diff --git a/setup.py b/setup.py
index 71d6747143..d4cf988b43 100644
--- a/setup.py
+++ b/setup.py
@@ -15,6 +15,9 @@ def read_requirements(file_path):
     with open(file_path, "r") as file:
         return file.read().splitlines()
 
+def read_version(file_path="version.txt"):
+    with open(file_path, "r") as file:
+        return file.readline().strip()
 
 # Determine the package name based on the presence of an environment variable
 package_name = "torchao-nightly" if os.environ.get("TORCHAO_NIGHTLY") else "torchao"
@@ -23,7 +26,7 @@ def read_requirements(file_path):
 
 
 # Version is year.month.date if using nightlies
-version = current_date if package_name == "torchao-nightly" else "0.2.0"
+version = current_date if package_name == "torchao-nightly" else read_version()
 
 import torch
 
diff --git a/version.txt b/version.txt
new file mode 100644
index 0000000000..0d91a54c7d
--- /dev/null
+++ b/version.txt
@@ -0,0 +1 @@
+0.3.0