Polymarket has upheld a "No" resolution on a market asking whether Strategy sold Bitcoin (BTC) by May 31, despite a filing confirming the company sold 32 coins.
Key Points:
► Polymarket backed a "No" outcome even after Strategy's filing showed a 32 BTC sale inside the window. ► The dispute, tied to more than $80 million in volume, now rests with UMA token holders for a final vote. ► Traders argue the platform changed the rules after the May 31 deadline passed.
Strategy Bitcoin Sale Divides Traders
The disputed contract asked whether the firm once known as MicroStrategy would sell any Bitcoin by May 31, 2026. A regulatory filing showed the company sold 32 BTC for about $2.5 million between May 26 and May 31, at an average net price near $77,135. The sale was its first since December 2022.
Strategy disclosed the transaction in a Form 8-K filed June 1, one day after the market closed at 11:59 p.m. ET. Polymarket later posted a note stating that confirmation achieved outside the time frame does not qualify.
Traders who bought "Yes" shares argue the rules pointed to when the sale happened, not when it was announced. The market had resolved "No" twice before final review. The contract still priced that outcome near 99.8 cents.
Also Read: Bitcoin Briefly Slips Under $62K As Liquidations Sweep The Market
UMA Oracle Faces Analyst Scrutiny
The final call now rests with holders of the UMA (UMA) token, the oracle layer Polymarket uses to settle contested markets, in a vote tied to more than $80 million in volume.
Analyst Eric Conner described the token-voting model as structurally broken, while trader Domer dismissed the entire result as a scam.
One prominent "Yes" holder, known as willo2, claimed a loss of roughly $500,000. Another trader bought close to 50,000 "Yes" shares for about $35,000 in USDC (USDC) and has since issued a legal demand. His complaint drew sympathy across crypto social media.
Polymarket has logged more than 1,150 disputed markets in 2026, already topping its full-year total for 2025. A 2024 ruling that cleared Barron Trump of memecoin ties was overruled by the platform, and critics say a few wallets hold most of the voting power in contested cases.
Strategy Holds 843K Bitcoin
The sale marked a shift for Michael Saylor, who long pledged the company would never part with its Bitcoin. He floated the move on a May 5 earnings call, framing it as a way to steady the market. As of May 31, the company still held more than 843,700 BTC, leaving the disposal a sliver of its total stack.
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