# Lido votes on retaining Pier Two after its acquisition by Bitmine

> The acquisition introduced a new parent and control context for an existing node operator, while governance considered whether its participation should continue.

- URL: https://riadefi.com/on-chain/2026-05-11-lido-pier-two-mavan-operator-continuation/
- Type: Governance
- Stage: Proposed
- Evidence: confirmed
- Materiality: watch
- Event date: 2026-05-11
- Version: 1, published 2026-08-22 (first published 2026-08-22)
- Advisor-relevant: no
- Affects: Lido (protocol)

## What happened

Lido opened a Snapshot vote on allowing MAVAN, formerly Pier Two, to continue as a node operator in the Curated and Simple DVT modules following Pier Two's acquisition by Bitmine Immersion Technologies.

## What changed

The acquisition introduced a new parent and control context for an existing node operator, while governance considered whether its participation should continue.

## What did not change

The governance record relayed claims that the team, infrastructure, monitoring, key management, and operating procedures remained unchanged, but it did not independently verify those claims or establish the final vote result.

## Confirmed

- Pier Two participated in Lido's Curated and Simple DVT modules.
- The governance record states that Bitmine acquired Pier Two and would operate it through MAVAN.
- The Curated Module Committee reported no identified concern requiring removal at that stage.
- A vote for the proposal would allow continued node operations.

## Still open

- The final Snapshot result and any conditions attached to continued participation.
- Independent verification that validator infrastructure, key management, personnel, and operational procedures remained unchanged.
- MAVAN's resulting share of Lido validators and any parent-level concentration with other staking operations.
- Whether subsequent assessments changed the operator's module allocation or status.

## What it means for an advisor

- Monitor the final vote and subsequent operator-allocation records.
- Review whether the ownership change alters Lido operator concentration, key-management, or correlated-operations assumptions.
- Do not treat committee comfort as independent verification of unchanged controls.

## Sources

1. [Should Pier Two continue in the Curated and SDVT sets following the acquisition by Bitmine Immersion Technologies?](https://snapshot.org/#/lido-snapshot.eth/proposal/0x80959462b3026fc118ee9a3d7f46485b335677a2a5a739b3ede2656b7982f8e8) · Lido Snapshot · 2026-05-11


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.