Bitcoin Eyes MicroStrategy STRC Ex-Dividend and CLARITY Vote

Bitcoin traders monitored two near-term events that market analysts say could affect positioning: MicroStrategy’s STRC ex-dividend timing and the Senate Banking Committee’s May 14 markup of the CLARITY Act.

K33 Research estimated MicroStrategy used proceeds from its STRC perpetual preferred stock to fund recurring mid-month bitcoin purchases, calculating that STRC-backed proceeds funded about 22,131 BTC in March and about 46,872 BTC in April. The research firm reported STRC traded just above its $100 par value on May 13 and noted volumes on that day reached their highest level since April 15.

MicroStrategy issues STRC shares through an at-the-market program when its ordinary shares trade at or above the $100 par. The company sets share ownership as of the 15th of each month to determine monthly dividend eligibility, and analysts say that schedule concentrates issuance and related bitcoin buying in the days before the 15th. MicroStrategy’s total reported bitcoin holdings are 818,869 BTC.

Lawmakers are scheduled to mark up the CLARITY Act on May 14. K33 described the latest draft of the bill as broadly constructive for crypto markets while flagging unresolved debates over ethics provisions, protections for decentralized finance, and stablecoin regulations.

Market indicators show a prolonged period of defensive positioning. The 30-day funding rate for perpetual futures has been negative for 74 consecutive sessions, which K33 attributed largely to thin volumes rather than fresh bullish bets. Open interest has remained flat, and bitcoin has not reclaimed its 200-day moving average during the recent low-volatility consolidation.

Renna Ba, head of ecosystem at Morph, warned that failure to advance the CLARITY Act would slow institutional integration of stablecoin payment rails because banks, card networks and payment processors would continue to face unresolved questions about stablecoin classification, regulatory oversight and compliance obligations.

K33 noted that defensive perpetual positions can magnify moves through short-covering flows if MicroStrategy discloses another large bitcoin purchase or if lawmakers deliver a constructive legislative signal. Analysts pointed to the recent STRC volume spike and the timing of the CLARITY markup as events market participants were watching for potential impact on prices.