diff --git a/package.json b/package.json
index 8112fd09ee..4756e81694 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/core-monorepo",
-  "version": "254.0.0",
+  "version": "255.0.0",
   "private": true,
   "description": "Monorepo for packages shared between MetaMask clients",
   "repository": {
diff --git a/packages/multichain/CHANGELOG.md b/packages/multichain/CHANGELOG.md
index b518709c7b..bbe1561ee9 100644
--- a/packages/multichain/CHANGELOG.md
+++ b/packages/multichain/CHANGELOG.md
@@ -7,4 +7,11 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
-[Unreleased]: https://github.com/MetaMask/core/
+## [1.0.0]
+
+### Added
+
+- Initial release ([#4962](https://github.com/MetaMask/core/pull/4962))
+
+[Unreleased]: https://github.com/MetaMask/core/compare/@metamask/multichain@1.0.0...HEAD
+[1.0.0]: https://github.com/MetaMask/core/releases/tag/@metamask/multichain@1.0.0
diff --git a/packages/multichain/package.json b/packages/multichain/package.json
index a65ad36a54..c23a839a8b 100644
--- a/packages/multichain/package.json
+++ b/packages/multichain/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/multichain",
-  "version": "0.0.0",
+  "version": "1.0.0",
   "description": "Provides types, helpers, adapters, and wrappers for facilitating CAIP Multichain sessions",
   "keywords": [
     "MetaMask",