Bitcoin advocates are closely monitoring two significant events scheduled for this week: the ex-dividend date for MicroStrategy’s STRC shares and the Senate’s deliberation on the CLARITY Act. According to K33 Research, these developments may alter the defensive market positioning that has resulted in negative funding rates for the past 74 days.
MicroStrategy, a major player in the Bitcoin market, utilizes perpetual preferred stock known as STRC to finance its regular mid-month Bitcoin purchases. This innovative funding mechanism has been instrumental in the company’s substantial acquisitions of Bitcoin throughout 2026, as highlighted by K33.
The firm manages to issue STRC shares through its at-the-market program whenever trading prices meet or exceed its $100 par value. Proceeds from these shares are then directed toward Bitcoin purchases, showcasing a cyclical strategy. Notably, K33 reported that this method facilitated the purchase of 22,131 BTC in March and an even larger haul of 46,872 BTC in April. The timing of these transactions typically intensifies leading up to the 15th of each month, which is when share ownership is designated for monthly dividend eligibility.
On May 13, STRC shares were trading just above their par value, prompting a surge in trading volumes to levels not seen since April 15. This uptick in activity suggests that a significant Bitcoin acquisition announcement may be forthcoming in the next week. Currently, MicroStrategy’s total Bitcoin holdings stand at an impressive 818,869 BTC.
In conjunction with these developments, the funding environment for Bitcoin has remained challenging. The 30-day funding rate has been negative for over two months, with K33 noting that any recent changes appear to be a result of limited trading volumes rather than an influx of bullish sentiment. Open interest across the Bitcoin market has remained stagnant, while the cryptocurrency has yet to break above its 200-day moving average.
On the legislative front, the Senate is set to review the CLARITY Act on May 14. K33 has characterized the proposed draft as generally positive for the cryptocurrency industry, despite ongoing discussions regarding ethical frameworks, protections for decentralized finance ecosystems, and regulations surrounding stablecoins. The possible outcomes from this legislative markup could potentially shift defensive positioning in the Bitcoin market, leading to enhanced opportunities for short-covering flows that would amplify any upward price movements.
