Parent company: Bitmine Immersion Technologies, Inc.
What is NOT changing
Our commitment to the Lido protocol. We intend to remain an active participant in the Curated Module (formerly Curated Operator Set) and continue to meet all associated performance and operational obligations.
Infrastructure and operations. Our validator infrastructure, monitoring systems, key management practices, and operational procedures remain in place and are unchanged.
Team. The core engineering and operations team responsible for running Lido validators continues in their roles under MAVAN.
Performance standards. We will continue to uphold the same reliability and performance expectations the Lido community has come to expect from Pier Two.
We remain fully committed to the Lido ecosystem and look forward to continuing to serve the protocol.
On behalf of Bitmine Immersion Technologies, we are pleased to announce that Bitmine has acquired Pier Two, including its team and infrastructure. Pier Two will join Bitmine as part of MAVAN.
We are fully committed to supporting MAVAN’s continued participation in the Lido Curated Module. Lido is a critical part of the Ethereum staking ecosystem, and MAVAN’s role as a node operator within the protocol is a key component of our broader digital infrastructure strategy.
Our commitment
Operational continuity. We have retained the Pier Two team and infrastructure in full. There has been no disruption to validator operations and none is planned.
Investment in growth. Bitmine brings additional resources — capital, infrastructure, and institutional support — that strengthen MAVAN’s ability to operate at the highest standards within the Lido protocol.
Long-term alignment. We view participation in the Lido Curated Module as a long-term commitment, not a transitional arrangement. We intend to remain active, reliable contributors to the protocol.
We welcome any questions from the Lido community.
Young Kim COO & CFO, Bitmine Immersion Technologies
Hi all, thank you for the disclosure, and congratulations to the Pier Two and Bitmine teams.
Confirming the information has been received and will be forwarded to the LNOSG or CMC (depending on the outcome of the in-progress Snapshot vote) for review.
The committee will look at the details and discuss any considerations related to the acquisition, consistent with how prior Node Operator acquisitions have been handled in the past.
A couple of clarifying questions that would help the review:
Currently Pier Two operates an stVault alongside RockSolid, is this still an area of focus or would the current direction be expected to change now that MAVAN will be the infrastructure provider? It would also be helpful to understand how MAVAN is thinking about the potential for stVaults more broadly.
Does MAVAN intend to continue participating in ongoing activities related to the Simple DVT Module (one of the 3 Lido Core Modules in addition to the Curated Module).
We’ll keep this thread updated as the review progresses.
Thank you @KimonSh and the NOM Workstream team for your thoughtful questions. We appreciate the engagement and want to provide the Lido community with clarity on both fronts.
On stVaults and RockSolid
MAVAN is excited about the potential for stVaults and remains committed to this area of focus. We intend to continue operating stVaults alongside RockSolid, and see this as an important part of our broader infrastructure strategy. The transition from Pier Two to MAVAN does not change our direction here. We see meaningful long-term potential for stVaults within the Lido ecosystem and look forward to contributing to their growth.
On the Simple DVT Module
MAVAN will continue to actively participate in the Simple DVT Module. This work began under Pier Two in Q4 2023, and we are proud of the contributions made to date. Our commitment to the Simple DVT Module as one of the three Lido Core Modules remains unchanged, and we look forward to building on that foundation as MAVAN.
We are grateful for the Lido community’s support throughout this transition and welcome any further questions.
Pier Two has been acquired by Bitmine Immersion Technologies and will continue validator operations under the MAVAN brand (“MAVAN, a Bitmine company”). Based on the information shared by Pier Two and Bitmine on the forum, as well as follow-up discussions with the CMC, validator operations will continue to be managed by the existing Pier Two team and infrastructure. No significant changes to validator operations, custody, or key management are planned, and no validator migration is expected as a result of the acquisition. The only operational adjustments under consideration relate to increasing EL/CL and validator client diversity to further strengthen client diversity across the set.
MAVAN also confirmed continued participation in the Simple DVT Module and ongoing focus on stVaults (operated alongside RockSolid), with no changes to commitments in either area.
Conclusion
Based on the disclosures shared by Pier Two and Bitmine, the follow-up clarifications received, and the absence of any planned changes to team, infrastructure, key management, or geographic deployment, the CMC has not identified any concerns that would warrant proposing to block MAVAN’s participation as a node operator in the Lido Curated Module.
Proposal
Allow Pier Two (operating as MAVAN) to continue node operator activities as a part of the Lido Node Operator set.
Next Steps
This proposal is open for community feedback for a period of one week. If no major objections are raised during this time, the CMC suggests proceeding with a Snapshot vote to receive DAO confirmation regarding the changes.
Thank you for the update and next steps. Just for absolute clarity regarding the upcoming Node Operator Registry name change, we would like to confirm that our preferred operator name is simply MAVAN (rather than ‘MAVAN, a Bitmine company’ or ‘Pier Two’).
Thank you again for your support throughout this process!
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