diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 11850995..d69c7742 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 0.4.0
+current_version = 0.5.0
 commit = True
 tag = True
 parse = (?P<major>\d+)\.(?P<minor>\d+)\.(?P<patch>\d+)(-(?P<stage>[^.]*)\.(?P<devnum>\d+))?
diff --git a/CHANGELOG.md b/CHANGELOG.md
index fd2c967b..03570c01 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,7 +4,7 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
 
-## [Unreleased]
+## [0.5.0] - 2022-01-19
 
 ### Changed
 
@@ -114,7 +114,8 @@ the corresponding methods in Python and WASM bindings. ([#84])
 
 - Initial release.
 
-[Unreleased]: https://github.com/nucypher/rust-umbral/compare/v0.4.0...HEAD
+[Unreleased]: https://github.com/nucypher/rust-umbral/compare/v0.5.0...HEAD
 [0.2.0]: https://github.com/nucypher/rust-umbral/releases/tag/v0.2.0
 [0.3.0]: https://github.com/nucypher/rust-umbral/releases/tag/v0.3.0
 [0.4.0]: https://github.com/nucypher/rust-umbral/releases/tag/v0.4.0
+[0.5.0]: https://github.com/nucypher/rust-umbral/releases/tag/v0.5.0
diff --git a/umbral-pre-python/Cargo.toml b/umbral-pre-python/Cargo.toml
index 6eae4b8c..3d0f77f2 100644
--- a/umbral-pre-python/Cargo.toml
+++ b/umbral-pre-python/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "umbral-pre-python"
 authors = ["Bogdan Opanchuk <bogdan@opanchuk.net>"]
-version = "0.4.0"
+version = "0.5.0"
 edition = "2021"
 
 [lib]
diff --git a/umbral-pre-python/docs/conf.py b/umbral-pre-python/docs/conf.py
index 4807af05..6381c679 100644
--- a/umbral-pre-python/docs/conf.py
+++ b/umbral-pre-python/docs/conf.py
@@ -22,7 +22,7 @@
 author = 'Bogdan Opanchuk'
 
 # The full version, including alpha/beta/rc tags
-release = '0.4.0'
+release = '0.5.0'
 
 
 # -- General configuration ---------------------------------------------------
diff --git a/umbral-pre-python/setup.py b/umbral-pre-python/setup.py
index ee63f2c3..f40bba81 100644
--- a/umbral-pre-python/setup.py
+++ b/umbral-pre-python/setup.py
@@ -4,7 +4,7 @@
 setup(
     name="umbral_pre",
     description="Implementation of Umbral proxy reencryption algorithm",
-    version="0.4.0",
+    version="0.5.0",
     author="Bogdan Opanchuk",
     author_email="bogdan@opanchuk.net",
     url="https://github.com/nucypher/rust-umbral/tree/master/umbral-pre-python",
diff --git a/umbral-pre-wasm/Cargo.toml b/umbral-pre-wasm/Cargo.toml
index e37ff29e..6ea1d5e4 100644
--- a/umbral-pre-wasm/Cargo.toml
+++ b/umbral-pre-wasm/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "umbral-pre-wasm"
-version = "0.4.0"
+version = "0.5.0"
 authors = ["Bogdan Opanchuk <bogdan@opanchuk.net>"]
 edition = "2021"
 license = "GPL-3.0-only"
diff --git a/umbral-pre-wasm/package.template.json b/umbral-pre-wasm/package.template.json
index e97479a9..b8807a64 100644
--- a/umbral-pre-wasm/package.template.json
+++ b/umbral-pre-wasm/package.template.json
@@ -4,7 +4,7 @@
     "Bogdan Opanchuk <bogdan@opanchuk.net>"
   ],
   "description": "Implementation of Umbral proxy reencryption algorithm",
-  "version": "0.4.0",
+  "version": "0.5.0",
   "license": "GPL-3.0-only",
   "repository": {
     "type": "git",
diff --git a/umbral-pre/Cargo.toml b/umbral-pre/Cargo.toml
index 38c2dea1..52e12f74 100644
--- a/umbral-pre/Cargo.toml
+++ b/umbral-pre/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "umbral-pre"
-version = "0.4.0"
+version = "0.5.0"
 authors = ["Bogdan Opanchuk <bogdan@opanchuk.net>"]
 edition = "2021"
 license = "GPL-3.0-only"