Strategy’s (MSTR) perpetual preferred stock, STRC, is now one week past its April 15 ex-dividend date. With bitcoin BTC$79.295,37 now at $79,000 this marks 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 over the past few months has served as an aggressive funding instrument 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, since new buyers are no longer entitled to receive it.

Following that drop, the shares 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 recovery is important because once the stock returns to par, Strategy the largest publicly traded company holding bitcoin, can utilize its at the market (ATM) program, issuing new shares at and use the proceeds to buy additional bitcoin.

Strategy shares are more than 9% higher on Wednesday at $178 at the time of writing, with the company likely tapping its common stock ATM program to fund additional bitcoin purchases.

Strategy disclosed the third largest bitcoin purchase ever of 34,164 BTC, while the price initially stayed within its $75,000 range.

However, the bitcoin rally appears driven in part 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 persistent Coinbase premium, where bitcoin trades slightly higher on the U.S. exchange than offshore platforms, points to steady spot demand.