Bitmine Closes Pier Two Deal as Ethereum Staking Heats Up

Bitmine Immersion Technologies (NYSEAM: BMNR) has completed its acquisition of Pier Two Holdings Pty Ltd, a non-custodial validator operator for Ethereum and Solana. The deal closed on March 25, 2026, and folds Pier Two's infrastructure into Bitmine's new MAVAN staking platform. Financial terms weren't disclosed.

Pier Two runs institutional-grade staking services—node operations, slashing insurance, and integrations with custodians like Fireblocks and BitGo. By acquiring them, Bitmine can ditch its third-party staking providers and capture full rewards from its Ethereum holdings. Chairman Tom Lee said the deal lets Bitmine put its 4.6 million ETH (roughly 3.86% of total supply) to work directly.

The timing makes sense. The SEC recently clarified that staking doesn't count as a securities offering, which has brought more institutional money into the space. Bitmine expects about $300 million in annual staking rewards once everything's integrated, assuming a 2.83% yield. The deal fits a pattern: crypto companies are consolidating operations to cut costs and stay compliant as proof-of-stake matures.

| Key Deal Facts | Details | |----------------|---------| | Acquiring Entity | Bitmine Immersion Technologies (NYSEAM:BMNR) | | Acquired Entity | Pier Two Holdings Pty Ltd | | Deal Type | Acquisition | | Completion Date | March 25, 2026 | | Sector | Web3 Staking Infrastructure (Ethereum/Solana) | | Amount Raised/Deal Value | Undisclosed | | Valuation | Not specified | | Strategic Focus | Integration into MAVAN for institutional Ethereum staking | | Projected Impact | $300M annual rewards from 4.6M+ ETH holdings |

Bitmine Eyes Solana, BNB Chain, and Tron Next

Bitmine isn't stopping at Ethereum. Leadership says they plan to extend MAVAN to other proof-of-stake networks including Solana, BNB Chain, and Tron. The goal is a full-stack staking ecosystem, potentially with on-chain vaults and post-quantum security features from Pier Two's tech. Pier Two confirmed the merger on their end, noting they're now part of MAVAN and Bitmine.

Pier Two brings real credentials: NORS certification for node operations and existing partnerships with Lido and QCP. For Bitmine—which built its name on Bitcoin mining and synthetic mining products—this is a clear pivot toward Ethereum. The company has a $10.7 billion asset base including $961 million in cash, so they have the resources to execute.

B. Riley analysts raised their price target for Bitmine stock after the MAVAN launch, citing staking diversification as a new revenue driver. The deal comes during a choppy crypto market, where ETH price swings directly affect how valuable these staking yields actually are.

• Compliance appeal: Pier Two's non-custodial model meets requirements for institutional treasuries and custodians, including Japan's PSA framework.
• Revenue math: Full deployment of 4.6 million ETH at current yields means roughly $300 million per year—a hedge against crypto volatility through recurring income.
• Competitive positioning: Lido has seen outflows recently. Bitmine is betting it can capture some of that institutional market share.
• Tech upgrades: Pier Two brings accelerated ETH withdrawals and light client technology to MAVAN.
• Regulatory tailwind: New U.S. guidance allowing staking in retirement plans could expand the addressable market.

Bitmine's Pier Two acquisition is about bringing staking in-house—cutting out middlemen while scaling up rewards from a massive ETH position. Without a disclosed price tag, the story here is operational efficiency rather than deal size. Execution will depend on how fast they deploy and what happens to ETH prices in the meantime.

Bottom line: Institutional staking infrastructure is consolidating, and Bitmine is positioning itself to benefit.