Richard Heathcote engages PJT Partners to sell part of his 1.26% holding in Tether amid valuation uncertainty.
Richard Heathcote, former chief investment officer of Tether, is marketing a portion of his 1.26% stake in the USDT issuer. He has enlisted PJT Partners to identify potential buyers, though discussions remain ongoing and no valuation has been disclosed.
Heathcote transitioned to an advisory role in March, with Zachary Lyons succeeding him as CIO. Tether previously abandoned plans to raise up to $20 billion after investors resisted a proposed $500 billion valuation, which would have positioned the firm among the world’s most valuable private companies.
The sale process follows Tether’s scaled-back funding ambitions and comes as the stablecoin issuer navigates market scrutiny over its reserves and valuation.