diff --git a/NEWS b/NEWS
index 91d1a2616..5c5dff25f 100644
--- a/NEWS
+++ b/NEWS
@@ -1,4 +1,4 @@
-0.20.38	UNRELEASED
+0.20.38	2022-05-17
 
  * Disable paramiko tests if paramiko is not available. (Michał Górny)
 
diff --git a/dulwich/__init__.py b/dulwich/__init__.py
index 8599768f1..5edcc3c43 100644
--- a/dulwich/__init__.py
+++ b/dulwich/__init__.py
@@ -22,4 +22,4 @@
 
 """Python implementation of the Git file formats and protocols."""
 
-__version__ = (0, 20, 37)
+__version__ = (0, 20, 38)
diff --git a/setup.py b/setup.py
index b3c2f76e0..abcf46925 100755
--- a/setup.py
+++ b/setup.py
@@ -23,7 +23,7 @@
         'For 2.7 support, please install a version prior to 0.20')
 
 
-dulwich_version_string = '0.20.37'
+dulwich_version_string = '0.20.38'
 
 
 class DulwichDistribution(Distribution):