diff --git a/CHANGELOG.md b/CHANGELOG.md
index 94e3bbd3..3db4a7f9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,10 @@
# Optimizely Python SDK Changelog
+## 5.0.1
+June 26th, 2024
+
+We removed redundant dependencies pyOpenSSL and cryptography ([#435](https://github.com/optimizely/python-sdk/pull/435), [#436](https://github.com/optimizely/python-sdk/pull/436)).
+
## 5.0.0
January 18th, 2024
diff --git a/optimizely/version.py b/optimizely/version.py
index de16cae8..da021f94 100644
--- a/optimizely/version.py
+++ b/optimizely/version.py
@@ -11,5 +11,5 @@
# See the License for the specific language governing permissions and
# limitations under the License.
-version_info = (5, 0, 0)
+version_info = (5, 0, 1)
__version__ = '.'.join(str(v) for v in version_info)
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