Tether · Bloomberg · South Korea · Cointelegraph
Former Tether CIO seeks to sell stake in stablecoin issuer, Bloomberg logs
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The reported transaction comes as Tether maintains it has no plans to go public, even as other crypto companies pursue or delay IPOs.
Key facts
- Former Tether chief investment officer Richard Heathcote is seeking to sell part of his 1.26% stake in the stablecoin issuer, according to a citing people familiar with the matter
- 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
- 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
- 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)
Summary
Former Tether chief investment officer Richard Heathcote is seeking to sell part of his 1.26% stake in the stablecoin issuer, according to a 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. Tether issues USDt (USDT), the world's largest stablecoin by market capitalization. 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.