Richard Heathcote, who stepped down as Tether Holdings' chief investment officer earlier this year, is shopping part of his 1.26% stake in the stablecoin giant through investment bank PJT Partners, Bloomberg reported Monday. Negotiations with prospective buyers are already underway, though no price or buyer has been publicly identified.
Heathcote transitioned out of the CIO role in March, moving into a non-executive advisory position and handing day-to-day responsibilities to his deputy, Zachary Lyons. During his tenure he oversaw the reserves backing USDT, the world's largest stablecoin by circulating supply, and pushed the firm into a string of unconventional bets: stakes in soccer clubs, humanoid-robotics ventures and other assets that went well beyond the typical stablecoin reserve playbook.
A Rare Glimpse at Who Owns What Inside Tether
Tether has long kept its cap table close to its chest. The company rarely discloses how equity is distributed below its founders, so a formal sale process run through a Wall Street bank is one of the first concrete signals of how ownership is actually structured. If a transaction price eventually surfaces, it could also serve as a market-set valuation reference for a company that has never gone public and publishes limited financial detail.
Bloomberg's sources, who were not authorized to speak on the record, did not disclose the dollar size of the slice being sold or name any buyers in the running. Tether declined to comment, and Heathcote was not reachable through the company's channels at the time of publication. The sale process is ongoing.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
