Strategy’s ( MSTR ) perennial favorite, STRC, is now one week past its April 15 ex-dividend date. With bitcoin now at $79,000, this is the first time in six months that BTC has risen in the week following the payout event.
At the time of the ex-dividend date, bitcoin was around $75,000, highlighting continued strength in BTC despite the typical post-dividend adjustment in STRC. STRC has, over the past few months, acted as an aggressive financing vehicle for the company’s bitcoin purchases.
Like most dividend-paying securities, STRC declines on its ex-dividend date by approximately the value of the payout, as new buyers are no longer entitled to receive it.
After this drop, stocks tend to recover gradually, often taking about two weeks to move back toward their $100 par value. STRC is currently trading at $99.47.
This rebound is important because when the stock returns to par, Strategy, the largest publicly traded bitcoin company, can use its at-the-market (ATM) program, issue new shares to and use the proceeds to buy additional bitcoin.
Strategy shares are up more than 9% on Wednesday at $178 at the time of writing, with the company likely to use its regular ATM program to fund additional bitcoin purchases.
Strategy revealed the third-largest bitcoin buy ever at 34,164 BTC, while the price initially stayed within its $75,000 range.
However, the Bitcoin rally appears to be partially driven by positioning. Perpetual futures funding rates remain negative, meaning short sellers are paying long positions to hold their trades, a signal that bearish sentiment still dominates.
As prices rise in that environment, shorts are forced to close positions, creating a short squeeze that accelerates gains.
At the same time, a sustained Coinbase premium, with bitcoin trading slightly higher on the US exchange than offshore platforms, points to stable spot demand.
