Andrew Kang

Executive VP & CFO, Microstrategy

Search every verified Andrew Kang interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Andrew Kang, Executive Vice President and CFO of MicroStrategy (now Strategy), participated in the company's first quarter 2026 earnings call on May 7, 2026. During the call, Kang stated that the company holds 818,334 Bitcoin, which he described as approximately 3.9% of all Bitcoin that will ever exist, and said this keeps Strategy in a "clear leadership position as the largest corporate Bitcoin holder in the world." He reiterated that the company's strategy is to "raise capital responsibly, buy and hold Bitcoin over the long term, and grow Bitcoin per share for our shareholders." Kang discussed the company's balance sheet, noting approximately $6 billion of net debt, which he said represents 9.3% net leverage against the Bitcoin reserve and a 10.8 times BTC rating. He described the company's approach as based on "disciplined balance sheet construction, modest leverage, strong collateral, and permanent capital." Kang also presented illustrative scenarios involving the company's convertible bonds and stock buybacks, including a hypothetical trade of selling $500 million of the company's perpetual preferred stock (Stretch) to buy back $500 million of convertible bonds, which he said would generate "substantial BTC gains" and yields ranging from 22 to 63 basis points depending on the bond. Additionally, Kang stated that the company is proposing to change Stretch dividends from monthly to semimonthly payments, with the goal of reducing reinvestment lag, improving liquidity, and helping the stock trade more efficiently around its target price.