diff --git a/CHANGELOG.md b/CHANGELOG.md
index d36def1a45f1..e35af4c8fa24 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,28 @@ This file contains notable changes (e.g. breaking changes, major changes, etc.)
 
 This file was introduced starting Kani 0.23.0, so it only contains changes from version 0.23.0 onwards.
 
+## [0.55.0]
+
+### Major/Breaking Changes
+* Coverage reporting in Kani is now source-based instead of line-based.
+Consequently, the unstable `-Zline-coverage` flag has been replaced with a `-Zsource-coverage` one.
+Check the [Source-Coverage RFC](https://model-checking.github.io/kani/rfc/rfcs/0011-source-coverage.html) for more details.
+* Several improvements were made to the memory initialization checks. The current state is summarized in https://github.com/model-checking/kani/issues/3300. We welcome your feedback!
+
+### What's Changed
+* Update CBMC build instructions for Amazon Linux 2 by @tautschnig in https://github.com/model-checking/kani/pull/3431
+* Implement memory initialization state copy functionality by @artemagvanian in https://github.com/model-checking/kani/pull/3350
+* Make points-to analysis handle all intrinsics explicitly by @artemagvanian in https://github.com/model-checking/kani/pull/3452
+* Avoid corner-cases by grouping instrumentation into basic blocks and using backward iteration by @artemagvanian in https://github.com/model-checking/kani/pull/3438
+* Fix ICE due to mishandling of Aggregate rvalue for raw pointers to `str` by @celinval in https://github.com/model-checking/kani/pull/3448
+* Basic support for memory initialization checks for unions by @artemagvanian in https://github.com/model-checking/kani/pull/3444
+* Adopt Rust's source-based code coverage instrumentation by @adpaco-aws in https://github.com/model-checking/kani/pull/3119
+* Extra tests and bug fixes to the delayed UB instrumentation by @artemagvanian in https://github.com/model-checking/kani/pull/3419
+* Partially integrate uninit memory checks into `verify_std` by @artemagvanian in https://github.com/model-checking/kani/pull/3470
+* Rust toolchain upgraded to `nightly-2024-09-03` by @jaisnan @carolynzech 
+
+**Full Changelog**: https://github.com/model-checking/kani/compare/kani-0.54.0...kani-0.55.0
+
 ## [0.54.0]
 
 ### Major Changes
diff --git a/Cargo.lock b/Cargo.lock
index c180c66dde90..1c371b85fba9 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -93,7 +93,7 @@ checksum = "b048fb63fd8b5923fc5aa7b340d8e156aec7ec02f0c78fa8a6ddc2613f6f71de"
 
 [[package]]
 name = "build-kani"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "anyhow",
  "cargo_metadata",
@@ -235,7 +235,7 @@ dependencies = [
 
 [[package]]
 name = "cprover_bindings"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "lazy_static",
  "linear-map",
@@ -459,7 +459,7 @@ checksum = "49f1f14873335454500d59611f1cf4a4b0f786f9ac11f4312a78e4cf2566695b"
 
 [[package]]
 name = "kani"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "kani_core",
  "kani_macros",
@@ -467,7 +467,7 @@ dependencies = [
 
 [[package]]
 name = "kani-compiler"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "clap",
  "cprover_bindings",
@@ -491,7 +491,7 @@ dependencies = [
 
 [[package]]
 name = "kani-driver"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "anyhow",
  "cargo_metadata",
@@ -520,7 +520,7 @@ dependencies = [
 
 [[package]]
 name = "kani-verifier"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "anyhow",
  "home",
@@ -529,14 +529,14 @@ dependencies = [
 
 [[package]]
 name = "kani_core"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "kani_macros",
 ]
 
 [[package]]
 name = "kani_macros"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "proc-macro-error",
  "proc-macro2",
@@ -546,7 +546,7 @@ dependencies = [
 
 [[package]]
 name = "kani_metadata"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "clap",
  "cprover_bindings",
@@ -1098,7 +1098,7 @@ checksum = "3c5e1a9a646d36c3599cd173a41282daf47c44583ad367b8e6837255952e5c67"
 
 [[package]]
 name = "std"
-version = "0.54.0"
+version = "0.55.0"
 dependencies = [
  "kani",
 ]
diff --git a/Cargo.toml b/Cargo.toml
index 149b8d2c93c8..ee9848b578dc 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "kani-verifier"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 description = "A bit-precise model checker for Rust."
 readme = "README.md"
diff --git a/cprover_bindings/Cargo.toml b/cprover_bindings/Cargo.toml
index b0e3c578bbcf..008c81aef2ad 100644
--- a/cprover_bindings/Cargo.toml
+++ b/cprover_bindings/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "cprover_bindings"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 license = "MIT OR Apache-2.0"
 publish = false
diff --git a/kani-compiler/Cargo.toml b/kani-compiler/Cargo.toml
index e8e564f9616a..9ca8d10f5275 100644
--- a/kani-compiler/Cargo.toml
+++ b/kani-compiler/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "kani-compiler"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 license = "MIT OR Apache-2.0"
 publish = false
diff --git a/kani-driver/Cargo.toml b/kani-driver/Cargo.toml
index 27fef66ffb65..7485d2279ad6 100644
--- a/kani-driver/Cargo.toml
+++ b/kani-driver/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "kani-driver"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 description = "Build a project with Kani and run all proof harnesses"
 license = "MIT OR Apache-2.0"
diff --git a/kani_metadata/Cargo.toml b/kani_metadata/Cargo.toml
index efa28288d148..18eadc4095ed 100644
--- a/kani_metadata/Cargo.toml
+++ b/kani_metadata/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "kani_metadata"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 license = "MIT OR Apache-2.0"
 publish = false
diff --git a/library/kani/Cargo.toml b/library/kani/Cargo.toml
index a3692f95e3f5..fa50783516f4 100644
--- a/library/kani/Cargo.toml
+++ b/library/kani/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "kani"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 license = "MIT OR Apache-2.0"
 publish = false
diff --git a/library/kani_core/Cargo.toml b/library/kani_core/Cargo.toml
index 9df828e77c5a..447cd0b3f298 100644
--- a/library/kani_core/Cargo.toml
+++ b/library/kani_core/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "kani_core"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 license = "MIT OR Apache-2.0"
 publish = false
diff --git a/library/kani_macros/Cargo.toml b/library/kani_macros/Cargo.toml
index 574960e5fc0a..a6b20a68bc39 100644
--- a/library/kani_macros/Cargo.toml
+++ b/library/kani_macros/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "kani_macros"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 license = "MIT OR Apache-2.0"
 publish = false
diff --git a/library/std/Cargo.toml b/library/std/Cargo.toml
index 9f0d09b0d7bb..12c923e9b655 100644
--- a/library/std/Cargo.toml
+++ b/library/std/Cargo.toml
@@ -5,7 +5,7 @@
 # Note: this package is intentionally named std to make sure the names of
 # standard library symbols are preserved
 name = "std"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 license = "MIT OR Apache-2.0"
 publish = false
diff --git a/tools/build-kani/Cargo.toml b/tools/build-kani/Cargo.toml
index cd2985e4ad68..41095f1d7c3c 100644
--- a/tools/build-kani/Cargo.toml
+++ b/tools/build-kani/Cargo.toml
@@ -3,7 +3,7 @@
 
 [package]
 name = "build-kani"
-version = "0.54.0"
+version = "0.55.0"
 edition = "2021"
 description = "Builds Kani, Sysroot and release bundle."
 license = "MIT OR Apache-2.0"