Tether’s former chief investment officer, Richard Heathcote, is reportedly looking to cash out part of his stake in the stablecoin giant just as it chases a massive valuation and faces fresh demands for transparency. People familiar with the plans say he wants to sell a slice of his 1.26% holding in Tether Holdings, the company behind USDT.
Heathcote’s Planned Share Sale
According to Bloomberg reporting cited by regional outlets, Heathcote is working with advisory firm PJT Partners to market a portion of his Tether shares to potential buyers. He oversaw Tether’s growing investment portfolio until earlier this year, when the company announced he would step down as CIO and move into an advisory role. Sources say he has received Tether’s approval to sell, and talks with investors are ongoing, though no price or final valuation has been disclosed.
Heathcote’s stake of roughly 1.26% may sound small, yet it carries weight because Tether has emerged as one of crypto’s most profitable firms. The company reported around $10 billion in profit for 2025 and now manages roughly $184 billion worth of USDT in circulation, making it the largest dollar‑linked stablecoin. Any secondary sale of insider shares, therefore, gives investors a rare chance to value Tether before a broader fundraising round resumes.
Fundraising on Hold While Audit Looms
Tether itself halted an unprecedented fundraising drive that had at one point valued the company at up to $500 billion, Bloomberg said. The corporation had been looking to raise $15 billion to $20 billion for a tiny ownership interest, hinting at the half-trillion-dollar level, but resistance from investors and bankers over transparency issues meant it had to rethink. Potential investors repeatedly require clearer financials and an independent audit before committing to such exorbitant amounts.
In response, Tether has hired a Big Four accounting firm to conduct its first full financial audit, which it has described as a “super high priority.” The firm aims to complete that review by the end of 2026 and says it will cover assets, liabilities, and internal controls behind USDT’s huge reserve pool.
Until that audit finishes, Tether is keeping fundraising talks on hold, and insider sales like Heathcote’s plan give one of the few windows into how investors currently value the stablecoin powerhouse.
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