Bloomberg: Ex-Tether Investment Chief Looking to Offload Portion of Ownership Stake
The sale reported by Bloomberg surfaces at a time when Tether has publicly stated it has no intention of pursuing a public listing, contrasting with various other cryptocurrency firms that are either advancing toward or postponing their IPO plans.
Richard Heathcote, who previously held the position of chief investment officer at Tether, is looking to offload a portion of his 1.26% ownership in the company behind the world's dominant stablecoin, Bloomberg reported Monday, citing sources with knowledge of the situation.
In March, Heathcote transitioned away from his role as Tether's chief investment officer to assume an advisory position following his tenure managing the stablecoin issuer's investment holdings. According to Bloomberg's reporting, the proposed transaction involves selling just a portion of his total 1.26% equity position.
USDt (USDT), issued by Tether, holds the position as the largest stablecoin in the world measured by market capitalization. Boasting a circulating supply of approximately $184 billion, USDT represents around 59% of the entire stablecoin marketplace, based on data from DefiLlama.
The proposed transaction could provide an uncommon glimpse into the ownership structure of Tether, a company that has remained under private ownership even as it has emerged as among the most lucrative enterprises in the cryptocurrency sector.
The timing of this sale coincides with Tether facing heightened regulatory scrutiny across Europe. A growing list of platforms operating under MiCA authorization have delisted USDT following Tether's decision to forgo compliance with the European Union's cryptocurrency regulatory framework, with Revolut being among the latest to announce this month that it would be removing the stablecoin from its offerings.
Crypto companies weigh IPOs
Despite Tether CEO Paolo Ardoino making it clear that the company behind the stablecoin has no need to pursue a public listing, a number of other cryptocurrency businesses are reportedly considering initial public offerings (IPOs).
Kraken has made multiple moves suggesting preparation for going public. In September 2025, Fortune reported that the cryptocurrency exchange had secured $500 million in funding at a $15 billion company valuation, sparking speculation that the platform was positioning itself for an IPO.
Additionally, the company revealed in November 2025 that it had submitted a confidential draft registration statement to the US Securities and Exchange Commission regarding a planned initial public offering. That said, Bloomberg subsequently reported that the timeline for the IPO could be delayed until 2027 in the wake of workforce reductions linked to the company's growing implementation of artificial intelligence technologies.
Meanwhile, Bithumb, a cryptocurrency exchange based in South Korea, revealed in April its decision to postpone its IPO beyond 2028 as the company focuses on reinforcing its accounting practices and internal control mechanisms in the aftermath of previous regulatory challenges.