NIP Group Inc., the publicly traded parent company of the Ninjas in Pyjamas esports organization, has successfully pivoted from competitive gaming to mining Bitcoin. In its first three months of operation from September through November, the company mined approximately 151.4 Bitcoin, currently worth about $14.5 million.
The company, which trades as NIPG on the Nasdaq, first announced its entry into Bitcoin mining last July. Initially targeting a monthly production of 160 BTC, the firm updated its estimate to 140 BTC per month in Thursday's announcement, valuing that at approximately $13.5 million.
To achieve this, NIP Group acquired mining rigs with a combined hash rate of 8.19 EH/s from sellers including Apex Cyber Capital and Prosperity Oak Holdings, issuing over 314 million Class A ordinary shares in exchange. As of Thursday, the company's mining capacity sits at 9.66 EH/s, positioning it among the top 20 publicly traded Bitcoin miners in the United States and the largest in the MENA region. They expect to reach 11.3 EH/s later this month.
"These production results prove what we set out to demonstrate—that we can deploy mining infrastructure at scale and generate meaningful Bitcoin output," said Co-CEO Hicham Chahine. "With 9.66 EH/s now operational, we've built a second growth engine that complements our entertainment portfolio." The company stated it would sell Bitcoin when market conditions are "appropriate" to cover expansion or operational costs.
NIP Group remains a digital entertainment company known for esports teams competing in games like Counter-Strike 2, Valorant, and League of Legends. However, its stock is down nearly 54% over the last six months, trading at $1.10 as of Thursday.
