Ex-Tether CIO Moves to Sell Part of 1.26% Stake
Richard Heathcote taps PJT Partners for a rare secondary-market Tether equity deal.
Richard Heathcote, former chief investment officer at Tether, is working with investment bank PJT Partners to sell a portion of his 1.26% stake in the USDT issuer, Bloomberg reported on July 7, 2026.
Why It Matters
A secondary-market sale of Tether equity is rare and signals that private demand for exposure to the world's largest stablecoin issuer remains strong enough to attract institutional deal-making infrastructure. Tether is not publicly listed, so any stake transfer offers one of the few data points the market gets on the company's implied valuation. For iGaming operators and crypto treasury managers who rely on USDT for payments and settlements, a credible valuation event could sharpen regulatory and counterparty-risk assessments. The involvement of PJT Partners — a Wall Street advisory firm — also suggests the process is structured rather than opportunistic.
Context
Heathcote transitioned from his investment chief role to an advisory position at Tether, making his partial divestiture consistent with standard post-executive liquidity planning rather than a distressed exit. Tether reported over $13 billion in net profit for 2024 (per Tether's own disclosures), giving it a balance sheet that sustains substantial private valuations. His 1.26% holding is a minority slice, so the sale carries no governance implications for USDT operations or reserve management.
What's Next
A completed transaction would set a fresh benchmark for Tether's private market valuation — watch for any Bloomberg or CoinDesk follow-up confirming a buyer and deal price. Absent a public filing requirement, disclosure depends entirely on the parties involved.
Gambling and crypto asset exposure both carry financial risk. This article is informational only.
Source: CoinDesk Markets
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