Former Tether CIO Seeks Sale of Part of 1.26% Stake

Richard Heathcote, Tether’s former chief investment officer, is seeking to sell part of his stake in the stablecoin issuer, Bloomberg reported.

Heathcote is working with investment bank PJT Partners to market part of his 1.26% holding in Tether to potential investors, according to the report published July 6. The size of the stake sale and the valuation under discussion were not disclosed. Tether is the world’s largest stablecoin company, with about $184 billion of USDT in circulation.

Heathcote joined Tether in 2023 and oversaw management of USDT reserves and the company’s investment portfolio. He also led a strategy of deploying hefty profits from U.S. Treasury holdings into areas including soccer and robotics. He stepped down as chief investment officer in March and now serves as an adviser.

Earlier this year, Tether sought to raise funds at a valuation of as much as $500 billion, but shelved those plans while awaiting the results of its first full financial audit. At the time, investors and financial industry participants called for greater transparency. Tether is now being audited by one of the Big Four accounting firms.

Heathcote’s stake sale has received Tether’s approval, Bloomberg reported. Some existing shareholders also sought to sell their holdings last year, but the company restricted those transactions because they could affect a large fundraising effort. Tether’s largest shareholder is Chairman Giancarlo Devasini, whose net worth Bloomberg estimated at about $64 billion.