The company behind one of esports’ most famous teams is going deeper into Bitcoin mining. NIP Group, parent of Ninjas in Pyjamas, has acquired a third batch of mining machines in exchange for over 247 million Class A ordinary shares.
The goal is a projected output of about 195 BTC per month.
The timing is deliberate. Founder and CEO Hicham Chahine told Decrypt he would rather bet on mining while the market is cooling than when it is hot and crowded.
Chahine said he wants to make the move while the market is “cooling,” rather than when competition is higher.
What NIP Group is buying
NIP Group trades on Nasdaq under the ticker NIPG and is based in Abu Dhabi. The new deal adds approximately 4.47 EH/s of hashrate to its fleet.
After the third acquisition, the company says total installed capacity sits at around 13.85 EH/s across all three purchases. That is the base behind its target of roughly 195 BTC per month.
That figure comes with caveats. The projection depends on operational and market factors, including network difficulty, machine uptime, and hosting conditions.
The payment structure stands out. NIP Group has financed every tranche by issuing Class A ordinary shares, with no cash component disclosed.
The machines are already running at third-party hosting sites. That lets NIP Group book production right away instead of waiting months to build facilities and plug in hardware.
From 60 BTC to 195 BTC
NIP Group entered Bitcoin mining in mid-2025. The first tranche, closed in September 2025, brought fleet capacity of 3.11 EH/s and a target of approximately 60 BTC per month.
The second tranche lifted capacity to 11.3 EH/s, with an output target of around 160 BTC per month. The third batch now pushes the monthly goal to about 195 BTC.
The first fleet mined 151.4 BTC between September and November 2025. The company has also, at times, reported holding over 200 BTC in its treasury.
The dilution question and the AI escape hatch
For shareholders, the central trade-off is simple to state and harder to price. Each tranche adds Bitcoin production. Each tranche also adds a large block of new shares.
Over 247 million Class A shares for this batch alone is a lot of new paper. Whether existing holders come out ahead depends on whether the extra Bitcoin output, and the value of that Bitcoin, outpaces the dilution.
Paying in stock has clear advantages. NIP Group keeps its cash, avoids debt, and gets producing hardware immediately. The cost shows up in ownership percentages instead of on the balance sheet as a liability.
Chahine told Decrypt the company could shift capacity toward AI and high-performance computing if those returns beat mining.
One caution is worth noting. Bitcoin ASICs are built for a single job. Any move into AI would likely lean on the broader infrastructure, such as power and data center capacity, rather than repurposing the mining rigs themselves.
What to watch
The company presents itself as one of the larger publicly traded Bitcoin miners globally and the leading operator in the MENA region.
The first thing to track is delivery. The jump to a 195 BTC monthly target is a projection, and production updates will show whether the fleet actually hits it. The 151.4 BTC mined in the first fleet’s early months is a useful reference point for comparing future reports.
The second is treasury behavior. A company producing close to 200 BTC a month has to decide whether to hold or sell.
The third is the share count. Investors will want to see whether NIP Group keeps paying for growth with stock, or whether mining revenue eventually funds expansion directly.
Then there is the AI question. If Chahine follows through on shifting capacity when the numbers favor it, NIP Group could end up as less of a pure Bitcoin miner and more of a general computing infrastructure company.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.