Former Tether chief investment officer Richard Heathcote is seeking to sell a portion of his 1.26% stake in the stablecoin issuer, according to a Bloomberg report citing sources familiar with the matter. The planned transaction could provide a rare public window into ownership of Tether, one of the most profitable and privately held companies in the cryptocurrency industry.
Heathcote’s role and the planned sale
Heathcote stepped down as Tether’s CIO in March 2026 to take on an advisory role, after overseeing the company’s investment portfolio. Bloomberg reported that the sale involves only part of his ownership stake, though the exact percentage and potential valuation were not disclosed. Tether remains privately held, and such ownership disclosures are infrequent, making this development notable for market observers.
Also read: Bitmine buys $74M in Ether as chair sees rising odds for US Clarity Act
Tether’s market position and regulatory headwinds
Tether issues USDt (USDT), the world’s largest stablecoin by market capitalization, with a circulating supply of roughly $184 billion. According to DefiLlama data, USDT accounts for approximately 59% of the global stablecoin market. However, the company is facing increasing regulatory pressure, particularly in Europe. USDT has been delisted by a growing number of platforms authorized under the European Union’s Markets in Crypto-Assets (MiCA) framework after Tether opted not to comply with the regulation. Revolut announced this month that it will remove the stablecoin from its platform.
IPO environment: Tether stays private as others go public
Tether CEO Paolo Ardoino has stated unequivocally that the company does not need to go public. Meanwhile, several other crypto firms are pursuing or reconsidering initial public offerings. Kraken confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission in November 2025, though Bloomberg later reported that its IPO plans could be pushed back to 2027 following layoffs tied to the company’s expanding use of artificial intelligence. South Korean exchange Bithumb also announced in April that it is delaying its IPO until after 2028 as it works to strengthen accounting policies and internal controls after earlier regulatory setbacks.
Why this matters
The planned stake sale offers a rare glimpse into Tether’s ownership structure and valuation, at a time when the company is dealing with both regulatory challenges in Europe and sustained dominance in the stablecoin market. For investors and industry watchers, the transaction could serve as a benchmark for Tether’s private valuation and signal how insiders view the company’s long-term prospects.
Conclusion
While the sale of Heathcote’s stake is still in progress and details remain limited, the development underscores the growing interest in Tether’s financials and governance as the broader crypto industry grapples with regulatory evolution and public market ambitions. The outcome may influence how other privately held crypto companies approach ownership transparency and valuation.
FAQs
Q1: Who is Richard Heathcote?
Richard Heathcote is the former chief investment officer of Tether, the issuer of the USDT stablecoin. He stepped down from the CIO role in March 2026 and now serves as an advisor.
Q2: Why is the stake sale significant?
Tether is privately held and rarely discloses ownership details. The planned sale could offer a rare look at the company’s valuation and insider sentiment, especially as Tether faces regulatory pressure in Europe and maintains its dominant market position.
Q3: Is Tether planning to go public?
Tether CEO Paolo Ardoino has said the company does not need to go public. The stake sale is a personal transaction by a former executive and is not related to any IPO plans.
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