Insiders sold millions in MSTR before Strategy CFO quit

Prior to CFO Andrew Kang announcing his resignation on the same day Strategy reported its quarterly earnings, insiders at Michael Saylor's bitcoin firm had unloaded 227,580 MSTR shares during the year.

MSTR, the company's Nasdaq-listed stock, fell more than 8% in trading on the dual pieces of negative news.

Kang himself had been selling shares through June, though he and other insiders would later deny a link between those transactions and his departure.

Strategy stated in its SEC filing: “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.”

Almost $30M in insider sales through 2026

Among all insiders this year, CEO Phong Le has unloaded the highest volume of MSTR, selling 104,593 shares personally for an estimated $12.5 million.

Director Jarrod Patten sold 77,900 shares, bringing in roughly $11.4 million.

CFO Kang, who is stepping down as of November 5, sold 43,897 shares for an estimated $5.5 million. He leaves Strategy a multi-millionaire, with the oversight of its books passing to another person.

Former Chief Accounting Officer Jeanine Montgomery and General Counsel Thomas Chow sold roughly 1,200 shares between them, a trivial volume compared with the senior executives.

CFO says resignation was not prompted by a company dispute

Kang's insider sales filings carried standard language: the transactions were conducted “to satisfy the reporting person’s tax withholding obligation due upon the vesting of previously granted equity awards” under a 2024 trading plan.

In short, the equity compensation Strategy granted Kang for overseeing its finances was so large that he needed to sell millions of dollars of MSTR to set aside money for taxes.

Strategy paid Kang over $4.1 million in 2023, $7.8 million in 2024, and $5.7 million in 2025 for his role as CFO.

Kang made his final stock sale on June 9, 2026, under five months before he notified Strategy he was stepping down.

Since the start of the year, MSTR has lost 14% of its value, a period during which Strategy heavily diluted shareholders to buy back STRC preferred shares and acquire bitcoin.

Current CEO Phong Le becomes the company's principal financial officer on November 6. Reza Virasteh is due to take over as co-CFO in January 2027, working with Le.