diff --git a/scripts/bump-version.sh b/scripts/bump-version.sh
index 6ac435fb1..65f0e87e7 100755
--- a/scripts/bump-version.sh
+++ b/scripts/bump-version.sh
@@ -1,10 +1,16 @@
 #!/bin/bash
 
-# script that bumps version for all projects regardless of whether they were
-# changed since last release. needed because `lerna version` only bumps versions for projects
-# listed by `lerna changed` by default.
+# Script used by Jupyter Releaser that bumps the version of all packages to the
+# one provided in `$1`. This script expects an exact version specifier, i.e. it
+# does not accept 'patch', 'minor', or 'major' as version specifiers.
 #
-# see: https://github.com/lerna/lerna/issues/2369
+# This script depends on `jq` being installed in the shell env.
+#
+# This script is necessary because a) `lerna version` only bumps versions for
+# projects listed by `lerna changed` by default [1], and b) the version in
+# `packages/jupyter-ai/pyproject.toml` needs to be bumped as well.
+#
+# [1]: https://github.com/lerna/lerna/issues/2369
 
 (npx -p lerna@6.4.1 -y lerna version \
     --no-git-tag-version \
@@ -15,10 +21,11 @@
 ) || exit 1
 
 if [[ "$PWD" == *packages/jupyter-ai ]]; then
+    version=$(cat package.json | jq -r '.version')
     # bump dependency in jupyter-ai to rely on current version of jupyter-ai-magics
     # -E : use extended regex to allow usage of `+` symbol
     # -i.bak : edit file in-place, generating a backup file ending in `.bak`, which we delete on success
     #          while confusing, this unfortunately is the only way to edit in-place on both macOS and Linux
     #          reference: https://stackoverflow.com/a/44864004
-    sed -E -i.bak "s/jupyter_ai_magics.=[0-9]+\.[0-9]+\.[0-9]+/jupyter_ai_magics==$1/" pyproject.toml && rm pyproject.toml.bak
+    sed -E -i.bak "s/jupyter_ai_magics.=[0-9]+\.[0-9]+\.[0-9]+/jupyter_ai_magics==$version/" pyproject.toml && rm pyproject.toml.bak
 fi