diff --git a/Changelog.md b/Changelog.md
index 71eb8297ac..e1b8cc5c29 100644
--- a/Changelog.md
+++ b/Changelog.md
@@ -5,6 +5,12 @@ All notable Changes to the Julia package `Manopt.jl` will be documented in this
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
+# [0.5.1] – unreleased
+
+## Added
+
+* the `proximal_point` method.
+
 # [0.5.0] – August 29, 2024
 
 This breaking update is mainly concerned with improving a unified experience through all solvers
diff --git a/Project.toml b/Project.toml
index 3490fc3f0d..82e35c0d49 100644
--- a/Project.toml
+++ b/Project.toml
@@ -1,7 +1,7 @@
 name = "Manopt"
 uuid = "0fc0a36d-df90-57f3-8f93-d78a9fc72bb5"
 authors = ["Ronny Bergmann <manopt@ronnybergmann.net>"]
-version = "0.5.0"
+version = "0.5.1"
 
 [deps]
 ColorSchemes = "35d6a980-a343-548e-a6ea-1d62b119f2f4"