diff --git a/CHANGELOG.md b/CHANGELOG.md
index bea2a14d122..6685533bd3b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -15,10 +15,17 @@ full changeset diff at the end of each section.
 Current Trunk
 -------------
 
- - BinaryenSelect no longer takes a type parameter.
- - AutoDrop APIs have been removed.
+v121
+----
+
+ - BinaryenSelect no longer takes a type parameter. (#7097)
+ - AutoDrop APIs have been removed. (#7106)
+ - bulk-memory-opt and call-indirect-overlong features are added for parity with
+   LLVM. (#7139)
+ - WasmGC optimizations now run significantly faster and scale better with
+   available threads. (#7142)
  - Binaryen now supports parsing control flow structures with parameter types by
-   lowering them away in the parsers.
+   lowering them away in the parsers. (#7149)
 
 v120
 ----
diff --git a/CMakeLists.txt b/CMakeLists.txt
index ed6af9394dd..a6167612542 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -7,7 +7,7 @@ cmake_minimum_required(VERSION 3.10.2)
 # to reduce this for compatability with emsdk.
 set(CMAKE_OSX_DEPLOYMENT_TARGET "10.14" CACHE STRING "Minimum OS X deployment version")
 
-project(binaryen LANGUAGES C CXX VERSION 120)
+project(binaryen LANGUAGES C CXX VERSION 121)
 include(GNUInstallDirs)
 
 # The C++ standard whose features are required to build Binaryen.