Bitcoin giant Strategy (MSTR) posted a record $21 billion in third-quarter operating income — and announced its CFO Andrew Kang is resigning in the same breath. Investors were not impressed: MSTR shares fell more than 6% in pre-market trading Friday.
The company disclosed in a Thursday filing that Kang informed Strategy of his intention to resign for personal reasons on October 26, and will step down on November 5. The decision was “not the result of any disagreement” relating to operations, policies or practices, the company said. Kang will remain in an advisory capacity through December 31.
Strategy logo (Credits: CoinDesk)
Strategy CFO Resigns: Who Takes Over at MSTR
Reza Virasteh, currently executive vice president of operations, will replace Kang on January 1, serving as co-principal financial officer alongside president and CEO Phong Le, who will oversee the finance organization during the transition.
Despite the record numbers, the quarter was mixed under the hood. Strategy posted $125.4 million in total revenue, down 3% year-over-year and below analyst expectations. But net income of $19.53 billion — or diluted EPS of $44.75 — surged past Wall Street expectations of $22.89 per share, driven by a $20.91 billion gain on digital asset holdings.
MSTR Stock Falls 6% Despite Record Quarter
As of October 25, Strategy held 848,517 BTC valued at $68.90 billion, up 26% in holdings since the start of the year, with an average cost of around $75,446 per BTC. The company also said it had raised $21 billion in capital year-to-date.
TradingView’s analysis attributes the overnight slide to the revenue miss plus investor unease over the CFO exit — alongside broader crypto weakness, with bitcoin prices falling 5% to around $76,755 and Binance investigating a reported $5.7 billion hack, potentially the largest crypto hack in history.
CoinDesk reports MSTR fell 6.4% in pre-market trading, while the company’s STRC preferred stock held steady at $99.45.
Also Read: Strategy and Strive Face Balancing Act Between Bitcoin Buying and Preferred Stock Dividends
Source: CoinDesk — read the full story there.
