Ninjas in Pyjamas Parent Scales Bitcoin Mining to 11.3 EH/s, Targeting 160 BTC Monthly Amid Stock Slide

NIP Group, best known for the Ninjas in Pyjamas esports brand, is pushing deeper into Bitcoin mining—raising its production target to roughly 160 BTC per month, or more than $16 million at current prices. The company is scaling its capacity to 11.3 EH/s, up sharply from 3.11 EH/s when it launched mining in July, and increasing its monthly goal from 60 BTC.

The pivot is being financed with equity. NIP is acquiring additional miners totaling about 8.19 EH/s from sellers including Apex Cyber Capital, Prosperity Oak Holdings, and Noveau Jumpstar, and has agreed to issue over 314 million Class A ordinary shares to complete the deal. Closing is slated for December. On hashrate alone, that footprint would place NIP approximately 12th among publicly traded Bitcoin miners, per BitcoinMiningStock data.

The balance-sheet bet is clear: accumulate BTC while selling only when market conditions and operating needs warrant it. Management says the intent is to hold mined Bitcoin and opportunistically liquidate to cover operating costs or fund further expansion. The company also frames new BTC inflows as fuel for adjacent initiatives—AI computing, AI-driven features in gaming, and its fan products, including a loyalty platform and the DOJO token.

This is a classic identity stretch for a consumer brand. An esports organization with elite teams—competing in Valorant, League of Legends, Rocket League, and famous for an 87-match CS:GO win streak in 2012–2013—now ranks among industrial-scale miners by hash rate. The technological logic is sound enough: hashrate is commoditized infrastructure and can be scaled through procurement and power contracts. The psychological and market logic is tougher. Equity-funded rig purchases invite dilution risk precisely when investors appear skeptical.

The stock tells that story. After listing last year at $10, shares fell 75% to $2.43 by June 2025. The initial mining launch in July coincided with a 12% drop to $2.13, and the slide continued—down over 5% Tuesday to $1.61—leaving the company more than 87% below its peak. That reaction suggests many shareholders are not yet valuing the mining pivot as a durable cash-flow engine.

My read: the single variable that will decide whether this works is treasury discipline. If NIP truly leans into a miner’s playbook—optimize hashprice exposure, actively manage uptime and energy costs, and maintain a clear sell policy tied to ROI thresholds—it can turn BTC into a strategic asset that subsidizes fan-facing products. If execution wobbles, equity-funded expansion becomes an expensive narrative rather than a cash generator, and the esports audience may view the shift as distraction rather than synergy.

Key things I’m watching: - Integration: do BTC proceeds visibly accelerate AI tooling and DOJO utility, or do they stay siloed? - Cost curve: can the company keep power and hosting economics competitive enough to justify HODLing? - Governance: how consistently does management adhere to its “sell to cover costs and growth” framework through volatility? - December close: does the rig transaction settle as planned and ramp smoothly to the stated 11.3 EH/s?

NIP wants to recast itself from pure entertainment into a hybrid of digital culture and digital infrastructure. That story can work—just not on branding alone. It will hinge on disciplined treasury operations and transparent capital allocation to win over a market that has been, so far, unconvinced.