Polymarket Faces Backlash Over MicroStrategy Bitcoin Sale Dispute
Polymarket faces mounting dealer backlash over its proposed “No” decision on a contested Bitcoin (BTC) market. Strategy Inc, previously MicroStrategy, confirmed a 32 BTC sale in the course of the window.
The market now costs “No” at 99.8 cents. Polymarket dominated that public affirmation arrived exterior the decision timeframe.
MicroStrategy’s Sale Triggers Polymarket Standoff
Strategy disclosed in a June 1 Form 8-Okay submitting that it sold 32 BTC. The sale ran from May 26 to May 31 for roughly $2.5 million. Proceeds will fund most popular inventory distributions at $77,135 per coin.
The quantity equals about 0.0038% of Strategy’s 843,706 BTC treasury. However, the submitting marked the corporate’s first reported sale since December 2022. It broke a long-running narrative that Michael Saylor by no means sells.
Analysts have flagged Strategy’s capital pressure tied to a roughly $15 billion most popular inventory load. A latest convertible debt buyback additionally drained money.
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Resolution Hinges on Disclosure Timing
Polymarket’s “MicroStrategy sells any Bitcoin by May 31, 2026?” occasion drew $85 million in complete quantity. The May 31 slice alone holds $53.86 million in open positions.
On June 1, Polymarket stated no MSTR filings, on-chain knowledge, or credible reporting confirmed a sale within the window.
“Confirmation achieved exterior of the market’s time-frame doesn’t qualify,” Polymarket indicated.
Polymarket markets settle via UMA oracle infrastructure. Repeated disputes escalate to UMA’s Data Verification Mechanism, the place token holders vote inside 48 to 96 hours.
The 32 BTC sale is just too small to maneuver Bitcoin costs. However, greater than $20 million in dispute-affected positions hinge on whether or not disclosure timing or occasion timing controls the end result.
“This has made me lose lots of religion in Polymarket. Its confirmed they offered earlier than the end result was resolved. An announcement inside the timeframe isn’t even within the context,” one person said.
The submit Polymarket Faces Backlash Over MicroStrategy Bitcoin Sale Dispute appeared first on BeInCrypto.
