diff --git a/CHANGELOG.md b/CHANGELOG.md
index 48fdfcb68..dee8bec3f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,31 @@
+## 2025.07.28
+
+Release: 2.3.1 (libmamba, mamba, micromamba, libmambapy)
+
+Enhancements:
+
+- [libmambapy, libmamba] Add missing bindings and other improvements by @AntoinePrv in <https://github.com/mamba-org/mamba/pull/3990>
+
+Bug fixes:
+
+- [libmamba, micromamba] Consider `SHELL` env var by @Hind-M in <https://github.com/mamba-org/mamba/pull/3997>
+
+CI fixes and doc:
+
+- [all] [skip ci] Fix typo by @davidbrochart in <https://github.com/mamba-org/mamba/pull/4000>
+- [all] ci: use VS2022 instead of VS2019 by @Klaim in <https://github.com/mamba-org/mamba/pull/3986>
+
+Maintenance:
+
+- [libmamba] fix CI issues related to moving dependencies by @Klaim in <https://github.com/mamba-org/mamba/pull/4023>
+- [libmamba] maint: use `synchronized_value` where we use a mutex to protect data by @Klaim in <https://github.com/mamba-org/mamba/pull/3992>
+- [libmambapy] maint: handle `fmt>=11.2` by @Klaim in <https://github.com/mamba-org/mamba/pull/4001>
+- [libmambapy] Handle removed `is_rgb` from `fmt 11.2.0` by @Hind-M in <https://github.com/mamba-org/mamba/pull/3998>
+- [libmamba] Replace macros used in tests for compatibility with coverage report by @jjerphan in <https://github.com/mamba-org/mamba/pull/3995>
+- [libmamba] maint: fixes warnings by @Klaim in <https://github.com/mamba-org/mamba/pull/3993>
+- [libmamba] `synchronized_value` by @Klaim in <https://github.com/mamba-org/mamba/pull/3984>
+- [libmamba] maintenance: fixed msvc warnings about unreachable code by @Klaim in <https://github.com/mamba-org/mamba/pull/3991>
+
 ## 2025.06.16
 
 Release: 2.3.0 (libmamba, mamba, micromamba, libmambapy)
diff --git a/libmamba/CHANGELOG.md b/libmamba/CHANGELOG.md
index e82949f38..e294e63d2 100644
--- a/libmamba/CHANGELOG.md
+++ b/libmamba/CHANGELOG.md
@@ -1,3 +1,27 @@
+## libmamba 2.3.1 (July 28, 2025)
+
+Enhancements:
+
+- Add missing bindings and other improvements by @AntoinePrv in <https://github.com/mamba-org/mamba/pull/3990>
+
+Bug fixes:
+
+- Consider `SHELL` env var by @Hind-M in <https://github.com/mamba-org/mamba/pull/3997>
+
+CI fixes and doc:
+
+- [skip ci] Fix typo by @davidbrochart in <https://github.com/mamba-org/mamba/pull/4000>
+- ci: use VS2022 instead of VS2019 by @Klaim in <https://github.com/mamba-org/mamba/pull/3986>
+
+Maintenance:
+
+- fix CI issues related to moving dependencies by @Klaim in <https://github.com/mamba-org/mamba/pull/4023>
+- maint: use `synchronized_value` where we use a mutex to protect data by @Klaim in <https://github.com/mamba-org/mamba/pull/3992>
+- Replace macros used in tests for compatibility with coverage report by @jjerphan in <https://github.com/mamba-org/mamba/pull/3995>
+- maint: fixes warnings by @Klaim in <https://github.com/mamba-org/mamba/pull/3993>
+- `synchronized_value` by @Klaim in <https://github.com/mamba-org/mamba/pull/3984>
+- maintenance: fixed msvc warnings about unreachable code by @Klaim in <https://github.com/mamba-org/mamba/pull/3991>
+
 ## libmamba 2.3.0 (June 16, 2025)
 
 Enhancements:
diff --git a/libmamba/include/mamba/version.hpp b/libmamba/include/mamba/version.hpp
index 8318a15e8..119a5a2d5 100644
--- a/libmamba/include/mamba/version.hpp
+++ b/libmamba/include/mamba/version.hpp
@@ -12,13 +12,13 @@
 
 #define LIBMAMBA_VERSION_MAJOR 2
 #define LIBMAMBA_VERSION_MINOR 3
-#define LIBMAMBA_VERSION_PATCH 0
+#define LIBMAMBA_VERSION_PATCH 1
 #define LIBMAMBA_VERSION_IS_PRERELEASE 0
 #if LIBMAMBA_VERSION_IS_PRERELEASE == 1
 #define LIBMAMBA_VERSION_PRERELEASE_NAME ""
 #endif
 
-#define LIBMAMBA_VERSION_STRING "2.3.0"
+#define LIBMAMBA_VERSION_STRING "2.3.1"
 #define LIBMAMBA_VERSION                                                                           \
     (LIBMAMBA_VERSION_MAJOR * 10000 + LIBMAMBA_VERSION_MINOR * 100 + LIBMAMBA_VERSION_PATCH)
 
diff --git a/libmambapy/CHANGELOG.md b/libmambapy/CHANGELOG.md
index 2241ae929..3bb1ca56f 100644
--- a/libmambapy/CHANGELOG.md
+++ b/libmambapy/CHANGELOG.md
@@ -1,3 +1,19 @@
+## libmambapy 2.3.1 (July 28, 2025)
+
+Enhancements:
+
+- Add missing bindings and other improvements by @AntoinePrv in <https://github.com/mamba-org/mamba/pull/3990>
+
+CI fixes and doc:
+
+- [skip ci] Fix typo by @davidbrochart in <https://github.com/mamba-org/mamba/pull/4000>
+- ci: use VS2022 instead of VS2019 by @Klaim in <https://github.com/mamba-org/mamba/pull/3986>
+
+Maintenance:
+
+- maint: handle `fmt>=11.2` by @Klaim in <https://github.com/mamba-org/mamba/pull/4001>
+- Handle removed `is_rgb` from `fmt 11.2.0` by @Hind-M in <https://github.com/mamba-org/mamba/pull/3998>
+
 ## libmambapy 2.3.0 (June 16, 2025)
 
 Enhancements:
diff --git a/libmambapy/src/libmambapy/version.py b/libmambapy/src/libmambapy/version.py
index d0610d68a..e31b4e4c4 100644
--- a/libmambapy/src/libmambapy/version.py
+++ b/libmambapy/src/libmambapy/version.py
@@ -1,4 +1,4 @@
-version_info = ("2", "3", "0")
+version_info = ("2", "3", "1")
 version_prerelease = ""
 __version__ = ".".join(map(str, version_info))
 if version_prerelease != "":
diff --git a/micromamba/CHANGELOG.md b/micromamba/CHANGELOG.md
index 9c203f3e9..150bf1d61 100644
--- a/micromamba/CHANGELOG.md
+++ b/micromamba/CHANGELOG.md
@@ -1,3 +1,14 @@
+## micromamba 2.3.1 (July 28, 2025)
+
+Bug fixes:
+
+- Consider `SHELL` env var by @Hind-M in <https://github.com/mamba-org/mamba/pull/3997>
+
+CI fixes and doc:
+
+- [skip ci] Fix typo by @davidbrochart in <https://github.com/mamba-org/mamba/pull/4000>
+- ci: use VS2022 instead of VS2019 by @Klaim in <https://github.com/mamba-org/mamba/pull/3986>
+
 ## micromamba 2.3.0 (June 16, 2025)
 
 Enhancements:
diff --git a/micromamba/src/version.hpp b/micromamba/src/version.hpp
index 028639f60..4621c89db 100644
--- a/micromamba/src/version.hpp
+++ b/micromamba/src/version.hpp
@@ -12,13 +12,13 @@
 
 #define UMAMBA_VERSION_MAJOR 2
 #define UMAMBA_VERSION_MINOR 3
-#define UMAMBA_VERSION_PATCH 0
+#define UMAMBA_VERSION_PATCH 1
 #define UMAMBA_VERSION_IS_PRERELEASE 0
 #if UMAMBA_VERSION_IS_PRERELEASE == 1
 #define UMAMBA_VERSION_PRERELEASE_NAME ""
 #endif
 
-#define UMAMBA_VERSION_STRING "2.3.0"
+#define UMAMBA_VERSION_STRING "2.3.1"
 #define UMAMBA_VERSION                                                                             \
     (UMAMBA_VERSION_MAJOR * 10000 + UMAMBA_VERSION_MINOR * 100 + UMAMBA_VERSION_PATCH)