diff --git a/History.txt b/History.txt
index 764444982535..6dd5f6165645 100644
--- a/History.txt
+++ b/History.txt
@@ -1,3 +1,44 @@
+=== 3.2.0.rc.2 / 2020-10-8
+
+Minor enhancements:
+
+* Make --dry-run flag consistent across rubygems commands. Pull request
+  #3867 by bronzdoc
+* Disallow downgrades to too old versions. Pull request #3566 by
+  deivid-rodriguez
+* Added `--platform` option to `build` command. Pull request #3079 by nobu
+* Have "gem update --system" pass through the `--silent` flag. Pull
+  request #3789 by duckinator
+* Add writable check for cache dir. Pull request #3876 by xndcn
+* Warn on duplicate dependency in a specification. Pull request #3864 by
+  bronzdoc
+* Fix indentation in `gem env`. Pull request #3861 by colby-swandale
+* Let more exceptions flow. Pull request #3819 by deivid-rodriguez
+* Ignore internal frames in RubyGems' Kernel#warn. Pull request #3810 by
+  eregon
+
+Bug fixes:
+
+* Add missing fileutils require. Pull request #3911 by deivid-rodriguez
+* Fix false positive warning on Windows when PATH has
+  `File::ALT_SEPARATOR`. Pull request #3829 by deivid-rodriguez
+* Fix Kernel#warn override to handle backtrace location with nil path.
+  Pull request #3852 by jeremyevans
+* Don't format executables on `gem update --system`. Pull request #3811 by
+  deivid-rodriguez
+* `gem install --user` fails with `Gem::FilePermissionError` on the system
+  plugins directory. Pull request #3804 by nobu
+
+Performance:
+
+* Avoid duplicated generation of APISpecification objects. Pull request
+  #3940 by mame
+* Eval defaults with frozen_string_literal: true. Pull request #3847 by
+  casperisfine
+* Deduplicate the requirement operators in memory. Pull request #3846 by
+  casperisfine
+* Optimize Gem.already_loaded?. Pull request #3793 by casperisfine
+
 === 3.2.0.rc.1 / 2020-07-04
 
 Major enhancements:
diff --git a/lib/rubygems.rb b/lib/rubygems.rb
index 6c8a70b6c2a0..610ef6c83f75 100644
--- a/lib/rubygems.rb
+++ b/lib/rubygems.rb
@@ -8,7 +8,7 @@
 require 'rbconfig'
 
 module Gem
-  VERSION = "3.2.0.rc.1".freeze
+  VERSION = "3.2.0.rc.2".freeze
 end
 
 # Must be first since it unloads the prelude from 1.9.2
diff --git a/rubygems-update.gemspec b/rubygems-update.gemspec
index 843580590d3a..f447a1bbcf2e 100644
--- a/rubygems-update.gemspec
+++ b/rubygems-update.gemspec
@@ -2,7 +2,7 @@
 
 Gem::Specification.new do |s|
   s.name = "rubygems-update"
-  s.version = "3.2.0.rc.1"
+  s.version = "3.2.0.rc.2"
   s.authors = ["Jim Weirich", "Chad Fowler", "Eric Hodel", "Luis Lavena", "Aaron Patterson", "Samuel Giddins", "André Arko", "Evan Phoenix", "Hiroshi SHIBATA"]
   s.email = ["", "", "drbrain@segment7.net", "luislavena@gmail.com", "aaron@tenderlovemaking.com", "segiddins@segiddins.me", "andre@arko.net", "evan@phx.io", "hsbt@ruby-lang.org"]