Strategy announced Monday that it sold 32 BTC worth $2.5 million between May 26 and May 31, but the June 1 announcement timing has triggered a dispute on Polymarket over a market asking whether the firm would sell Bitcoin by May 31. The market, which has attracted more than $50 million in trading volume, is now headed to a vote by UMA tokenholders after two proposed 'No' resolutions were disputed by users who argue the sale occurred within the specified timeframe. The dispute centers on whether the actual sale date or the public announcement date determines market resolution under Polymarket's decentralized oracle system.
Strategy Sold 32 BTC Between May 26–31, Announced June 1
Strategy, formerly MicroStrategy, holds more than $60 billion worth of Bitcoin and announced Monday that it sold 32 BTC worth $2.5 million during the period of May 26 to May 31. The sale marked the firm's first Bitcoin divestment since 2022. The Polymarket market in question asked predictors whether Strategy would sell Bitcoin by May 31, and the firm did execute the sale within that timeframe. However, the announcement came after the expected market resolution date, creating the dispute. The market currently sits at 99.9% in favor of "No," with "Yes" shareholders voicing displeasure in the comments. Pseudonymous Polymarket user and "Yes" shareholder Voidofhype posted: "The rules of this market are very clearly 'Did they sell within the timeframe' and not 'Is there confirmation they sold within the timeframe.'"
Disputed Market Heads to UMA Tokenholder Vote
Because the proposed resolution has been disputed twice, the market's final resolution now heads to a vote by UMA tokenholders, or those who hold the native token of the UMA oracle that underpins the decentralized prediction market platform. The final review can take place over the course of the next two days, according to the market's rules page. Previous market disputes have been settled in the same way, leading to other controversies such as last year's case of a $237 million market on whether or not Ukrainian President Volodymyr Zelenskyy would wear a suit during a specific timeframe.
Polymarket Provides Additional Context for UMA Review
Polymarket cannot step in and make a decision one way or another, given the circumstances, but was able to provide "additional context" that UMA voters are intended to consider via the bulletin board on the market page. The update states: "No information from MSTR, on-chain data, or consensus of credible reporting confirmed that MicroStrategy sold Bitcoin within the market's timeframe. Confirmation achieved outside of the market's timeframe does not qualify." Markets asking whether or not Strategy would sell BTC by June 30 and December 31 both resolved "Yes" without dispute. Predictors are waiting to see whether or not the May 31 market resolves in their favor.
FAQ
What did Strategy sell between May 26 and May 31?
Strategy sold 32 BTC worth $2.5 million during the period of May 26 to May 31, marking the firm's first Bitcoin sale since 2022.
Why is the Polymarket market in dispute?
The market asked whether Strategy would sell Bitcoin by May 31. Strategy did sell within that timeframe, but announced the sale on June 1, after the expected market resolution date. "Yes" shareholders argue the sale itself occurred within the timeframe, while the proposed "No" resolution cites lack of confirmation within the deadline.
How will the dispute be resolved?
The market's final resolution heads to a vote by UMA tokenholders after two proposed "No" resolutions were disputed. The final review can take place over the course of the next two days according to the market's rules page.
