Cone, a 5-foot-10 sophomore, was considered one of the best 3-point shooters in the ACC.
"I just want to explore some other options that will put me in a better position to achieve my end goal, which is to get drafted," Cone told ESPN. "I want to show my playmaking ability, being able to play make and run the team."
A North Carolina native, Cone averaged 9.2 points in 19.9 minutes this season after averaging 8.0 points in 18.4 minutes as a freshman. He shot 45.7% from 3 last season, and 101 of his 125 made shots during his two seasons with the Hokies were from behind the 3-point line.
Cone had a six-game stretch in December and January this season where he averaged 17.2 points and shot 43.3% from behind the arc. But he suffered a foot injury that hampered him and ultimately forced him to miss the final month of the season. He said he's out of a boot and walking in regular shoes again.
"It was hard to run and jump when your foot isn't 100%," Cone said. "It altered my abilities. People saw what I could do when I am 100%. My goal is getting back 110% healthy so I can have a big year."
Cone originally committed to Virginia Tech late in the process, after Mike Young left Wofford to replace Buzz Williams in Blacksburg.
Virginia Tech already lost guard Joe Bamisile to the transfer portal, while starting point guard Wabissa Bede is a senior. The Hokies did add Wofford transfer Storm Murphy, who was recruited by Young when he was with the Terriers, and 2021 guard Sean Pedulla.