Bloomberg reported that Richard Heathcote, Tether’s former chief investment officer, is seeking buyers for part of his 1.26% stake in the stablecoin issuer. The planned sale is being handled with investment bank PJT Partners, making a rare insider liquidity process visible around one of crypto’s largest private companies.
Heathcote stepped down as Tether’s CIO in March and moved into an advisory role after overseeing the company’s investment portfolio, Bloomberg said. The potential sale matters because it would not involve a public listing, but rather private-market demand for exposure to Tether’s equity at a time when the firm’s valuation has become a focal point.
Bloomberg also said Tether had sought to raise funds earlier this year at a valuation of as much as $500 billion, but paused those plans while awaiting results of its first full financial audit. The next checkpoint is whether buyers emerge for Heathcote’s stake and whether the pending audit helps define Tether’s valuation window.
Source: Bloomberg.
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