UMA Vote Locks In 'No' on $118M Polymarket Strategy Bitcoin Sale

On June 4, UMA token holders upheld Polymarket’s “No” resolution for the May 31 market after Strategy disclosed a 32 BTC sale ($2.5M) on June 1 that occurred May 26–31. The vote, backed by 98.6% of voting power dominated by a few large wallets, ended two days of disputes on a market that drew up to $118 million in volume. Earlier, Polymarket’s clarification that only public confirmation by the deadline counted shifted odds from 81% “Yes” to 99.9% “No,” triggering trader backlash and claims of $500k+ losses. The outcome also affirmed a related June contract as “Yes,” highlighting ongoing governance and oracle risks in prediction markets.