diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 3e2bf498..2aca35ae 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "0.4.1"
+  ".": "0.5.0"
 }
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index fa557f33..2cd8f9bf 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,16 @@
 # Changelog
 
+## [0.5.0](https://github.com/open-feature/ruby-sdk/compare/v0.4.1...v0.5.0) (2026-01-16)
+
+
+### ⚠ BREAKING CHANGES
+
+* add provider eventing, remove setProvider timeout ([#207](https://github.com/open-feature/ruby-sdk/issues/207))
+
+### Features
+
+* add provider eventing, remove setProvider timeout ([#207](https://github.com/open-feature/ruby-sdk/issues/207)) ([fffd615](https://github.com/open-feature/ruby-sdk/commit/fffd6155ff308c75220185de030c38eb6eeac7e8))
+
 ## [0.4.1](https://github.com/open-feature/ruby-sdk/compare/v0.4.0...v0.4.1) (2025-11-03)
 
 
diff --git a/Gemfile.lock b/Gemfile.lock
index ce1370d3..586c2c1a 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -1,7 +1,7 @@
 PATH
   remote: .
   specs:
-    openfeature-sdk (0.4.1)
+    openfeature-sdk (0.5.0)
 
 GEM
   remote: https://rubygems.org/
diff --git a/README.md b/README.md
index e2b36979..d65263e1 100644
--- a/README.md
+++ b/README.md
@@ -17,8 +17,8 @@
   </a>
   <!-- x-release-please-start-version -->
 
-  <a href="https://github.com/open-feature/ruby-sdk/releases/tag/v0.4.1">
-    <img alt="Release" src="https://img.shields.io/static/v1?label=release&message=v0.4.1&color=blue&style=for-the-badge" />
+  <a href="https://github.com/open-feature/ruby-sdk/releases/tag/v0.5.0">
+    <img alt="Release" src="https://img.shields.io/static/v1?label=release&message=v0.5.0&color=blue&style=for-the-badge" />
   </a>
 
   <!-- x-release-please-end -->
diff --git a/lib/open_feature/sdk/version.rb b/lib/open_feature/sdk/version.rb
index 0a9b5197..34444cef 100644
--- a/lib/open_feature/sdk/version.rb
+++ b/lib/open_feature/sdk/version.rb
@@ -2,6 +2,6 @@
 
 module OpenFeature
   module SDK
-    VERSION = "0.4.1"
+    VERSION = "0.5.0"
   end
 end