K33 Research noticed a pattern where Strategy Inc (MSTR) causes mid-month Bitcoin rallies. They have a preferred stock, STRC, with an ex-dividend date on the 15th. As investors buy STRC for its 11.5% yield, the price hits its $100 par value. MSTR then issues more STRC shares and uses that cash to buy Bitcoin. They bought over 46k BTC in April alone using this method, bringing their total to around 818k BTC. The pattern might be slowing down this month. MSTR only added 1 BTC through this instrument recently, suggesting demand for STRC might be hitting a ceiling. MSTR stock pulled back today from $182 as Bitcoin dipped below $80k.