Strategy CFO Andrew Kang Resigns As Bitcoin Gain Drives $20.91 Billion Operating Income
Reza Virasteh becomes CFO on January 1, while Strategy's third-quarter revenue slipped 3% to $125.4 million.
Strategy, the bitcoin-holding company that also sells AI-powered analytics software, said Chief Financial Officer Andrew Kang will resign effective November 5 for personal reasons, announcing it Thursday with third-quarter results. The same report showed a $20.91 billion operating income, all of it from a gain on its bitcoin.
A CFO handoff in two steps
Kang told the company on October 26 of his decision, which the 8-K says reflects personal reasons and no disagreement over operations, policies or practices. He will stay on as a non-executive adviser through December 31 and receive a $883,400 lump sum, subject to signing a release of claims.
CEO Phong Le will act as principal financial officer from November 6 through December 31. On January 1, 2027, Reza Virasteh, now executive vice president of operations, becomes CFO and co-principal financial officer alongside Le.
The split is by business: Le keeps the financial management of the bitcoin strategy, including capital markets and treasury, while Virasteh takes the software operations, finances and budget. Shelley Khanna, the global controller, becomes chief accounting officer on November 6. Virasteh's base salary rises to $500,000 with a $400,000 bonus target.
Kang said in the release it had been "an honor and privilege to serve as Strategy's CFO for the past four and a half years."
Bitcoin gain swamps flat software sales
Net income was $19.53 billion, with $19.12 billion attributable to common stockholders, or $44.75 per diluted share. A year earlier the figures were $2.79 billion and $2.65 billion, or $8.42 per share. Operating income compared with $3.89 billion in the third quarter of 2025.
The business underneath was flat. Revenue fell 3% to $125.4 million from $128.7 million, and gross profit was $89.6 million, a 71% margin.
Bitcoin accounting makes results swing: for the first nine months of 2026, Strategy still reported a net loss attributable to common stockholders of $2.27 billion. Operating income for that period was a loss of $1.89 billion.
848,517 bitcoin and a preferred-stock repair
As of October 25, Strategy held 848,517 bitcoin, valued at $68.90 billion against a cost of $64.02 billion. It has sold about $431.8 million of bitcoin this year to fund part of its preferred dividends and buybacks of its STRC preferred stock.
The company repurchased $2.04 billion of STRC and grew its dollar reserves to $5.07 billion, which it says covers 3.4 years of dividend and interest obligations. Shareholders approved daily STRC dividends on October 28, starting November 1. Strategy holds a 12.00% STRC dividend rate to keep the shares near their $100 stated amount.
Founder and Executive Chairman Michael Saylor said, "We're at the beginning of the next bitcoin bull market." Strategy discusses results on a video webinar at about 5:00 p.m. ET Thursday.
Virasteh's appointment as CFO takes effect January 1, 2027, with Le covering the role until then.
Sources
- 8-K Filing — Strategy Inc (MSTR) — SEC EDGAR
- Exhibit mstr-20261029x8kxex9912.htm — Strategy Inc 8-K exhibit — SEC EDGAR
- Strategy Announces Third Quarter Financial Results; Operating Income of $21 Billion and Diluted EPS of $44.75 – Company Announcement - FT.com — Financial Times
