diff --git a/CHANGELOG.md b/CHANGELOG.md
index dd7f96d18..7031ca04d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,14 @@
 # PowerShell Editor Services Release History
 
+## v3.8.1
+### Monday, February 13, 2023
+
+- ✨ 📁 [vscode-powershell #2112](https://github.com/PowerShell/PowerShellEditorServices/pull/1995) - Add `WorkspaceFolders` and use it when enumerating files.
+- ✨ 🙏 [vscode-powershell #1481](https://github.com/PowerShell/PowerShellEditorServices/pull/1993) - Count `${Function:My-Function}` as a function reference.
+- 🐛 🙏 [vscode-powershell #1089](https://github.com/PowerShell/PowerShellEditorServices/pull/1990) - Strip scope from function references.
+- 🐛 🙏 [PowerShellEditorServices #1989](https://github.com/PowerShell/PowerShellEditorServices/pull/1989) - Keep only first assignment as declaration.
+- ✨ 🐢 [PowerShellEditorServices #1988](https://github.com/PowerShell/PowerShellEditorServices/pull/1988) - Support Run/Debug tests in PSKoans-files. (Thanks @fflaten!)
+
 ## v3.8.0
 ### Thursday, February 02, 2023
 
diff --git a/PowerShellEditorServices.Common.props b/PowerShellEditorServices.Common.props
index 85b8f9d31..348fa28da 100644
--- a/PowerShellEditorServices.Common.props
+++ b/PowerShellEditorServices.Common.props
@@ -1,6 +1,6 @@
 <Project>
   <PropertyGroup>
-    <VersionPrefix>3.8.0</VersionPrefix>
+    <VersionPrefix>3.8.1</VersionPrefix>
     <VersionSuffix></VersionSuffix>
     <Company>Microsoft</Company>
     <Copyright>© Microsoft Corporation.</Copyright>
diff --git a/module/PowerShellEditorServices/PowerShellEditorServices.psd1 b/module/PowerShellEditorServices/PowerShellEditorServices.psd1
index 4c4004459..d2140c741 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 = '3.8.0'
+ModuleVersion = '3.8.1'
 
 # ID used to uniquely identify this module
 GUID = '9ca15887-53a2-479a-9cda-48d26bcb6c47'