Sustainable Bitcoin Protocol Completes First SBP Token Auction on Coinbase Platform

The Sustainable Bitcoin Protocol has completed the inaugural auction of its SBP token on Coinbase’s institutional platform, Project Diamond. The transaction was executed within the Abu Dhabi Global Market RegLab, the jurisdiction’s regulatory sandbox for financial technology innovation. The auction marks the first time a tokenised “energy transition asset” derived from Bitcoin has been issued in a regulated setting.

Linking Bitcoin Mining to Verified Clean Energy

The SBP token is designed to verify and represent clean energy consumption used in Bitcoin mining. By doing so, it allows institutional investors to gain exposure to Bitcoin while aligning with environmental, social, and governance requirements. The structure separates sustainability attributes from the Bitcoin itself, creating a new financial instrument tied to clean computing rather than altering Bitcoin’s core properties.

Institutional Consortium Supports the First Auction

The transaction involved a group of major institutional participants, including Zero Two, a digital infrastructure firm backed by Further Ventures and Abu Dhabi sovereign wealth fund ADQ, alongside crypto trading and liquidity provider GSR and digital asset investment manager Firinne Capital. Their participation signals growing institutional interest in regulated and sustainability-focused crypto assets.

Coinbase Project Diamond Enables Regulated Tokenisation

The auction was conducted on Project Diamond, a platform developed by Coinbase Asset Management that uses the Base layer-2 blockchain and the USDC stablecoin to facilitate compliant capital market activity. The platform operates under a Financial Services Permission from the ADGM Financial Services Regulatory Authority, allowing it to function within the RegLab framework.

SBP Sees Auction as Institutional Turning Point

Brad Van Voorhees, chief executive of Sustainable Bitcoin Protocol, described the auction as a major milestone for institutional adoption. He said that unlocking institutional capital requires market infrastructure that directly addresses Bitcoin’s energy profile, adding that SBP converts verified clean computing power into a tradable financial instrument.

Abu Dhabi Strengthens Role as Green Digital Finance Hub

The successful transaction highlights Abu Dhabi’s broader strategy to position itself as a global center for regulated digital assets and sustainable finance. The ADGM RegLab provided a controlled regulatory environment that enabled the auction, reinforcing the emirate’s role in supporting innovation at the intersection of finance, technology, and sustainability.

Coinbase and Hub71 Highlight Strategic Importance

Shaun Martinak, head of tokenization at Coinbase, said the auction plays a pivotal role in accelerating the development of tokenised assets by enabling secure and compliant capital market activity. Peter Abou Hachem, head of growth and strategy at Hub71, which supports SBP, said the milestone reflects Abu Dhabi’s ambition to lead in digital assets that generate both financial returns and sustainable impact.

New Asset Class Targets Energy Transition Investment

The SBP token works by tokenising the clean energy used in Bitcoin mining, effectively unbundling the sustainability premium from the underlying Bitcoin. This approach allows miners to monetise verified clean energy usage while giving investors a transparent and auditable way to support renewable energy generation and sustainable computing infrastructure without changing the fungibility of the Bitcoin network.