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Tether ex-CIO Richard Heathcote plans to sell part of his stake

Heathcote is working with PJT Partners to reduce holdings in Tether, where he previously oversaw reserves backing USDT.

Reported · Written up by our desk · Market Structure

Richard Heathcote, who served as chief investment officer at Tether Holdings SA until earlier this year, is planning to sell a small equity 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. The report added that negotiations with potential buyers are underway, but no final price or buyer has been disclosed.

Tether told investors in March that Heathcote was stepping down from the CIO role to take a non-executive advisory position, handing day-to-day responsibilities to deputy Zachary Lyons.

As CIO, Heathcote oversaw reserves backing Tether's USDT stablecoin, which is the largest by circulating supply, and he guided an aggressive investment push that included stakes in soccer clubs and humanoid robotics ventures, according to Bloomberg's earlier reporting.

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