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The Calgary-based firm operates oil wells, and uses natural gas to generate the electricity needed for bitcoin mining
By Monique Mulima
Three oil well pumpjacks at sunrise near Crossfield, Alberta. Photo by Getty Images/iStockphoto
Canadian energy producer and bitcoin miner New West Data is exploring a U.S. initial public offering to help meet the growing need for powerful computing systems.
The Calgary-based firm operates oil wells, and uses natural gas to generate the electricity needed for bitcoin mining. A listing would help fund New West’s expansion plans, to buy more wells and power that can in turn power infrastructure for high-performance computing, which is more energy-intensive than bitcoin mining.
The company plans to pursue more than US$100 million of acquisitions, according to New West chief executive Sean McDonough.
“New West Data is actively exploring all options for go-forward financing, including a potential U.S. public listing,” McDonough said in an interview.
The move comes as many Bitcoin miners shift to providing computing power for artificial intelligence and data centres, after a sharp decline in crypto prices and lower rewards for mining as a result. By contrast, demand for compute is surging. Four of the biggest U.S. technology companies have forecast combined capital expenditures that will reach about US$650 billion in 2026 — earmarked for new data centres and associated equipment.
An IPO for New West could raise hundreds of millions of dollars, according to a person familiar with the matter, who asked not to be identified discussing private information.
New West currently operates 24 wells producing about 1,000 barrels a day of oil-equivalent and generates 15 megawatts of power. It generates around half its revenue from oil sales and the other half from Bitcoin mining, but expects to see more revenue coming from compute as it expands to HPC.
The firm raised US$20 million in equity financing in 2025 and is profitable, according to McDonough. Its vertical integration of producing the gas, electricity and compute lowers the cost of compute for Bitcoin mining, he said.
“I think in a world of exponentially increasing societal demand for electricity, that’s a pretty unique value proposition, particularly because the exponentially rising demand for electricity is driven by that exponentially rising demand for compute of all forms,” he said.
New West plans to acquire more private oil wells and energy companies in Western Canada that lack adequate infrastructure to economically process gas.
The company wouldn’t be the first firm to consider favoring the U.S. market over Canada. Galaxy Digital Inc., a crypto and technology company that had listings in both countries, announced in March that it was de-listing from the Toronto Stock Exchange and would continue to trade on the Nasdaq Stock Market. Canadian e-commerce platform Shopify Inc. is dual-listed in Toronto and on the New York Stock Exchange, and last year added a headquarters in New York.
New West sees potential capital markets opportunities in the US due to the company’s focus on compute, according to McDonough.
“The U.S. is an attractive market that I think has embraced tech,” McDonough said. “In the U.S. there is definitely an appetite for companies like New West Data.”
Bloomberg.com
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