diff --git a/configure.ac b/configure.ac
index 68f279b17bba5..a912ecb8e5c94 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, 2)
-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, 1)
-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])
diff --git a/doc/release-process.md b/doc/release-process.md
index 91e3616915af3..b522f89657f59 100644
--- a/doc/release-process.md
+++ b/doc/release-process.md
@@ -23,7 +23,7 @@ This process also assumes that there will be no minor releases for old major rel
    git tag -s v$MAJOR.$MINOR.$PATCH -m "libsecp256k1 $MAJOR.$MINOR.$PATCH" $RELEASE_COMMIT
    git push git@github.com:bitcoin-core/secp256k1.git v$MAJOR.$MINOR.$PATCH
    ```
-3. Open a PR to the master branch with a commit (using message `"release: bump version after $MAJOR.$MINOR.$PATCH"`, for example) that sets `_PKG_VERSION_IS_RELEASE` to `false` and `_PKG_VERSION_PATCH` to `$PATCH + 1` and increases `_LIB_VERSION_REVISION`. If other maintainers are not present to approve the PR, it can be merged without ACKs.
+3. Open a PR to the master branch with a commit (using message `"release cleanup: bump version after $MAJOR.$MINOR.$PATCH"`, for example) that sets `_PKG_VERSION_IS_RELEASE` to `false` and `_PKG_VERSION_PATCH` to `$PATCH + 1` and increases `_LIB_VERSION_REVISION`. If other maintainers are not present to approve the PR, it can be merged without ACKs.
 4. Create a new GitHub release with a link to the corresponding entry in [CHANGELOG.md](../CHANGELOG.md).
 
 ## Maintenance release