Richard Heathcote, Tether Holdings SA’s chief investment officer until earlier this year, is preparing to sell part of his 1.26% stake in the stablecoin issuer through investment bank PJT Partners. Bloomberg reported the plan on Monday, citing people familiar with the matter, and said negotiations with potential buyers are underway with no price or buyer disclosed. The process offers one of the first concrete data points on how Tether’s ownership is structured below its founders.
Richard Heathcote, who served as Tether Holdings SA’s chief investment officer until earlier this year, is working with investment bank PJT Partners to sell part of his 1.26% holding in the stablecoin issuer, Bloomberg reported Monday, citing people familiar with the matter.
Those sources, who were not authorized to speak publicly, said negotiations with potential buyers are underway, though no final price or buyer has been disclosed.
Lyons replaced Heathcote as CIO in March
Tether said in March that Heathcote was stepping down as CIO to move into a non-executive advisory role, giving up day-to-day responsibilities. His deputy, Zachary Lyons, took over the position.
During that tenure, Heathcote had overseen the reserves backing Tether’s USDT stablecoin, the largest by circulating supply, and steered an aggressive investment push that included stakes in soccer clubs and humanoid-robotics ventures, per Bloomberg’s March report.
Tether’s cap table stays mostly hidden
Tether has historically disclosed little about its capitalization table or the equity stakes held by executives. A sale process run through a Wall Street bank therefore offers one of the first concrete data points on how the company’s ownership is structured below its founders, and could eventually signal a market-set valuation if a transaction price becomes public.
But the reporting leaves the scale of the deal open: Bloomberg did not disclose the size of the stake being sold in dollar terms or identify any prospective buyers. Tether did not comment on the planned sale, and Heathcote could not immediately be reached through the company’s channels.
Source: The Defiant
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