diff --git a/README.md b/README.md
index b72b071fa..900ff4696 100644
--- a/README.md
+++ b/README.md
@@ -137,11 +137,9 @@ fn void main()
 
 ### Current status
 
-The current version of the compiler is alpha release 0.4.
+The current stable version of the compiler is **version 0.5**.
 
-Design work on C3 is complete aside from fleshing out details, such as
-inline asm. As the standard library work progresses, changes and improvements
-to the language will happen continuously.
+The upcoming 0.6 release will focus on expanding the standard library.
 Follow the issues [here](https://github.com/c3lang/c3c/issues).
 
 If you have suggestions on how to improve the language, either [file an issue](https://github.com/c3lang/c3c/issues) 
diff --git a/releasenotes.md b/releasenotes.md
index 006e5caee..67cee2ca9 100644
--- a/releasenotes.md
+++ b/releasenotes.md
@@ -24,7 +24,7 @@
 - Subtype matching in type switches.
 - Added parentof typeid property.
 - Slice assignment is expanded.
-- Strong optional handling requirements.
+- Enforced optional handling.
 - Better dead code analysis, and added dead code errors.
 - Exhaustive switches with enums has better analysis.
 - Globals may now be initialized with optional values.
diff --git a/src/version.h b/src/version.h
index 67f068cef..fbaf6a781 100644
--- a/src/version.h
+++ b/src/version.h
@@ -1 +1 @@
-#define COMPILER_VERSION "0.4.710"
+#define COMPILER_VERSION "0.5.0"