NIP Group, the Nasdaq-listed company that owns Ninjas in Pyjamas, has raised the number of shares it is allowed to issue fivefold, from 2 billion to 10 billion. Shareholders approved the change at an extraordinary general meeting in Hong Kong on 16 October, according to a filing with the US Securities and Exchange Commission. The filing doesn’t give the vote counts.
It is the second big increase in 15 months. At a meeting in July 2025, shareholders had already raised the limit from 500 million shares to 2 billion. Over that period, NIP has been paying for Bitcoin mining machines with new stock.
A third batch of miners, paid in shares
Four days after the vote, NIP disclosed its third deal to buy mining machines with its own stock. Under the purchase agreement, dated 24 September and filed on 20 October, the sellers receive up to 247,091,740 Class A shares for machines with about 4.47 exahashes per second (EH/s) of computing power. At the agreed rate of $6.12 per terahash, the deal is worth about $27.35 million.
The agreement says NIP had 431,520,600 Class A shares outstanding when it was signed, so the new shares would add about 57% to that count. NIP also has two classes of B shares, and the filings don’t give a current total across all classes. Under the new limit, NIP can issue up to 8.78 billion Class A shares, up from 1.76 billion. Either side can walk away if the deal hasn’t closed by 31 October. Co-chief executive Hicham Chahine told Decrypt this week that the batch has closed, but no filing confirming that had appeared by 30 October.
The first two batches followed the same pattern. In June 2025 NIP agreed to buy about 3.11 EH/s of machines for about 119.6 million Class A shares, and said they would mine about 60 Bitcoin a month. They produced about 151 Bitcoin from September to November 2025, roughly 50 a month. A second, larger deal in November 2025, for about 8.19 EH/s and up to 314.5 million shares, has been closing in stages, and NIP’s latest filing on it said one closing remained.
Does 195 Bitcoin a month add up?
NIP says the three purchases take its fleet to about 13.85 EH/s, which it expects to produce about 195 Bitcoin a month at full deployment. Chahine said that “scaling our hashrate to nearly 14 EH/s solidifies our position as a significant player in the Bitcoin mining space”.
We checked that figure against the network. At the current mining difficulty, as reported by mempool.space, a 13.85 EH/s fleet with every machine running around the clock would win just under two blocks a day. Each block currently pays about 3.14 Bitcoin, including fees, so that is about 6.2 Bitcoin a day, or roughly 187 in a 30-day month. Reaching 195 would need perfect uptime and a slight drop in difficulty, and difficulty has tended to rise. At a more realistic 95% uptime, the fleet would mine about 178.
NIP’s guidance has drifted before. For the 11.3 EH/s fleet it targeted after the second deal, it forecast about 160 Bitcoin a month in November 2025, then about 150 in December and about 140 in January. At about $79,800 per Bitcoin, 195 coins would bring in about $15.6 million a month before power and hosting costs.
What the shares are worth now
NIP’s stock has fallen hard. In March Nasdaq warned that its American depositary shares (ADS) had closed below $1 for 32 business days in a row. NIP responded by changing the ratio so that each ADS represents 60 Class A shares instead of two, which it said had “the same effect as a one-for-thirty reverse ADS split”, according to its filing. Nasdaq confirmed in July that NIP was back in compliance.
The ADS closed at $3.77 on 29 October. Decrypt reported that the price had fallen 40.7% since the Bitcoin announcement, from $6.74. NIP listed in July 2024 at $9.00 per ADS, which works out to $270 under the new ratio, so the shares are down about 99% from the IPO by our calculation.
That price changes the maths of the miner deal. The agreement values the machines at $27.35 million. At $3.77 per ADS, the 247 million Class A shares NIP is handing over equal about 4.1 million ADS, worth about $15.5 million at that price. The sellers are taking a large block of stock in a company whose share price has kept falling.
“A gaming and entertainment company at heart”
NIP describes the deal as “converging digital infrastructure with its core gaming and esports ecosystem” and says it will look at using the extra computing power for AI and other heavy workloads. Chahine was blunter with Decrypt. “That’s real revenue, and it supports everything else we’re building,” he said. “This year we reviewed every single piece of NIP Group, not just mining. Mining had to earn its place in that review, and it did.” On switching machines to AI work, he said: “If the numbers say shift, we shift.” He also said: “We’re a gaming and entertainment company at heart.”
The numbers show how small the team business has become inside the group. In the first half of 2025, NIP’s revenue was $61.2 million, but esports team operations brought in only $3.76 million of it, down 57%, its results show. Talent management made up $46.1 million. The company booked a $136.3 million net loss for the half, mostly from $125.9 million of impairments “largely tied to Ninjas in Pyjamas”. Its annual report for 2025 shows revenue of about $126.5 million and a net loss of about $238 million, with about $7.1 million in cash at the end of the year.
NIP isn’t the only gaming company to turn to crypto. GameSquare approved an Ethereum treasury of up to $100 million in July 2025, and SharpLink Gaming made Ethereum its main treasury asset after a $425 million private placement in May 2025. NIP has gone further than either by running its own mining machines.
The teams carry on
Ninjas in Pyjamas, founded in Sweden in 2000, lists teams in Counter-Strike 2, League of Legends, Rainbow Six Siege, Rocket League and other games on its website. TalkEsport has covered the organisation’s move to Abu Dhabi, where NIP signed a five-year agreement with the Abu Dhabi Investment Office in January 2025 and is setting up its global headquarters, and roster moves such as signing stavn as primary AWPer. Carl Agren, who runs NIP’s digital computing division, was appointed in September 2025 to work from Abu Dhabi as well.
