diff --git a/CHANGELOG.md b/CHANGELOG.md
index efdbd4776..250c2d94c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## [1.38.1](https://github.com/GoogleCloudPlatform/cloud-sql-proxy/compare/v1.38.0...v1.38.1) (2026-06-26)
+
+
+### Bug Fixes
+
+* update dependencies to latest ([#2620](https://github.com/GoogleCloudPlatform/cloud-sql-proxy/issues/2620)) ([d3d5474](https://github.com/GoogleCloudPlatform/cloud-sql-proxy/commit/d3d547405ac3cc74ea47b7c23c8947858317d584))
+
 ## [1.38.0](https://github.com/GoogleCloudPlatform/cloud-sql-proxy/compare/v1.37.15...v1.38.0) (2026-05-21)
 
 
diff --git a/proxy/util/version.txt b/proxy/util/version.txt
index ebeef2f2d..11a36de97 100644
--- a/proxy/util/version.txt
+++ b/proxy/util/version.txt
@@ -1 +1 @@
-1.38.0
+1.38.1