Bitcoin’s latest advance is being underpinned by a mix of short squeeze dynamics and steady demand from U.S.-based investors.
Strategy Inc.’s perpetual preferred stock, STRC, is now a week past its April 15 ex-dividend date. With Bitcoin BTC climbing to around $79,000 from roughly $75,000 at the time of the payout, the move marks the first instance in six months where BTC has risen in the week following the dividend event.
The price action highlights continued resilience in bitcoin, even as STRC typically undergoes a post-dividend adjustment. In recent months, the instrument has played a key role as an aggressive funding vehicle for Strategy’s ongoing bitcoin accumulation.
As with most dividend-paying securities, STRC dropped on its ex-dividend date by roughly the value of the payout, reflecting that new buyers are no longer eligible to receive the dividend. After this adjustment, the shares عادة recover gradually, often taking around two weeks to move back toward their $100 par value. The stock is currently trading near $99.47.
This recovery phase is significant. Once STRC returns to par, Strategy—the largest publicly listed holder of bitcoin—can resume issuing shares through its at-the-market (ATM) program, raising capital to fund additional BTC purchases.
Shares of Strategy were up more than 9% on Wednesday, trading near $178 at the time of writing, suggesting the firm may already be tapping its common stock ATM program to continue expanding its bitcoin holdings.
The company recently disclosed one of its largest acquisitions to date, purchasing 34,164 BTC, even as prices initially remained range-bound near $75,000.
Still, part of bitcoin’s upward momentum appears to be driven by market positioning. Funding rates in perpetual futures markets remain negative, indicating that short sellers are paying longs to maintain their positions—a sign that bearish sentiment continues to dominate.
In such conditions, rising prices can force short sellers to unwind positions, triggering a short squeeze that adds further upward pressure to the market.
