Polymarket says No for May, Yes for June after Strategy's recent bitcoin sale
Key takeaways
- The controversy began after Strategy disclosed in a June 1 filing that it had sold 32 bitcoin between May 26 and May 31.
- UMA token holders, who serve as the dispute-resolution layer for Polymarket's oracle system, sided decisively with the latter view.
- The resolution means bettors who wagered that Strategy would sell bitcoin by May 31 lost despite the company later disclosing the sale occurred during the final week of May.
The controversy began after Strategy disclosed in a June 1 filing that it had sold 32 bitcoin between May 26 and May 31. Traders who bought Yes on the May market argued the company had clearly sold bitcoin before the deadline. Others countered that the transaction was not publicly disclosed until June 1 and therefore should not count toward a May 31 cutoff.
UMA token holders, who serve as the dispute-resolution layer for Polymarket's oracle system, sided decisively with the latter view.
The resolution means bettors who wagered that Strategy would sell bitcoin by May 31 lost despite the company later disclosing the sale occurred during the final week of May. The June contract, meanwhile, resolved Yes because the transaction became public during June.