diff --git a/api/CHANGELOG.md b/api/CHANGELOG.md
index b8791254d..ab4e15d25 100644
--- a/api/CHANGELOG.md
+++ b/api/CHANGELOG.md
@@ -1,5 +1,10 @@
 # Release History: opentelemetry-api
 
+### v1.2.3 / 2023-09-18
+
+* FIXED: Optimize span and trace ID generation
+* FIXED: Small perf improvement to generate_r
+
 ### v1.2.2 / 2023-08-15
 
 * FIXED: Patch the issue for frozen string on ruby < 3.0 with string interpolation
diff --git a/api/lib/opentelemetry/version.rb b/api/lib/opentelemetry/version.rb
index b89d5a679..40b212713 100644
--- a/api/lib/opentelemetry/version.rb
+++ b/api/lib/opentelemetry/version.rb
@@ -6,5 +6,5 @@
 
 module OpenTelemetry
   ## Current OpenTelemetry version
-  VERSION = '1.2.2'
+  VERSION = '1.2.3'
 end
diff --git a/sdk_experimental/CHANGELOG.md b/sdk_experimental/CHANGELOG.md
index 06c713c26..53ce575e9 100644
--- a/sdk_experimental/CHANGELOG.md
+++ b/sdk_experimental/CHANGELOG.md
@@ -1,5 +1,9 @@
 # Release History: opentelemetry-sdk-experimental
 
+### v0.3.1 / 2023-09-18
+
+* FIXED: Small perf improvement to generate_r
+
 ### v0.3.0 / 2023-06-08
 
 * BREAKING CHANGE: Remove support for EoL Ruby 2.7 
diff --git a/sdk_experimental/lib/opentelemetry/sdk/experimental/version.rb b/sdk_experimental/lib/opentelemetry/sdk/experimental/version.rb
index 82bcb36eb..096f4ef4e 100644
--- a/sdk_experimental/lib/opentelemetry/sdk/experimental/version.rb
+++ b/sdk_experimental/lib/opentelemetry/sdk/experimental/version.rb
@@ -8,7 +8,7 @@ module OpenTelemetry
   module SDK
     module Experimental
       # Current OpenTelemetry experimental sdk version
-      VERSION = '0.3.0'
+      VERSION = '0.3.1'
     end
   end
 end