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The first Bitcoin selling strategy since 2022, and a $50 million bet on Polymarket is currently in chaos.
Below is what happened.
On June 1, the strategy revealed it had sold 32 BTC. The sale took place from May 26 to May 31, totaling about $2.5 million.
This is its first Bitcoin sale since December 2022. It breaks the “Saylor never sells” story.
But Polymarket has hosted a market asking whether the strategy sold any Bitcoin before May 31. It attracted over $50 million in volume.
So what’s the issue here?
The strategy sold Bitcoin during the period from May 26 to May 31. But it did not publicly disclose the sale until June 1, after the period had ended.
The market decided “No.” It was disputed. It decided “No” again.
The reason given was that the public confirmation came after the deadline. The rules require knowing when the sale took place, not when it was announced.
This isn’t new for UMA. It has previously been heavily criticized over the $237 million Zelenskyy lawsuit market and a U.S.-Ukraine mining deal that resolved “Yes” without any agreement ever being signed.
In a decentralized market, the truth isn’t what actually happened. It’s what voters decide happened.
The vote is still ongoing.