Third Batch, All-Time Low: NIP Group Scales Bitcoin Mining as $NIPG Slips

NIP Group, the digital entertainment company behind the Ninjas in Pyjamas esports team, has acquired a third batch of Bitcoin miners in exchange for over 247 million Class A ordinary shares, taking its mining capacity to roughly 13.85 EH/s.

Founder and CEO Hicham Chahine told Decrypt he wants to bet on Bitcoin mining while the market is "cooling," rather than when it's hot and competition is higher. "Now that this tranche is closed, we're at roughly 13.85 EH/s. That puts us among the largest publicly listed miners in the world, roughly 195 Bitcoin a month," Chahine said. "That's real revenue, and it supports everything else we're building. This year we reviewed every single piece of NIP Group, not just mining. We made decisions with one goal: better margins and a clear path to profitability. Mining had to earn its place in that review, and it did."

The latest acquisition follows last year's expansion, when the operation was looking to mine 160 Bitcoin a month. It raises NIP Group's target by 35 Bitcoin to 195 Bitcoin a month, or $2.8 million at today's prices. Chahine said NIP Group is "optimistic about where this is heading" and that the third batch of Bitcoin miners will require "minimal ramp time." The purchased facilities could also shift to focus on artificial intelligence infrastructure if the market demands, serving AI and high-performance computing customers.

Since the Bitcoin announcement last week, NIP Group's stock, $NIPG, has fallen 40.7% from $6.74 to $4, according to Yahoo Finance data, marking an all-time low. Over the same period, Bitcoin ($BTC) dropped 2% to $79,820, per Decrypt data. NIP Group owns Ninjas in Pyjamas, which fields professional esports teams in Counter-Strike 2, Valorant, League of Legends, and Rocket League.