Strategy insiders sold millions, then the CFO resigned

Before Andrew Kang, Strategy’s Chief Financial Officer, announced his resignation on the day of the company’s quarterly earnings announcement, insiders at Michael Saylor’s bitcoin (BTC) company had sold 227,580 shares of MSTR over the course of the year.

MSTR, the company’s Nasdaq-listed common stock, is down over 8% today on the combined, bad news.

Kang had been offloading shares himself through June, although he and other insiders would deny any connection between these sales and his ultimate decision to depart.

“Mr. Kang’s decision to resign is due to personal reasons and not the result of any disagreement between Mr. Kang and the Company on any matter,” Strategy stated in its SEC filing.

Of any insider over the course of the year, CEO Phong Le has offloaded the most MSTR. Personally, he has sold 104,593 shares worth about $12.5 million. 

Next up, Strategy Director Jarrod Patten sold 77,900 shares for about $11.4 million.

Next is departing CFO Kang, whose resignation is effective as of November 5, sold 43,897 shares for about $5.5 million. He is leaving the company a multi-millionaire, and the job of inspecting the company’s financial reports will be someone else’s problem.

Two other insiders, former Chief Accounting Officer Jeanine Montgomery and General Counsel Thomas Chow, sold about 1,200 shares combined. Their sales are so small on a relative basis that they are practically invisible in Protos’ chart above.

Read more: Strategy authorizes massive BTC sale after 52-week lows

Kang’s insider sales carried standard boilerplate that he transacted “to satisfy the reporting person’s tax withholding obligation due upon the vesting of previously granted equity awards” under a 2024 trading plan. 

In other words, Strategy gave him so much equity compensation to sign off on the books and oversee financial matters at the company that he needed to sell millions of dollars worth of MSTR just to plan for his taxes.

Indeed, Kang received over $4.1 million in 2023 compensation, $7.8 million for 2024, and $5.7 million for 2025 from Strategy.

Kang’s final sale on June 9, 2026, was less than five months before he notified Strategy that he was resigning.

MSTR has declined 14% year-to-date alongside heavy shareholder dilution that Strategy has used to fund STRC preferred share buybacks and bitcoin (BTC) purchases.

Le, Strategy’s current CEO, takes over as the company’s principal financial officer on November 6. Reza Virasteh is scheduled to become co-CFO in January 2027 alongside Le.

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