Richard Heathcote, who until earlier this year served as Tether Holdings SA’s chief investment officer, is planning to sell a small stake in the stablecoin issuer, Bloomberg reported Monday, citing people familiar with the matter.

Heathcote is working with investment bank PJT Partners to sell part of his 1.26% holding in Tether, according to Bloomberg’s sources, who were not authorized to speak publicly. Negotiations with potential buyers are underway, though no final price or buyer has been disclosed.

Executive Handover

Tether said in March that Heathcote was stepping down as CIO to move into a non-executive advisory role, giving up day-to-day responsibilities. His deputy, Zachary Lyons, took over the position.

As CIO, Heathcote had overseen the reserves backing Tether’s USDT stablecoin, the largest by circulating supply, and steered an aggressive investment push that included stakes in soccer clubs and humanoid-robotics ventures, per Bloomberg’s March report.

Rare Window Into Ownership

Tether has historically disclosed little about its capitalization table or the equity stakes held by executives. A sale process run through a Wall Street bank offers one of the first concrete data points on how the company’s ownership is structured below its founders, and could eventually signal a market-set valuation if a transaction price becomes public.

The stake sale comes as Tether’s stablecoin business continues to dominate the sector, with USDT remaining the largest stablecoin by circulating supply. Bloomberg’s reporting did not disclose the size of the stake being sold in dollar terms or identify any prospective buyers.

Tether did not comment on the planned sale in Bloomberg’s report, and Heathcote could not immediately be reached through the company’s channels.