Former Tether Chief Investment Officer Richard Heathcote is seeking to sell part of his 1.26% stake in the stablecoin issuer, according to Bloomberg.
Heathcote is working with PJT Partners to find buyers for the stake, with discussions still in early stages and no valuation disclosed.
The potential sale would offer a rare look into the private market value of Tether, the company behind USDT, the world’s largest stablecoin.
Tether has no public listing, and its ownership has historically been concentrated among a small group of shareholders, making any secondary transaction unusually significant.
Heathcote stepped down from his CIO role in March and moved into an advisory position, according to the reports. During his time at Tether, he oversaw the reserves backing USDT, a portfolio that has grown into one of the largest pools of dollar linked assets in crypto.
