diff --git a/CHANGELOG.md b/CHANGELOG.md
index e69d2d17..504c2185 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,8 +4,21 @@ This project follows [semver 2.0.0](http://semver.org/spec/v2.0.0.html) and the
 recommendations of [keepachangelog.com](http://keepachangelog.com/).
 
 ## Unreleased
-- [#1309](https://github.com/paper-trail-gem/paper_trail/pull/1309) -
-  Removes `item_subtype` requirement when specifying model-specific limits.
+
+### Breaking Changes
+
+- None
+
+### Added
+
+- None
+
+### Fixed
+
+- None
+
+## 12.1.0 (2021-08-30)
+
 ### Breaking Changes
 
 - None
@@ -24,6 +37,8 @@ recommendations of [keepachangelog.com](http://keepachangelog.com/).
 - [#1285](https://github.com/paper-trail-gem/paper_trail/pull/1285) -
   For ActiveRecord >= 6.0, the `touch` callback will no longer create a new
   `Version` for skipped or ignored attributes.
+- [#1309](https://github.com/paper-trail-gem/paper_trail/pull/1309) -
+  Removes `item_subtype` requirement when specifying model-specific limits.
 - [#1333](https://github.com/paper-trail-gem/paper_trail/pull/1333) -
   Improve reification of STI models that use `find_sti_class`/`sti_class_for`
   to customize single table inheritance.
diff --git a/README.md b/README.md
index 021128f8..6b62cc51 100644
--- a/README.md
+++ b/README.md
@@ -15,7 +15,7 @@ This is the _user guide_. See also, the
 
 Choose version:
 [Unreleased](https://github.com/paper-trail-gem/paper_trail/blob/master/README.md),
-[12.0](https://github.com/paper-trail-gem/paper_trail/blob/v12.0.0/README.md),
+[12.1](https://github.com/paper-trail-gem/paper_trail/blob/v12.1.0/README.md),
 [11.1](https://github.com/paper-trail-gem/paper_trail/blob/v11.1.0/README.md),
 [10.3](https://github.com/paper-trail-gem/paper_trail/blob/v10.3.1/README.md),
 [9.2](https://github.com/paper-trail-gem/paper_trail/blob/v9.2.0/README.md),
diff --git a/lib/paper_trail/version_number.rb b/lib/paper_trail/version_number.rb
index cf2cfae1..97a5be13 100644
--- a/lib/paper_trail/version_number.rb
+++ b/lib/paper_trail/version_number.rb
@@ -8,7 +8,7 @@ module PaperTrail
   # People are encouraged to use `PaperTrail.gem_version` instead.
   module VERSION
     MAJOR = 12
-    MINOR = 0
+    MINOR = 1
     TINY = 0
 
     # Set PRE to nil unless it's a pre-release (beta, rc, etc.)