Former Tether Chief Investment Officer Richard Heathcote is seeking buyers for part of his 1.26% stake in the stablecoin issuer after stepping down from the role earlier this year, according to Bloomberg.
Heathcote is working with investment bank PJT Partners on the planned secondary sale, and discussions with potential buyers are ongoing, Bloomberg reported, citing people familiar with the matter.
The report did not disclose how much of the 1.26% stake is being offered for sale or a potential valuation.
The Block reached out to Tether and PJT Partners for comment.
Heathcote joined Tether in January 2023 after previously working as a broker at Cantor Fitzgerald's BGC Group. He stepped down as chief investment officer in March and moved into a non-executive advisory role, with his deputy, Zachary Lyons, assuming responsibility for the company's day-to-day investment management.
