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First-time Bitcoin selling strategy since 2022, and the $50 million Polymarket bet are now in chaos.
Here's what happened.
On June 1, the Strategy revealed that they sold 32 BTC. The sale took place from May 26 to May 31, totaling about $2.5 million.
This is their first Bitcoin sale since December 2022. It breaks the story that "Saylor never sells."
But Polymarket ran a market asking whether the Strategy would sell any Bitcoin before May 31. That attracted over $50 million in volume.
Here's the problem.
The Strategy sold Bitcoin within the time window, between May 26 and May 31. But they didn't announce the sale until June 1, after the window closed.
The market decided "No." It was debated. It decided "No" again.
The reason given was that public confirmation came after the deadline. The rules ask when the sale occurred, not when it was announced.
This is not new for UMA. They have already faced harsh criticism over the $237 million Zelenskyy lawsuit market and the US-Ukrainian mineral deal that decided "Yes" without any agreement ever being signed.
In decentralized markets, truth is not what happens. It is what the voters decide happened.
The vote is still ongoing.