Former Tether chief investment officer Richard Heathcote is seeking to sell part of his 1.26% stake in the stablecoin issuer, according to a Bloomberg report citing people familiar with the matter.
Heathcote stepped down as Tether’s chief investment officer in March to take an advisory role after overseeing the stablecoin issuer’s investment portfolio. Bloomberg reported the planned sale involves only part of his 1.26% ownership stake.
Tether issues USDt (USDT), the world’s largest stablecoin by market capitalization. With a circulating supply of roughly $184 billion, USDT accounts for roughly 59% of the stablecoin market, according to DefiLlama data.
The planned sale could offer a rare look at ownership in Tether, which remains privately held despite becoming one of the crypto industry’s most profitable companies.
The sale also comes as Tether navigates regulatory pressure in Europe. USDT has been delisted by a growing number of MiCA-authorized platforms after Tether opted not to comply with the European Union’s crypto framework, with Revolut announcing this month that it will remove the stablecoin from its platform.
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Crypto companies weigh IPOs
While Tether CEO Paolo Ardoino has said outright that the stablecoin issuer does not need to go public, several other crypto companies are reportedly mulling initial public offerings (IPOs).
Kraken has taken several steps toward a public listing. Fortune reported in September 2025 that the crypto exchange had raised $500 million at a $15 billion valuation, fueling expectations that the exchange was preparing for an IPO.
Source: Paolo Ardoino
The company also announced it had confidentially filed a draft registration statement with the US Securities and Exchange Commission for a proposed initial public offering in November 2025. However, Bloomberg later reported that the IPO plans could be pushed back until 2027 following layoffs tied to the company’s expanding use of artificial intelligence.
South Korean crypto exchange Bithumb also announced in April that it is delaying its IPO until after 2028 as it works to strengthen its accounting policies and internal controls following earlier regulatory setbacks.
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