On June 1, Michael Saylor-led Strategy (Nasdaq: MSTR), formerly MicroStrategy, announced that it sold 32 Bitcoin (BTC) for roughly $2.5 million between May 26 and May 31.
It was the leading Bitcoin treasury company’s first sale since 2022 and sparked a lot of volatility in crypto prices
The event also triggered a lawsuit in New York as traders sued Polymarket for an alleged breach of contract in the resolution of the related contract. Traders sue Polymarket over disputed resolution of Strategy’s Bitcoin sale contract Launched in 2020, Polymarket is the world’s largest prediction market. It lets traders predict events like future Bitcoin prices, corporate decisions, election results, etc., by paying with cryptocurrency.
The payout depends on whether the outcome meets the market’s stated criteria. Traders can deposit Circle’s USDC stablecoin, a type of digital dollar, and trade shares that represent the likelihood of specific future outcomes. On July 3, William Wood and Thomas Bush filed a lawsuit in the New York Supreme Court against Polymarket and CEO Shayne Coplan, among others.