Bitcoin has achieved a first in six months: rising in the week following the ex-dividend date of Strategy’s perpetual preferred stock STRC. At press time, BTC traded at $79,000, up from around $75,000 on the April 15 ex-dividend date, breaking a pattern of post-payout weakness.
STRC Recovery and ATM Program Implications
STRC, used by Strategy to raise funds for Bitcoin purchases, typically declines on its ex-dividend date by roughly the dividend amount. In the past six months, the shares took about two weeks to recover to their $100 par value. One week after the latest ex-dividend, STRC stood at $99.47, near the threshold needed for Strategy to activate its at-the-market (ATM) equity program. Once at par, the company can issue new shares and use proceeds to buy more Bitcoin.
Strategy shares surged over 9% to $178 on Wednesday, signaling potential ATM common stock issuance. The company recently disclosed its third-largest Bitcoin purchase ever — 34,164 BTC — at an average price near $75,000.
Short Squeeze and Coinbase Premium Drive Gains
The Bitcoin rally was largely driven by short covering. Perpetual futures funding rates remain negative, meaning shorts are paying longs to maintain positions — a sign of bearish dominance. As prices rose, forced buybacks triggered a short squeeze, accelerating the upside.
Meanwhile, a persistent Coinbase premium — where Bitcoin trades slightly higher on the U.S. exchange compared to offshore platforms — indicated steady spot demand. These combined forces enabled Bitcoin to shrug off the usual post-dividend drag and mark a shift in market dynamics.