diff --git a/CHANGES.md b/CHANGES.md
index 82baaa2d1f625adad9754db03c37e67b0aee47f9..6e5a7204111156b3aab058fddafdbaec884a11d1 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,12 @@
+Synapse 1.38.1 (2021-07-22)
+===========================
+
+Bugfixes
+--------
+
+- Always include `device_one_time_keys_count` key in `/sync` response to work around a bug in Element Android that broke encryption for new devices. ([\#10457](https://github.com/matrix-org/synapse/issues/10457))
+
+
 Synapse 1.38.0 (2021-07-13)
 ===========================
 
diff --git a/changelog.d/10457.bugfix b/changelog.d/10457.bugfix
deleted file mode 100644
index ec950b584655e2707c8d19b2e089bfc7951bfa4a..0000000000000000000000000000000000000000
--- a/changelog.d/10457.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Always include `device_one_time_keys_count` key in `/sync` response to work around a bug in Element Android that broke encryption for new devices.
diff --git a/debian/changelog b/debian/changelog
index 43d26fc13305392ee6a3811966b3e60188d33ed4..5598fdea31bac117e92753066849bd026278f5db 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.38.1) stable; urgency=medium
+
+  * New synapse release 1.38.1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Thu, 22 Jul 2021 15:37:06 +0100
+
 matrix-synapse-py3 (1.38.0) stable; urgency=medium
 
   * New synapse release 1.38.0.
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 5ecce24eee459e3529fde3fd60b8a46a7531293d..7ea5a790db955ae322488f4f1afb94da7f4c88ed 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -47,7 +47,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.38.0"
+__version__ = "1.38.1"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when