diff --git a/CHANGELOG.md b/CHANGELOG.md
index bd17eb553..1bb8526a8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,8 @@
 # Changelog
 
+## 3.31.1 - 2018-11-12
+* [#697](https://github.com/stripe/stripe-ruby/pull/697) Send telemetry in milliseconds specifically
+
 ## 3.31.0 - 2018-11-12
 * [#696](https://github.com/stripe/stripe-ruby/pull/696) Add configurable telemetry to gather information on client-side request latency
 
diff --git a/VERSION b/VERSION
index d9351e588..d23b171c3 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-3.31.0
+3.31.1
diff --git a/lib/stripe/version.rb b/lib/stripe/version.rb
index c809204b2..d1e988146 100644
--- a/lib/stripe/version.rb
+++ b/lib/stripe/version.rb
@@ -1,5 +1,5 @@
 # frozen_string_literal: true
 
 module Stripe
-  VERSION = "3.31.0".freeze
+  VERSION = "3.31.1".freeze
 end