diff --git a/CHANGELOG.md b/CHANGELOG.md
index 49c19acd1..ad1df8b74 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,11 @@
 # PowerShell Editor Services Release History
 
+## v3.5.4
+### Friday, September 30, 2022
+
+- ✨ 🚂 [PowerShellEditorServices #1928](https://github.com/PowerShell/PowerShellEditorServices/pull/1928) - Generalize the execution busy status to all PowerShell tasks.
+- ✨ ‍🕵️ [PowerShellEditorServices #1916](https://github.com/PowerShell/PowerShellEditorServices/pull/1916) - Upgrade PSScriptAnalyzer to 1.21.0. (Thanks @bergmeister!)
+
 ## v3.5.3
 ### Wednesday, September 28, 2022
 
diff --git a/PowerShellEditorServices.Common.props b/PowerShellEditorServices.Common.props
index f7a3a051f..1839d2440 100644
--- a/PowerShellEditorServices.Common.props
+++ b/PowerShellEditorServices.Common.props
@@ -1,6 +1,6 @@
 <Project>
   <PropertyGroup>
-    <VersionPrefix>3.5.3</VersionPrefix>
+    <VersionPrefix>3.5.4</VersionPrefix>
     <VersionSuffix></VersionSuffix>
     <Company>Microsoft</Company>
     <Copyright>© Microsoft Corporation.</Copyright>
diff --git a/module/PowerShellEditorServices/PowerShellEditorServices.psd1 b/module/PowerShellEditorServices/PowerShellEditorServices.psd1
index 7dab90709..9b87e5fd2 100644
--- a/module/PowerShellEditorServices/PowerShellEditorServices.psd1
+++ b/module/PowerShellEditorServices/PowerShellEditorServices.psd1
@@ -19,7 +19,7 @@ RootModule = if ($PSEdition -eq 'Core')
     }
 
 # Version number of this module.
-ModuleVersion = '3.5.3'
+ModuleVersion = '3.5.4'
 
 # ID used to uniquely identify this module
 GUID = '9ca15887-53a2-479a-9cda-48d26bcb6c47'