diff --git a/CMakeLists.txt b/CMakeLists.txt
index 5c8aad6fcc..ddc6c7e6d4 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 0.3.0 LANGUAGES C)
+project(libsecp256k1 VERSION 0.3.1 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 0.3.0 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 0)
+set(${PROJECT_NAME}_LIB_VERSION_REVISION 1)
 set(${PROJECT_NAME}_LIB_VERSION_AGE 0)
 
 set(CMAKE_C_STANDARD 90)
diff --git a/configure.ac b/configure.ac
index a46a0a7be3..1276dfaacd 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, 0)
-define(_PKG_VERSION_IS_RELEASE, true)
+define(_PKG_VERSION_PATCH, 1)
+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, 0)
+define(_LIB_VERSION_REVISION, 1)
 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])