diff --git a/CHANGELOG.md b/CHANGELOG.md
index 01175cb6..4b2ce365 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,7 +4,9 @@ All notable changes to this project are 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](https://github.com/airbnb/epoxy-ios/compare/0.4.0...HEAD)
+## [Unreleased](https://github.com/airbnb/epoxy-ios/compare/0.5.0...HEAD)
+
+## [0.5.0](https://github.com/airbnb/epoxy-ios/compare/0.4.0...0.5.0) - 2021-06-23
 
 ### Added
 - Added an `UpdateStrategy` to `CollectionView` to allow specifying that it should update using non-
diff --git a/ConfigurePodspec.rb b/ConfigurePodspec.rb
index 0e6fc3b0..4f291bf6 100644
--- a/ConfigurePodspec.rb
+++ b/ConfigurePodspec.rb
@@ -3,7 +3,7 @@ def configure(spec:, name:, summary:, local_deps: [])
   # The shared CocoaPods version number for Epoxy.
   #
   # Change this constant to increment the Podspec version for all Epoxy Podspecs from a single place.
-  version = '0.4.0'
+  version = '0.5.0'
 
   spec.name = name
   spec.summary = summary