diff --git a/CHANGELOG.md b/CHANGELOG.md
index 80701e78..8cbf930d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,10 @@
 # Optimizely Ruby SDK Changelog
 
+## 5.0.1
+February 8th, 2024
+
+The 5.0.1 minor release introduces update of metadata in gemspec.
+
 ## 5.0.0
 January 18th, 2024
 
diff --git a/lib/optimizely/version.rb b/lib/optimizely/version.rb
index ae357133..77ce669f 100644
--- a/lib/optimizely/version.rb
+++ b/lib/optimizely/version.rb
@@ -1,7 +1,7 @@
 # frozen_string_literal: true
 
 #
-#    Copyright 2016-2023, Optimizely and contributors
+#    Copyright 2016-2024, Optimizely and contributors
 #
 #    Licensed under the Apache License, Version 2.0 (the "License");
 #    you may not use this file except in compliance with the License.
@@ -17,5 +17,5 @@
 #
 module Optimizely
   CLIENT_ENGINE = 'ruby-sdk'
-  VERSION = '5.0.0'
+  VERSION = '5.0.1'
 end