diff --git a/CHANGES.rst b/CHANGES.rst
index 8297769889..5767ec7792 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,3 +1,12 @@
+Synapse 0.32.1 (2018-07-06)
+===========================
+
+Bugfixes
+--------
+
+- Add explicit dependency on netaddr (`#3488 <https://github.com/matrix-org/synapse/issues/3488>`_)
+
+
 Changes in synapse v0.32.0 (2018-07-06)
 ===========================================
 No changes since 0.32.0rc1
diff --git a/changelog.d/3488.bugfix b/changelog.d/3488.bugfix
deleted file mode 100644
index de6fac05a5..0000000000
--- a/changelog.d/3488.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Add explicit dependency on netaddr
\ No newline at end of file
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 20ef748b9c..81a6e06199 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -17,4 +17,4 @@
 """ This is a reference implementation of a Matrix home server.
 """
 
-__version__ = "0.32.0"
+__version__ = "0.32.1"