Bitcoin’s rally is being supported by a combination of short-squeeze dynamics and steady buying interest from U.S. investors, helping sustain upward momentum.
Strategy Inc.’s perpetual preferred stock, STRC, is now over a week past its April 15 ex-dividend date. Since then, Bitcoin BTC has climbed from around $75,000 to near $79,000—marking the first time in six months that BTC has advanced in the week following the payout.
The move highlights bitcoin’s resilience, even as STRC typically undergoes a post-dividend price adjustment. In recent months, the instrument has been used as a key funding vehicle to support Strategy’s aggressive bitcoin accumulation.
As is typical for dividend-paying securities, STRC fell on its ex-dividend date by roughly the value of the payout, reflecting that new buyers are no longer entitled to receive it. The shares usually recover gradually, often taking about two weeks to move back toward their $100 par value. They are currently trading near $99.47.
This recovery phase is important. Once STRC returns to par, Strategy—the largest publicly listed holder of bitcoin—can resume issuing shares through its at-the-market (ATM) program, using the proceeds to acquire more BTC.
Strategy’s common stock rose more than 9% on Wednesday to around $178, suggesting the firm may already be tapping its ATM facility to fund further bitcoin purchases.
The company recently disclosed one of its largest bitcoin acquisitions, purchasing 34,164 BTC, even as prices initially held within the $75,000 range.
At the same time, derivatives market positioning is contributing to bitcoin’s strength. Perpetual futures funding rates remain negative, indicating that short sellers are paying long positions to maintain exposure—evidence that bearish sentiment still dominates.
As prices rise in this environment, short sellers are increasingly forced to close positions, triggering a short squeeze that adds further fuel to bitcoin’s upward move
