diff --git a/Cargo.lock b/Cargo.lock
index 73bc21d8b4..6c3600290d 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1743,7 +1743,7 @@ dependencies = [
 
 [[package]]
 name = "iota-sdk-python"
-version = "1.1.4"
+version = "2.0.0-alpha.1"
 dependencies = [
  "futures",
  "iota-sdk-bindings-core",
diff --git a/bindings/python/CHANGELOG.md b/bindings/python/CHANGELOG.md
index bf18fb07db..7b90c2f736 100644
--- a/bindings/python/CHANGELOG.md
+++ b/bindings/python/CHANGELOG.md
@@ -19,6 +19,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Security -->
 
+## 2.0.0-alpha.1 - 2024-05-07
+
+Initial alpha release of the Python 2.0 bindings.
+
 ## 1.1.4 - 2024-05-03
 
 ### Fixed
diff --git a/bindings/python/Cargo.toml b/bindings/python/Cargo.toml
index d80731b236..29ca7fdc36 100644
--- a/bindings/python/Cargo.toml
+++ b/bindings/python/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "iota-sdk-python"
-version = "1.1.4"
+version = "2.0.0-alpha.1"
 authors = ["IOTA Stiftung"]
 edition = "2021"
 description = "Python bindings for the IOTA SDK library"
diff --git a/bindings/python/setup.py b/bindings/python/setup.py
index 51dc351cff..388854c8c5 100644
--- a/bindings/python/setup.py
+++ b/bindings/python/setup.py
@@ -22,7 +22,7 @@ def get_py_version_cfgs():
 
 setup(
     name="iota_sdk",
-    version="1.1.4",
+    version="2.0.0-alpha.1",
     classifiers=[
         "License :: SPDX-License-Identifier ::  Apache-2.0",
         "Intended Audience :: Developers",