Bitcoin (BTC) has broken a six-month pattern by rising in the week following the ex-dividend date of MicroStrategy's (MSTR) preferred stock, STRC. The cryptocurrency climbed to around $79,000, marking its first post-dividend gain since October 2025. At the time of the April 15 ex-dividend, BTC was near $75,000. This price strength is notable as STRC, an instrument the company uses to fund Bitcoin purchases, typically declines on its ex-dividend date and takes about two weeks to recover toward its $100 par value. STRC is currently trading at $99.47.
MicroStrategy's common stock (MSTR) surged nearly 9.4% on Wednesday, leading a rally in crypto-linked equities. The company's shares have risen approximately 33% since the onset of the Iran conflict, outperforming Bitcoin's roughly 20% gain. The broader rally was fueled by Bitcoin's climb to an 11-week high above $78,000, buoyed by easing geopolitical tensions after a cease-fire extension between the U.S. and Iran.
The company's financial mechanics are a key driver. As STRC recovers to par value, MicroStrategy can utilize its "at-the-market" (ATM) program to issue new shares and use the proceeds to buy more Bitcoin. The company recently disclosed a purchase of 34,164 BTC. With an average acquisition cost around $75,500 per coin, profitability is highly sensitive to Bitcoin's price.
Market dynamics include a potential short squeeze and steady demand. Perpetual futures funding rates remain negative, indicating dominant bearish sentiment. As prices rise, short sellers are forced to close positions, accelerating gains. A persistent premium for Bitcoin on Coinbase versus offshore exchanges points to steady spot demand from U.S. investors.
Analysts note the close correlation between crypto stocks and Bitcoin. "Gains for crypto-linked stocks were all down to Bitcoin," said Iliya Kalchev of Nexo. Other equities like Coinbase (COIN) and Robinhood (HOOD) also moved higher, tracking Bitcoin's advance. The rally underscores how these stocks act as leveraged proxies for cryptocurrency price movements.
