Richard Heathcote, the former chief investment officer of Tether Holdings SA, is preparing to sell a small equity stake in the stablecoin issuer. He has enlisted investment bank PJT Partners to manage the sale, according to a Bloomberg report on Monday that cited people familiar with the matter.
The Stake Sale
The exact size of the stake Heathcote intends to sell hasn't been disclosed. The report described it as a small portion of his holdings. PJT Partners, a boutique investment bank known for handling complex transactions, is advising on the process. The sale is expected to attract interest from institutional investors, though no specific buyers have been named.
Heathcote's Background
Heathcote served as Tether's chief investment officer before leaving the role. His tenure at the company coincided with a period of rapid growth for the stablecoin, which is now the largest by market capitalization. The timing of the stake sale and his departure from the CIO position were not detailed in the report.
The sale process is ongoing, and further details about the size of the stake or potential buyers have not been made public. Tether has not commented on the matter. The outcome of the sale could provide insight into how early investors and executives view the company's valuation.
