Former Tether CIO Richard Heathcote Plans Partial Sale of Stake
AI Market Summary
Bloomberg reports former Tether CIO Richard Heathcote is working with PJT Partners to sell part of his 1.26% Tether stake, with buyer discussions ongoing and no disclosed valuation. The transaction is notable given prior reports that Tether paused fundraising around a potential $50B valuation pending its first comprehensive audit, now underway with a Big Four firm. The headline may heighten near-term focus on Tether governance and transparency.
Impact level
● Medium
Affected assets
BTC/USDT-0.10%
AI Insight · BTC/USDTAI Insight
● Neutral
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July 7 — Bloomberg, citing people familiar with the matter, reports that Richard Heathcote, Tether's former chief investment officer, is working with PJT Partners on the sale of a portion of his equity in the stablecoin issuer. Heathcote stepped down from the CIO role in March and moved into an advisory position. The planned transaction would cover only part of his 1.26% stake, the people said. Discussions with prospective buyers are ongoing, and no valuation has been disclosed.
Tether was previously reported in March to have paused fundraising at a valuation of as much as $50 billion as it awaited the outcome of its first full financial audit. The company has also engaged a Big Four accounting firm to carry out the review.
