Richard Heathcote, Tether Holdings SA's former chief investment officer, plans to sell a portion of his 1.26 percent equity stake in the stablecoin issuer. Heathcote is working with investment bank PJT Partners to facilitate the sale.
Heathcote transitioned earlier this year from his CIO role to a non-executive advisory position. He had overseen the reserves backing USDT, the largest stablecoin by circulating supply. Zachary Lyons assumed the chief investment officer role after Heathcote's departure in March.
During his tenure, Heathcote directed an investment strategy that included stakes in soccer clubs and humanoid robotics ventures.
Tether has historically provided minimal disclosure on its capitalization table and executive equity stakes. This sale process offers one of the first concrete data points on the company's ownership structure below its founders.
Negotiations with potential buyers are underway, though no final price has been disclosed. A public transaction price could provide a market-set valuation signal for Tether Holdings SA—relevant context for market participants who rely on USDT as a foundational settlement layer across DeFi protocols and on-chain capital flows.
The specific dollar size of the stake being sold has not been made public, and the identities of prospective buyers remain undisclosed.
Tether has not commented on the planned sale. Heathcote could not be reached for comment through the company's official channels.
