Strategy’s 32-Bitcoin sale triggers Polymarket contract scrutiny
A rare Bitcoin sale by Strategy between May 26 and May 30 drew attention to a Polymarket market on whether the company would sell BTC by May 31, 2026, where one trader spent $34,300 on a potential resolution change.
Strategy disclosed in a securities filing that it sold 32 Bitcoin between May 26 and May 30 for roughly $2.5 million to help fund preferred stock distributions, a rare sale for a company closely associated with Bitcoin accumulation. The disclosure drew added attention to a Polymarket prediction market on whether MicroStrategy, now Strategy, would sell any Bitcoin by May 31, 2026. According to Lookonchain, a newly created address spent $34,300 on a position tied to the possibility of a change in that market’s resolution; if the outcome turns to Yes, the address could make more than $9.9 million. The sale amounted to about 0.0038% of Strategy’s 843,000 Bitcoin holdings. Market focus also extended to Strategy’s capital activity, including the sale of 801,994 common shares for $128.3 million, STRC preferred stock trading below its $100 reference price, and speculation after Michael Saylor posted “₿ack to Work” on X on June 3, which did not confirm any new Bitcoin purchase.
- Polymarket: A blockchain-based prediction market where users trade on the outcome of future events.
- Preferred stock: Shares that typically have priority over common stock for dividend payments.
- Market resolution: The final determination of a prediction market’s outcome, which decides which positions pay out.