diff --git a/CHANGELOG.md b/CHANGELOG.md
index ae7c3c9c7..04036d01e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,18 @@
 
  * [feat]: add support for Firebase v6.0 (#391)
 
+## [1.39.0](https://github.com/googleapis/google-auth-library-php/compare/v1.38.0...v1.39.0) (2024-05-02)
+
+
+### Features
+
+* Enable auth observability metrics ([#509](https://github.com/googleapis/google-auth-library-php/issues/509)) ([6495f31](https://github.com/googleapis/google-auth-library-php/commit/6495f31061d2d51a173a968dbe65db8dfc6ac3cc))
+
+
+### Bug Fixes
+
+* Release Please version file config ([#549](https://github.com/googleapis/google-auth-library-php/issues/549)) ([23b1fc1](https://github.com/googleapis/google-auth-library-php/commit/23b1fc1d8275f5c81a3e11d0c680ddabca308cf9))
+
 ## [1.38.0](https://github.com/googleapis/google-auth-library-php/compare/v1.37.1...v1.38.0) (2024-04-24)
 
 
diff --git a/VERSION b/VERSION
index 9cf86ad0f..5edffce6d 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-1.37.1
+1.39.0