diff --git a/CHANGELOG.md b/CHANGELOG.md
index dab665578a0ac..6d23662a93b5d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,8 @@ All notable changes to this project will be documented in this file.
 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]
+
 ## [0.3.1] - 2023-04-10
 We strongly recommend updating to 0.3.1 if you use or plan to use Clang >=14 to compile libsecp256k1, e.g., Xcode >=14 on macOS has Clang >=14. When in doubt, check the Clang version using `clang -v`.
 
@@ -66,7 +68,7 @@ This version was in fact never released.
 The number was given by the build system since the introduction of autotools in Jan 2014 (ea0fe5a5bf0c04f9cc955b2966b614f5f378c6f6).
 Therefore, this version number does not uniquely identify a set of source files.
 
-[unreleased]: https://github.com/bitcoin-core/secp256k1/compare/v0.3.0...HEAD
+[unreleased]: https://github.com/bitcoin-core/secp256k1/compare/v0.3.1...HEAD
 [0.3.1]: https://github.com/bitcoin-core/secp256k1/compare/v0.3.0...v0.3.1
 [0.3.0]: https://github.com/bitcoin-core/secp256k1/compare/v0.2.0...v0.3.0
 [0.2.0]: https://github.com/bitcoin-core/secp256k1/compare/423b6d19d373f1224fd671a982584d7e7900bc93..v0.2.0
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 5d030d758ed40..a70165e356de9 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -10,7 +10,7 @@ endif()
 # The package (a.k.a. release) version is based on semantic versioning 2.0.0 of
 # the API. All changes in experimental modules are treated as
 # backwards-compatible and therefore at most increase the minor version.
-project(libsecp256k1 VERSION 0.3.1 LANGUAGES C)
+project(libsecp256k1 VERSION 0.3.2 LANGUAGES C)
 
 # The library version is based on libtool versioning of the ABI. The set of
 # rules for updating the version can be found here:
@@ -18,7 +18,7 @@ project(libsecp256k1 VERSION 0.3.1 LANGUAGES C)
 # All changes in experimental modules are treated as if they don't affect the
 # interface and therefore only increase the revision.
 set(${PROJECT_NAME}_LIB_VERSION_CURRENT 2)
-set(${PROJECT_NAME}_LIB_VERSION_REVISION 1)
+set(${PROJECT_NAME}_LIB_VERSION_REVISION 2)
 set(${PROJECT_NAME}_LIB_VERSION_AGE 0)
 
 set(CMAKE_C_STANDARD 90)
diff --git a/configure.ac b/configure.ac
index a062b3d0fed78..0b555eac67b52 100644
--- a/configure.ac
+++ b/configure.ac
@@ -5,8 +5,8 @@ AC_PREREQ([2.60])
 # backwards-compatible and therefore at most increase the minor version.
 define(_PKG_VERSION_MAJOR, 0)
 define(_PKG_VERSION_MINOR, 3)
-define(_PKG_VERSION_PATCH, 1)
-define(_PKG_VERSION_IS_RELEASE, true)
+define(_PKG_VERSION_PATCH, 2)
+define(_PKG_VERSION_IS_RELEASE, false)
 
 # The library version is based on libtool versioning of the ABI. The set of
 # rules for updating the version can be found here:
@@ -14,7 +14,7 @@ define(_PKG_VERSION_IS_RELEASE, true)
 # All changes in experimental modules are treated as if they don't affect the
 # interface and therefore only increase the revision.
 define(_LIB_VERSION_CURRENT, 2)
-define(_LIB_VERSION_REVISION, 1)
+define(_LIB_VERSION_REVISION, 2)
 define(_LIB_VERSION_AGE, 0)
 
 AC_INIT([libsecp256k1],m4_join([.], _PKG_VERSION_MAJOR, _PKG_VERSION_MINOR, _PKG_VERSION_PATCH)m4_if(_PKG_VERSION_IS_RELEASE, [true], [], [-dev]),[https://github.com/bitcoin-core/secp256k1/issues],[libsecp256k1],[https://github.com/bitcoin-core/secp256k1])