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Tether former CIO Richard Heathcote plans to sell part of his stake
Heathcote, who held 1.26% in Tether, is working with PJT Partners on a process that could reveal more about Tether's ownership structure and valuation.
Richard Heathcote, Tether Holdings SA's former chief investment officer, is planning to sell a small stake in the stablecoin issuer, Bloomberg reported Monday, citing people familiar with the matter.
Bloomberg said Heathcote is working with investment bank PJT Partners to sell part of his 1.26% holding, and that negotiations with potential buyers are under way. The outlet did not disclose the dollar size of the stake being sold, the buyer, or any final price.
Tether said in March that Heathcote was stepping down from the CIO role to move into a non-executive advisory position, handing day-to-day responsibilities to his deputy, Zachary Lyons.
As CIO, Heathcote oversaw the reserves backing USDT, the largest stablecoin by circulating supply, and had guided an investment push that included stakes in soccer clubs and humanoid robotics ventures, according to Bloomberg’s earlier reporting. Tether has historically disclosed little about its capitalization table and executive equity stakes, and a stake sale conducted through a Wall Street bank could provide a clearer view of ownership below the founders if transaction terms emerge.