Bitcoin Defies Seasonal STRC Trend as MicroStrategy Leverages Capital for Expansion

Bitcoin (BTC) has demonstrated unexpected resilience, rising to approximately $79,000 in the week following the April 15 ex-dividend date of MicroStrategy’s (MSTR) perpetual preferred stock, STRC. This marks the first time in six months that the cryptocurrency has trended upward immediately following this specific corporate payout event, having risen from around $75,000 at the time of the ex-dividend date. STRC serves as a critical funding mechanism for MicroStrategy's aggressive Bitcoin acquisition strategy. Typically, the stock price declines on the ex-dividend date by the value of the payout and takes roughly two weeks to recover to its $100 par value. Currently trading at $99.47, the near-recovery of STRC is pivotal, as it enables the company to utilize its at-the-market (ATM) program to issue new shares and fund further BTC purchases. MicroStrategy recently disclosed one of its largest acquisitions to date, purchasing 34,164 BTC. This move coincided with MSTR common shares climbing over 9% to $178, as the company continues to tap its common stock ATM program to expand its holdings. The current price action is further amplified by technical positioning. Negative perpetual futures funding rates suggest a dominant bearish sentiment, which is now triggering a short squeeze as prices rise. Additionally, a persistent Coinbase premium—where BTC trades higher on the U.S. exchange than on offshore platforms—indicates robust spot demand, pushing the asset toward an 11-week high.