that accelerates the price increase.
Meanwhile, the persistent Coinbase Premium—where Bitcoin trades at a slight premium on U.S. exchanges compared to offshore platforms—indicates steady spot demand.