Strategy disclosed on the day of its quarterly earnings announcement that Chief Financial Officer Andrew Kang is stepping down, after company insiders had already sold 227,580 shares of MSTR over the course of the year.
MSTR, the company’s Nasdaq-listed common stock, fell more than 8% on the day as the resignation and the insider selling data hit at the same time.
Kang to leave on November 5
In its filing with the US Securities and Exchange Commission, Strategy said Kang’s resignation was for personal reasons. The company stated: “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.”
Kang’s resignation is effective November 5. Starting November 6, current CEO Phong Le will assume the role of principal financial officer. Reza Virasteh is scheduled to become co-CFO in January 2027 alongside Le.
Insider sales approached $30 million in 2026
According to Protos, citing SEC Form 4 filings, year-to-date insider sales at Strategy totaled nearly $30 million.
CEO Phong Le sold the most MSTR shares among insiders. He offloaded 104,593 shares worth about $12.5 million.
Strategy director Jarrod Patten was next, selling 77,900 shares for about $11.4 million.
Kang, who is now leaving the company, sold 43,897 shares worth about $5.5 million.
Two other insiders, former Chief Accounting Officer Jeanine Montgomery and General Counsel Thomas Chow, sold about 1,200 shares combined. Protos said those transactions were so small on a relative basis that they were barely visible in its chart.
Kang was still selling shares in June
The report said Kang had been selling MSTR through June, although he and other insiders denied any link between those sales and his eventual departure.
His final sale was recorded on June 9, 2026, less than five months before he notified Strategy that he was resigning.
Kang’s insider sale disclosures used standard language saying the transactions were made “to satisfy the reporting person’s tax withholding obligation due upon the vesting of previously granted equity awards” under a 2024 trading plan.
Compensation figures for 2023 through 2025
Protos reported that Kang received more than $4.1 million in compensation in 2023, $7.8 million in 2024, and $5.7 million in 2025 from Strategy.
The report said the company had granted him enough equity compensation that he needed to sell millions of dollars’ worth of MSTR to plan for taxes tied to those awards.
MSTR down 14% year to date
Protos also said MSTR has declined 14% so far this year. The report linked that drop to heavy shareholder dilution that Strategy has used to fund STRC preferred share buybacks and bitcoin purchases.
The article also noted that Michael Saylor had previously sold MSTR ahead of an S&P 500 decision.
