diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index a0f0c7011..80904c602 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,4 +1,4 @@
 {
-  ".": "0.5.3",
+  ".": "0.5.4",
   "apis": "0.2.39"
 }
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5ea3c2be1..7b97b7cc6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,28 @@
 # Changelog
 
+## [0.5.4](https://github.com/open-feature/open-feature-operator/compare/v0.5.3...v0.5.4) (2024-02-21)
+
+
+### ✨ New Features
+
+* auto-upgrade flagd-proxy with OFO upgrades ([#596](https://github.com/open-feature/open-feature-operator/issues/596)) ([3271f33](https://github.com/open-feature/open-feature-operator/commit/3271f33623518408b0055b808c22434a46462a05))
+
+
+### 🧹 Chore
+
+* add link to tutorial in README ([#594](https://github.com/open-feature/open-feature-operator/issues/594)) ([f3f9427](https://github.com/open-feature/open-feature-operator/commit/f3f9427287199e28d3e11313bad616f0e781048b))
+* bump go to 1.21 ([#604](https://github.com/open-feature/open-feature-operator/issues/604)) ([73d6319](https://github.com/open-feature/open-feature-operator/commit/73d6319820220fc114cdfc7d72f8c2327a35ec37))
+* **deps:** update actions/cache action to v4 ([#602](https://github.com/open-feature/open-feature-operator/issues/602)) ([e4476e2](https://github.com/open-feature/open-feature-operator/commit/e4476e2e5d2e2178ef280e6da324590115b80cb6))
+* **deps:** update curlimages/curl docker tag to v8.6.0 ([#599](https://github.com/open-feature/open-feature-operator/issues/599)) ([2b9d63a](https://github.com/open-feature/open-feature-operator/commit/2b9d63a6dbde5a716dc2e472e65b55ba36085c40))
+* **deps:** update open-feature/flagd ([#600](https://github.com/open-feature/open-feature-operator/issues/600)) ([0e03f47](https://github.com/open-feature/open-feature-operator/commit/0e03f47c295592fd9eb94185b1a8d69c5fe52559))
+* regex to match all go files ([#607](https://github.com/open-feature/open-feature-operator/issues/607)) ([a1fc38a](https://github.com/open-feature/open-feature-operator/commit/a1fc38a4186f297712ee077780a1c372026e58fb))
+* release apis 0.2.39 ([#590](https://github.com/open-feature/open-feature-operator/issues/590)) ([c53a72b](https://github.com/open-feature/open-feature-operator/commit/c53a72b0d4f0ecbb6f839ae1af54621f4c152f42))
+
+
+### 📚 Documentation
+
+* fix link to the flagd flag definition ([ffc6cec](https://github.com/open-feature/open-feature-operator/commit/ffc6cec3b19d6d59f103c8d6083836bafa14c352))
+
 ## [0.5.3](https://github.com/open-feature/open-feature-operator/compare/v0.5.2...v0.5.3) (2023-12-29)
 
 
diff --git a/Makefile b/Makefile
index 5f1995267..8e5ceea15 100644
--- a/Makefile
+++ b/Makefile
@@ -6,7 +6,7 @@ ARCH?=amd64
 IMG?=$(RELEASE_REGISTRY)/$(RELEASE_IMAGE)
 # customize overlay to be used in the build, DEFAULT or HELM
 KUSTOMIZE_OVERLAY ?= DEFAULT
-CHART_VERSION=v0.5.3# x-release-please-version
+CHART_VERSION=v0.5.4# x-release-please-version
 # ENVTEST_K8S_VERSION refers to the version of kubebuilder assets to be downloaded by envtest binary.
 ENVTEST_K8S_VERSION = 1.26.1
 WAIT_TIMEOUT_SECONDS?=60
diff --git a/chart/open-feature-operator/Chart.yaml b/chart/open-feature-operator/Chart.yaml
index a5bf025d2..394556979 100755
--- a/chart/open-feature-operator/Chart.yaml
+++ b/chart/open-feature-operator/Chart.yaml
@@ -13,12 +13,12 @@ type: application
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: "v0.5.3" # x-release-please-version
+version: "v0.5.4" # x-release-please-version
 # This is the version number of the application being deployed. This version number should be
 # incremented each time you make changes to the application. Versions are not expected to
 # follow Semantic Versioning. They should reflect the version the application is using.
 # It is recommended to use it with quotes.
-appVersion: "v0.5.3" # x-release-please-version
+appVersion: "v0.5.4" # x-release-please-version
 
 home: https://openfeature.dev
 icon: https://open-feature.github.io/open-feature-operator/chart/open-feature-operator/openfeature-logo.png
diff --git a/chart/open-feature-operator/values.yaml b/chart/open-feature-operator/values.yaml
index 8d913dc96..95ffed2aa 100644
--- a/chart/open-feature-operator/values.yaml
+++ b/chart/open-feature-operator/values.yaml
@@ -74,7 +74,7 @@ controllerManager:
       ## @param controllerManager.manager.image.repository Sets the image for the operator.
       repository: ghcr.io/open-feature/open-feature-operator
       ## @param controllerManager.manager.image.tag Sets the version tag for the operator.
-      tag: v0.5.3 # x-release-please-version
+      tag: v0.5.4 # x-release-please-version
     resources:
       limits:
         ## @param controllerManager.manager.resources.limits.cpu Sets cpu resource limits for operator.
diff --git a/docs/installation.md b/docs/installation.md
index a84a4b3fa..5841fefb1 100644
--- a/docs/installation.md
+++ b/docs/installation.md
@@ -72,13 +72,13 @@ Apply the release yaml directly via kubectl
 <!-- x-release-please-start-version -->
 ```sh
 kubectl create namespace open-feature-operator-system &&
-kubectl apply -f https://github.com/open-feature/open-feature-operator/releases/download/v0.5.3/release.yaml
+kubectl apply -f https://github.com/open-feature/open-feature-operator/releases/download/v0.5.4/release.yaml
 ```
 <!-- x-release-please-end -->
 ### Uninstall
 <!-- x-release-please-start-version -->
 ```sh
-kubectl delete -f https://github.com/open-feature/open-feature-operator/releases/download/v0.5.3/release.yaml &&
+kubectl delete -f https://github.com/open-feature/open-feature-operator/releases/download/v0.5.4/release.yaml &&
 kubectl delete namespace open-feature-operator-system
 ```
 <!-- x-release-please-end -->
diff --git a/docs/quick_start.md b/docs/quick_start.md
index f412946d6..1fa486de9 100644
--- a/docs/quick_start.md
+++ b/docs/quick_start.md
@@ -40,7 +40,7 @@ helm upgrade --install openfeature openfeature/open-feature-operator
 <!-- x-release-please-start-version -->
 ```sh
 kubectl create namespace open-feature-operator-system &&
-kubectl apply -f https://github.com/open-feature/open-feature-operator/releases/download/v0.5.3/release.yaml
+kubectl apply -f https://github.com/open-feature/open-feature-operator/releases/download/v0.5.4/release.yaml
 ```
 <!-- x-release-please-end -->