TLDR
- Strategy CFO Andrew Kang will step down on November 5, 2026, citing personal reasons.
- CEO Phong Le will oversee the company’s finance operations until the end of December.
- Reza Virasteh will become Strategy’s chief financial officer on January 1, 2027.
- Strategy reported record third-quarter operating income of $20.91 billion, driven by gains in the value of its Bitcoin holdings.
- The company’s net income reached $19.53 billion, while software revenue declined 3% to $125.4 million.
Strategy CFO Andrew Kang will leave his role on November 5, days after the company reported record third-quarter operating income of $20.91 billion. Strategy disclosed the leadership change alongside its earnings on October 29.
Kang told the company on October 26 that he planned to resign for personal reasons. Strategy said the departure did not involve any disagreement over its business or policies. He will remain an adviser through December 31. He joined Strategy in 2022.
Strategy CFO Transition Sets New Finance, Roles
Chief Executive Officer Phong Le will lead the finance department from November 6 through year-end. Reza Virasteh, currently executive vice president of operations, will become CFO on January 1, 2027. They will share principal financial officer duties from that date.
Le will manage Bitcoin finances, including fundraising, treasury, and investor relations. Virasteh will oversee software finances and budgets. Strategy also named Shelley Khanna chief accounting officer, starting November 6.
Bitcoin Gains Lift Quarterly Earnings
Strategy recorded $20.91 billion in third-quarter operating income, compared with $3.89 billion a year earlier. Gains in the reported value of its Bitcoin holdings accounted for nearly all of the total. The result followed a pause in Bitcoin buying and further STRC buybacks.
Net income reached $19.53 billion, or $44.75 per diluted share, up from $2.79 billion a year earlier. Software revenue declined 3% to $125.4 million, while the company’s gross margin reached 71%. Kang called the operating income the largest in Strategy’s history.
Bitcoin Holdings Reach 848,517 BTC
Strategy held 848,517 Bitcoin as of October 25, an increase of 26% since January. Its purchase cost totaled $64.02 billion, averaging about $75,446 per Bitcoin. The holdings had a reported market value of $68.90 billion, using the October 23 Bitcoin price of $81,200.
The company raised $21.23 billion in capital this year, including $5.41 billion through common stock sales during the quarter. Separately, US spot Bitcoin ETF inflows totaled $137.3 million on October 28.
MSTR Shares Decline Following Results
Strategy shares fell during Friday’s premarket trading, after closing Thursday at $141.62. The decline came as Bitcoin slipped toward $76,000 during a broader cryptocurrency market selloff.
Executive Chairman Michael Saylor said in Thursday’s release, “We’re at the beginning of the next bitcoin bull market.”
Strategy also reported a negative 3.7% Bitcoin yield for the year through October 25, despite expanding its total holdings.
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