Strategy is facing a change in its senior financial leadership after CFO Andrew Kang announced his resignation, just as the bitcoin-focused company reported record quarterly operating income of approximately $21 billion.
According to a Thursday regulatory filing, Kang will officially step down on Nov. 5. Strategy, which holds more bitcoin than any other publicly traded company, said he submitted his resignation notice on Oct. 26, citing personal reasons.
The company clarified that his exit was “not the result of any disagreement” over its business operations, policies or practices. Kang will continue supporting Strategy in an advisory role until Dec. 31.
Reza Virasteh, Strategy’s executive vice president of operations, has been selected as his successor. He is expected to assume the role on Jan. 1 and serve as co-principal financial officer with company President and CEO Phong Le.
Le will oversee the finance organization during the transition, while financial duties will be distributed between the executives. His responsibilities will include bitcoin strategy, capital markets, treasury and investor relations. Virasteh will primarily handle budgeting and financial matters related to Strategy’s software business.
The leadership announcement coincided with Strategy’s report of approximately $21 billion in third-quarter operating income. The company also disclosed that it had raised $21 billion in capital year to date.
As of Oct. 25, Strategy held 848,517 BTC, representing a 26% increase in its bitcoin reserves since the beginning of the year.
However, its shares faced selling pressure ahead of Friday’s market open. MSTR dropped 6.4% in premarket trading, while bitcoin lost 3.3% over the previous 24 hours. Strategy’s STRC preferred stock held steady at $99.45.
