diff --git a/CHANGES.md b/CHANGES.md
index e39884a..7d2472c 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,5 +1,9 @@
 # bunyan Changelog
 
+## bunyan 0.5.4 (not yet released)
+
+(nothing yet)
+
 ## bunyan 0.5.3
 
 - Add 'client_req' (HTTP client request) standard formatting in `bunyan` CLI
diff --git a/bin/bunyan b/bin/bunyan
index fd03e3a..a5cc210 100755
--- a/bin/bunyan
+++ b/bin/bunyan
@@ -5,7 +5,7 @@
 // See <https://github.com/trentm/node-bunyan>.
 //
 
-var VERSION = "0.5.3";
+var VERSION = "0.5.4";
 
 var util = require('util');
 var pathlib = require('path');
diff --git a/lib/bunyan.js b/lib/bunyan.js
index 276134a..2aa867c 100644
--- a/lib/bunyan.js
+++ b/lib/bunyan.js
@@ -4,7 +4,7 @@
  * The bunyan logging library for node.js.
  */
 
-var VERSION = "0.5.3";
+var VERSION = "0.5.4";
 
 // Bunyan log format version. This becomes the 'v' field on all log records.
 // `0` is until I release a version "1.0.0" of node-bunyan. Thereafter,
diff --git a/package.json b/package.json
index 5d269ee..36f064d 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "bunyan",
-  "version": "0.5.3",
+  "version": "0.5.4",
   "description": "a JSON Logger library for node.js servers",
   "main": "./lib/bunyan.js",
   "bin": {