Tether Stake Sale Insights
Former Tether CIO Heathcote Divests Private Stake, Revealing Market Dynamics
Anonymous
Key Points
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Board approval and private sale pathway: Heathcote’s partial stake sale has been greenlit by Tether’s board, with PJT Partners running the process; there is no disclosed price or valuation because the transaction is private and not a public fundraising effort.
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Tether’s management stance on going public: CEO Paolo Ardoino has pushed back on public-listing plans, with a direct comment that underscores the company’s preference to remain private.
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Leadership transition context: Heathcote stepped back from daily duties in March 2026 and moved to an advisory role as Zachary Lyons became CIO; the stake sale will proceed while Heathcote remains connected in a non-executive capacity.
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Recent earnings and asset mix highlighted: Tether reported about $1.04 billion in net profit for Q1 2026, with excess reserves around $8.23 billion, and an asset base heavily weighted toward U.S. government-backed instruments.
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Largest shareholder profile: Chairman Giancarlo Devasini remains the top holder, with Bloomberg estimates placing his net worth around $64 billion, illustrating the concentrated, private ownership structure of Tether.
Richard Heathcote, the former chief investment officer of Tether Holdings, is seeking to sell part of his 1.26% stake in the world's largest stablecoin issuer, according to CryptoNews. Investment bank PJT Partners is running the process, and Tether's board has already signed off on the deal.
The sale is not a company fundraising round and no valuation has been disclosed, according to Crypto Briefing. Still, the deal offers a rare glimpse into the ownership of a private firm that controls the dominant dollar-pegged token in crypto.
Heathcote Steps Back After March Leadership Shift
Heathcote moved from his day-to-day CIO role to an advisory position in March 2026, according to Finance Feeds. Zachary Lyons stepped in as the new CIO. The stake sale follows that transition, a common pattern in which executives monetize holdings after stepping back from daily duties.
Heathcote will remain connected to Tether in a non-executive capacity while the sale moves forward, Crypto Briefing reported. The transaction is purely his own — not a sign that Tether itself is raising fresh capital or changing direction.
Tether Resists Public Listing and Outside Scrutiny
CEO Paolo Ardoino has pushed back firmly on any plans to take Tether public. The company prefers to stay private, limiting outside visibility into its ownership and finances. That stance makes even a small secondary stake sale newsworthy.
Earlier, Tether paused a planned fundraising round that had targeted a $500 billion valuation. The company said it wanted to wait for its first full financial audit before proceeding, according to Crypto Briefing. No audit timeline has been announced.
Tether Posts $1 Billion Profit Backed by U.S. Assets
Tether reported about $1.04 billion in net profit for the first quarter of 2026. The company holds excess reserves of around $8.23 billion. Its asset base leans heavily on U.S. government-backed instruments like Treasury bills.
Chairman Giancarlo Devasini remains the largest shareholder. Bloomberg estimates his net worth at around $64 billion, according to MEXC. That figure underlines how concentrated and private Tether's ownership structure truly is.
Stake Sale May Hint at Tether's Private Market Price
Because Tether does not trade publicly, outside investors have almost no way to put a price on the company. A completed sale of Heathcote's stake could change that. It would give the market an external data point on what buyers are willing to pay, Finance Feeds noted.
No price has been set yet. PJT Partners is still in discussions with potential buyers. Observers will watch closely to see whether any deal reveals a valuation — and whether that number lines up with Tether's earlier $500 billion target.
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