diff --git a/docs/news.rst b/docs/news.rst
index a5e6ef92..77a96610 100644
--- a/docs/news.rst
+++ b/docs/news.rst
@@ -1,7 +1,7 @@
 Release Notes
 =============
 
-**UNRELEASED**
+**0.38.1 (2022-11-04)**
 
 - Removed install dependency on setuptools
 - The future-proof fix in 0.36.0 for converting PyPy's SOABI into a abi tag was
diff --git a/src/wheel/__init__.py b/src/wheel/__init__.py
index e738531f..db16b91c 100644
--- a/src/wheel/__init__.py
+++ b/src/wheel/__init__.py
@@ -1,3 +1,3 @@
 from __future__ import annotations
 
-__version__ = "0.38.0"
+__version__ = "0.38.1"