diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index b651861f7f..340c9f0162 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 0.4.4
+current_version = 0.5.0
 commit = True
 tag = True
 
diff --git a/.zenodo.json b/.zenodo.json
index e74aae465c..b5fc6f67c2 100644
--- a/.zenodo.json
+++ b/.zenodo.json
@@ -1,8 +1,8 @@
 {
     "description": "pure-Python implementation of HistFactory models with tensors and autograd",
     "license": "Apache-2.0",
-    "title": "scikit-hep/pyhf: v0.4.4",
-    "version": "v0.4.4",
+    "title": "scikit-hep/pyhf: v0.5.0",
+    "version": "v0.5.0",
     "upload_type": "software",
     "creators": [
         {
@@ -36,7 +36,7 @@
     "related_identifiers": [
         {
             "scheme": "url",
-            "identifier": "https://github.com/scikit-hep/pyhf/tree/v0.4.4",
+            "identifier": "https://github.com/scikit-hep/pyhf/tree/v0.5.0",
             "relation": "isSupplementTo"
         }
     ]
diff --git a/README.rst b/README.rst
index 9c67a446e2..7467976ea9 100644
--- a/README.rst
+++ b/README.rst
@@ -168,8 +168,8 @@ BibTeX entry for citation of ``pyhf`` is
 
    @software{pyhf,
      author = "{Heinrich, Lukas and Feickert, Matthew and Stark, Giordon}",
-     title = "{pyhf: v0.4.4}",
-     version = {0.4.4},
+     title = "{pyhf: v0.5.0}",
+     version = {0.5.0},
      doi = {10.5281/zenodo.1169739},
      url = {https://github.com/scikit-hep/pyhf},
    }
diff --git a/docs/bib/preferred.bib b/docs/bib/preferred.bib
index 32487dfe0c..e70996546a 100644
--- a/docs/bib/preferred.bib
+++ b/docs/bib/preferred.bib
@@ -1,7 +1,7 @@
 @software{pyhf,
   author = "{Heinrich, Lukas and Feickert, Matthew and Stark, Giordon}",
-  title = "{pyhf: v0.4.4}",
-  version = {0.4.4},
+  title = "{pyhf: v0.5.0}",
+  version = {0.5.0},
   doi = {10.5281/zenodo.1169739},
   url = {https://github.com/scikit-hep/pyhf},
 }
diff --git a/setup.cfg b/setup.cfg
index ecbd965f86..c0c481fe9f 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,6 +1,6 @@
 [metadata]
 name = pyhf
-version = 0.4.4
+version = 0.5.0
 description = (partial) pure Python HistFactory implementation
 long_description = file: README.rst
 long_description_content_type = text/x-rst
diff --git a/src/pyhf/version.py b/src/pyhf/version.py
index 65e90d7d77..29477397f8 100644
--- a/src/pyhf/version.py
+++ b/src/pyhf/version.py
@@ -2,4 +2,4 @@
 
 # Use semantic versioning (https://semver.org/)
 # The version number is controlled through bumpversion.cfg
-__version__ = '0.4.4'
+__version__ = '0.5.0'