TLDR
- The May market resolved as No while the June market resolved as Yes following Strategy’s June 1 disclosure of a bitcoin transaction.
- An SEC filing from Strategy revealed the company sold 32 Bitcoin during the period of May 26 through May 31.
- A governance vote by UMA token holders determined outcomes based on when information became public rather than when transactions occurred.
- The No side commanded approximately 7 million in voting power from four major participants, dwarfing Yes voters by over 25 times.
- Galaxy Research contended the May market should have resolved Yes given the actual timeline of bitcoin sales.
A contentious market on Polymarket concluded with different outcomes for consecutive months after Strategy revealed a bitcoin transaction. The platform determined No for May while approving Yes for June. UMA token holders made the final determination through a governance vote centered on disclosure timing.
Disclosure Timing Becomes Central to Polymarket Resolution
On June 1, Strategy submitted Form 8-K documentation indicating the sale of 32 Bitcoin during the five-day window from May 26 to May 31. Yes position holders maintained the transaction timeline fell within May boundaries. Opposing traders claimed the market resolution depended on public announcement timing ahead of the deadline.
UMA token holders received the dispute through Polymarket’s oracle governance structure. The voting body determined transactions should be counted according to their public disclosure date. This decision led to the May market settling as No and the June market settling as Yes.
The wallet borntoolate.eth delivered the strongest No vote with 3.11 million in voting weight. Kevin Chan, a UMA contributor, allocated 1.53 million voting weight toward No. Additional wallets each committed over 1 million voting weight to the same position.
The combined voting power of the four dominant No voters reached nearly 7 million. This concentration surpassed the entire Yes voting bloc by a factor exceeding 25. Multiple wallets associated with Risk Labs joined other UMA participants in voting No.
Galaxy Research Questions Market Resolution Logic
Galaxy Research maintained positions in the May contract and disputed the final ruling. The research firm emphasized that Strategy completed the Bitcoin transaction prior to the May 31 cutoff. Their argument centered on the actual sale date as the proper resolution standard.
“Strategy’s SEC-filed Form 8-K explicitly stated that Strategy sold between May 26–31,” Galaxy Research wrote on X. The firm added that “a plain reading of the resolution criteria would suggest that the market should have resolved to YES.” It therefore described the outcome as controversial.
The June contract on Polymarket resolved Yes because Strategy made its disclosure public during that month. The platform maintained consistency in applying identical resolution standards to both time periods. Traders holding Yes positions for May consequently forfeited their stakes.
Voting results revealed significant concentration of decision-making authority within a limited number of token holders. Four specific wallets controlled voting weight exceeding the Yes side by more than 25 times. These participants shaped the final outcome through UMA’s governance framework.
Strategy’s regulatory filing verified the sale of 32 Bitcoin throughout May’s concluding week. The company made this information publicly available on June 1. This disclosure sequence established the foundation for Polymarket’s resolution determination.
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