Strategy said in a filing on Thursday that chief financial officer Andrew Kang will step down on 5 November, in the same disclosure as its record third quarter.
Kang told the company of his decision on 26 October, citing personal reasons. Strategy says it was “not the result of any disagreement” over operations, policies or practices, and he will stay on as an adviser until 31 December.
Reza Virasteh, now executive vice president of operations, takes over finance on 1 January as co-principal financial officer alongside chief executive Phong Le. Until then Le oversees the finance organisation.
The split is telling. Le keeps the bitcoin strategy, capital markets, treasury and investor relations. Virasteh will mainly manage the finances and budget of the software business.
CoinDesk reports about $21 billion of third-quarter operating income and $21 billion raised in capital this year, with 848,517 bitcoin held as of 25 October, up 26% since January. Operating income on that scale presumably reflects the revaluation of the bitcoin rather than software sales. Shares fell 6.4% in pre-market trading on Friday.
Bitcoin buying has been uneven. In late October the company bought none in a week and spent $205 million repurchasing its own preferred shares instead, as The Block reported at the time.
The company’s identity is a bitcoin treasury with a software business attached, and it has just assigned the bitcoin to its chief executive. The filing offers personal reasons and nothing more, so the market will read the timing for itself.
