MicroStrategy sells any Bitcoin by December 31, 2026?

This contract has reliably resolved YES. Strategy (formerly MicroStrategy) disclosed at least one Bitcoin sale during 2026, satisfying the contract's criteria. The December 31, 2026 rung is priced at 100% and treated as a completed outcome, while the December 31, 2025 rung resolved NO — confirming the sale occurred in 2026 specifically. The resolution is analytically significant beyond the contract itself. Strategy had maintained a "never sell" Bitcoin Standard since Michael Saylor began accumulating in 2020, making corporate Bitcoin sales a categorical policy commitment rather than a tactical choice. CEO Phong Le's late-2025 commentary introducing a liquidity-stress trigger tied to market-value-to-NAV ratios signaled the first public acknowledgment that conditions could theoretically justify a sale — which the market correctly read as a directional shift from the prior absolute policy. The eventual sale — described as small rather than a liquidation of the treasury — represents a policy evolution rather than an abandonment of the Bitcoin Standard thesis. The distinction matters for forward-looking analysis: the contract resolves on any sale, not on a reversal of Strategy's overall Bitcoin accumulation strategy. YES shares pay out. The forward analytical question is what the "never sell" policy's evolution means for how markets should price corporate Bitcoin treasury strategies generally — and whether the liquidity-stress trigger framework Phong Le described represents a new baseline for how Strategy manages its position under adverse conditions.