A report by Bloomberg, citing people familiar with the matter, shows that Tether’s former chief investment officer, Richard Heathcote, intends to sell part of his 1.26% stake in the stablecoin issuer.
Heathcote stepped down as Tether’s chief investment officer in March to take on an advisory role after overseeing the stablecoin issuer’s investment portfolio. Bloomberg reported the planned sale covers only part of his 1.26% shares.
Tether issues USDt (USDT), the world’s largest stablecoin by market capitalization. According to DefiLlama, with a circulating supply of approximately $184 billion, USDT accounts for approximately 59% of the stablecoin market data.
The planned sale could provide a scarce look at the ownership of Tether, which remains privately held even though it has become one of the most profitable companies in the cryptocurrency industry.
The sale also comes as Tether deals with regulatory pressure in Europe. USDT has been delisted by a growing number of MiCA-authorized platforms after Tether decided not to follow the EU’s crypto framework, and Revolut announced this month that it would remove the stablecoin from its platform.
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Crypto companies are weighing IPOs
Although Tether CEO Paolo Ardoino does he said explicitly that a stablecoin issuer does not have to go public, several other cryptocurrency companies are reportedly considering initial public offerings (IPOs).
Kraken has taken several steps towards a public listing. Fortune reported in September 2025 that the cryptocurrency exchange raised $500 million at a $15 billion valuation, fueling expectations that the exchange is preparing for an IPO.
Source: Paolo Ardoino
The company too announced confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission in connection with a proposed initial public offering in November 2025. However, Bloomberg later reported that IPO plans may be postponed to 2027 due to layoffs related to the growing utilize of artificial intelligence in the company.
South Korean cryptocurrency exchange Bithumb also announced in April that it was delaying its IPO until 2028 as it works to strengthen its accounting policies and internal controls after previous regulatory setbacks.
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