diff --git a/package.json b/package.json
index b1674c9..b5d70d9 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "mobile-wallet-protocol",
-	"version": "11.0.0",
+	"version": "12.0.0",
 	"private": true,
 	"type": "module",
 	"workspaces": [
diff --git a/packages/core/CHANGELOG.md b/packages/core/CHANGELOG.md
index d8ca4bf..ae1a5c6 100644
--- a/packages/core/CHANGELOG.md
+++ b/packages/core/CHANGELOG.md
@@ -7,6 +7,12 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [0.3.1]
+
+### Fixed
+
+- Fixed rapid reconnect issue for shared clients ([#55](https://github.com/MetaMask/mobile-wallet-protocol/pull/55))
+
 ## [0.3.0]
 
 ### Added
@@ -50,7 +56,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 - Initial release of the package ([#35](https://github.com/MetaMask/mobile-wallet-protocol/pull/35))
 
-[Unreleased]: https://github.com/MetaMask/mobile-wallet-protocol/compare/@metamask/mobile-wallet-protocol-core@0.3.0...HEAD
+[Unreleased]: https://github.com/MetaMask/mobile-wallet-protocol/compare/@metamask/mobile-wallet-protocol-core@0.3.1...HEAD
+[0.3.1]: https://github.com/MetaMask/mobile-wallet-protocol/compare/@metamask/mobile-wallet-protocol-core@0.3.0...@metamask/mobile-wallet-protocol-core@0.3.1
 [0.3.0]: https://github.com/MetaMask/mobile-wallet-protocol/compare/@metamask/mobile-wallet-protocol-core@0.2.0...@metamask/mobile-wallet-protocol-core@0.3.0
 [0.2.0]: https://github.com/MetaMask/mobile-wallet-protocol/compare/@metamask/mobile-wallet-protocol-core@0.1.1...@metamask/mobile-wallet-protocol-core@0.2.0
 [0.1.1]: https://github.com/MetaMask/mobile-wallet-protocol/compare/@metamask/mobile-wallet-protocol-core@0.1.0...@metamask/mobile-wallet-protocol-core@0.1.1
diff --git a/packages/core/package.json b/packages/core/package.json
index 2bff91b..6cfe023 100644
--- a/packages/core/package.json
+++ b/packages/core/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "@metamask/mobile-wallet-protocol-core",
-	"version": "0.3.0",
+	"version": "0.3.1",
 	"homepage": "https://github.com/MetaMask/mobile-wallet-protocol/tree/main/packages/core#readme",
 	"bugs": {
 		"url": "https://github.com/MetaMask/mobile-wallet-protocol/issues"
diff --git a/yarn.lock b/yarn.lock
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+  checksum: c48686896067fe2b3991caf8eb5a4f25273ec06d72e79e83181f51fa7fa62225fcb8411cbcda6c5b28c1b7aaad93aac771d7f831e95121f20487f5741b5fa831
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@@ -8055,11 +8055,11 @@ __metadata:
   linkType: hard
 
 "get-tsconfig@npm:^4.10.0":
-  version: 4.11.0
-  resolution: "get-tsconfig@npm:4.11.0"
+  version: 4.12.0
+  resolution: "get-tsconfig@npm:4.12.0"
   dependencies:
     resolve-pkg-maps: ^1.0.0
-  checksum: 70c789ceaae9a6164e138542b6478fe2ed47bd1725ae26f639f2c678be38e81fafc1472c89c84ad2ae5718632d079ee4a91730fb9a52d517d21b1d1b610c406b
+  checksum: 5a7f9f8f787473bc6cc337c77689d97c52c01e175b12b7d1f9d0d92e632de6f0fc046144009a49996438ae4feef98940867e16a16d67f1d1144e053e20efaac2
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@@ -11715,8 +11715,8 @@ __metadata:
   linkType: hard
 
 "react-native-reanimated@npm:~4.1.0":
-  version: 4.1.2
-  resolution: "react-native-reanimated@npm:4.1.2"
+  version: 4.1.3
+  resolution: "react-native-reanimated@npm:4.1.3"
   dependencies:
     react-native-is-edge-to-edge: ^1.2.1
     semver: 7.7.2
@@ -11725,7 +11725,7 @@ __metadata:
     react: "*"
     react-native: "*"
     react-native-worklets: ">=0.5.0"
-  checksum: 681a7e6266fdc44a8bacc88bcce0e7539d851cd30d1f9e7e0ddfb6fc841053e0612182d592a2989b04168042232e62f1560c9d663ad692ef7cd51150a8726c89
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@@ -12395,7 +12395,7 @@ __metadata:
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-"semver@npm:7.7.2, semver@npm:^7.1.1, semver@npm:^7.1.3, semver@npm:^7.3.5, semver@npm:^7.5.3, semver@npm:^7.5.4, semver@npm:^7.6.0, semver@npm:^7.7.1, semver@npm:^7.7.2":
+"semver@npm:7.7.2, semver@npm:^7.1.1, semver@npm:^7.3.5, semver@npm:^7.5.3, semver@npm:^7.5.4":
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   resolution: "semver@npm:7.7.2"
   bin:
@@ -12413,6 +12413,15 @@ __metadata:
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   linkType: hard
 
+"semver@npm:^7.1.3, semver@npm:^7.6.0, semver@npm:^7.7.1, semver@npm:^7.7.2":
+  version: 7.7.3
+  resolution: "semver@npm:7.7.3"
+  bin:
+    semver: bin/semver.js
+  checksum: f013a3ee4607857bcd3503b6ac1d80165f7f8ea94f5d55e2d3e33df82fce487aa3313b987abf9b39e0793c83c9fc67b76c36c067625141a9f6f704ae0ea18db2
+  languageName: node
+  linkType: hard
+
 "semver@npm:~7.6.3":
   version: 7.6.3
   resolution: "semver@npm:7.6.3"
@@ -13956,11 +13965,11 @@ __metadata:
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 "use-latest-callback@npm:^0.2.1, use-latest-callback@npm:^0.2.4":
-  version: 0.2.5
-  resolution: "use-latest-callback@npm:0.2.5"
+  version: 0.2.6
+  resolution: "use-latest-callback@npm:0.2.6"
   peerDependencies:
     react: ">=16.8"
-  checksum: 8008a9c6635fa107ea3e84aba53c8f5334ea81bfe25a6866d76294045f53a34f9ad81ea7e2db595ceb1acf75064050b9cb7e800adee02e8a833b2f17ccdef88e
+  checksum: 67a245bf91b23ef0d2d2c8a52845da62e006867bd9d93a99ca4d2f859101fcd54c7afd4f5a3b8bb5d24283f516e7e41bd8226250ee39affc33bd1cfd622a5cfb
   languageName: node
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