diff --git a/CHANGELOG.md b/CHANGELOG.md
index 26cd200e..5bb07a3b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -23,6 +23,12 @@ To release a new version (e.g. from `1.0.0` -> `2.0.0`):
 
 ## [Unreleased]
 
+## [0.5.1] - 2025-01-06
+
+ * Fixed sign bit handling for float4 and float6 types.
+ * Wheels now support Python 3.13 free-threading.
+ * Wheels now support the Power architecture.
+
 ## [0.5.0] - 2024-09-13
 
 * Added new 8-bit float types following IEEE 754 convention:
@@ -80,7 +86,8 @@ To release a new version (e.g. from `1.0.0` -> `2.0.0`):
 
 * Initial release
 
-[Unreleased]: https://github.com/jax-ml/ml_dtypes/compare/v0.5.0...HEAD
+[Unreleased]: https://github.com/jax-ml/ml_dtypes/compare/v0.5.1...HEAD
+[0.5.1]: https://github.com/jax-ml/ml_dtypes/compare/v0.5.0....v0.5.1
 [0.5.0]: https://github.com/jax-ml/ml_dtypes/compare/v0.4.0....v0.5.0
 [0.4.1]: https://github.com/jax-ml/ml_dtypes/compare/v0.4.0....v0.4.1
 [0.4.0]: https://github.com/jax-ml/ml_dtypes/compare/v0.4.0b1....v0.4.0
diff --git a/ml_dtypes/__init__.py b/ml_dtypes/__init__.py
index 1debb1f2..005a27a8 100644
--- a/ml_dtypes/__init__.py
+++ b/ml_dtypes/__init__.py
@@ -12,7 +12,7 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "0.5.0"  # Keep in sync with pyproject.toml:version
+__version__ = "0.5.1"  # Keep in sync with pyproject.toml:version
 __all__ = [
     "__version__",
     "bfloat16",
diff --git a/pyproject.toml b/pyproject.toml
index 25e4130f..5f089920 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "ml_dtypes"
-version = "0.5.0"  # Keep in sync with ml_dtypes/__init__.py:__version__
+version = "0.5.1"  # Keep in sync with ml_dtypes/__init__.py:__version__
 description = ""
 readme = "README.md"
 requires-python = ">=3.9"