diff --git a/lib/ddtrace/version.rb b/lib/ddtrace/version.rb
index 1df99462659..40b0c3ef12d 100644
--- a/lib/ddtrace/version.rb
+++ b/lib/ddtrace/version.rb
@@ -4,7 +4,7 @@ module DDTrace
   module VERSION
     MAJOR = 1
     MINOR = 23
-    PATCH = 0
+    PATCH = 1
     PRE = nil
     BUILD = nil
     # PRE and BUILD above are modified for dev gems during gem build GHA workflow