diff --git a/.github/workflows/daily-scan.yml b/.github/workflows/daily-scan.yml
index 27b62344..f2fd3dd8 100644
--- a/.github/workflows/daily-scan.yml
+++ b/.github/workflows/daily-scan.yml
@@ -73,7 +73,7 @@ jobs:
         id: high_scan
         uses: ./.github/actions/image_scan
         with:
-          image-ref: "public.ecr.aws/aws-observability/adot-autoinstrumentation-node:v0.4.0"
+          image-ref: "public.ecr.aws/aws-observability/adot-autoinstrumentation-node:v0.5.0"
           severity: 'CRITICAL,HIGH'
 
       # TODO: Update image to public once available
@@ -82,7 +82,7 @@ jobs:
         id: low_scan
         uses: ./.github/actions/image_scan
         with:
-          image-ref: "public.ecr.aws/aws-observability/adot-autoinstrumentation-node:v0.4.0"
+          image-ref: "public.ecr.aws/aws-observability/adot-autoinstrumentation-node:v0.5.0"
           severity: 'MEDIUM,LOW,UNKNOWN'
 
       - name: Configure AWS Credentials for emitting metrics
diff --git a/aws-distro-opentelemetry-node-autoinstrumentation/package.json b/aws-distro-opentelemetry-node-autoinstrumentation/package.json
index 78412fa2..63159fc1 100644
--- a/aws-distro-opentelemetry-node-autoinstrumentation/package.json
+++ b/aws-distro-opentelemetry-node-autoinstrumentation/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@aws/aws-distro-opentelemetry-node-autoinstrumentation",
-  "version": "0.4.0-dev0",
+  "version": "0.5.0-dev0",
   "description": "This package provides Amazon Web Services distribution of the OpenTelemetry Node Instrumentation, which allows for auto-instrumentation of NodeJS applications.",
   "author": {
     "name": "Amazon Web Services",
diff --git a/docker-utils/package.json b/docker-utils/package.json
index 716bff35..806f11c3 100644
--- a/docker-utils/package.json
+++ b/docker-utils/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@aws/aws-distro-opentelemetry-node-autoinstrumentation",
-  "version": "0.4.0-dev0",
+  "version": "0.5.0-dev0",
   "private": true,
   "scripts": {
     "clean": "rimraf build/*",
diff --git a/lambda-layer/packages/layer/package.json b/lambda-layer/packages/layer/package.json
index cd729c66..8b4e5bef 100644
--- a/lambda-layer/packages/layer/package.json
+++ b/lambda-layer/packages/layer/package.json
@@ -33,6 +33,6 @@
     "instrumentation"
   ],
   "dependencies": {
-    "@aws/aws-distro-opentelemetry-node-autoinstrumentation": "file:../../../aws-distro-opentelemetry-node-autoinstrumentation/aws-aws-distro-opentelemetry-node-autoinstrumentation-0.4.0-dev0.tgz"
+    "@aws/aws-distro-opentelemetry-node-autoinstrumentation": "file:../../../aws-distro-opentelemetry-node-autoinstrumentation/aws-aws-distro-opentelemetry-node-autoinstrumentation-0.5.0-dev0.tgz"
   }
 }
diff --git a/package-lock.json b/package-lock.json
index 7d8f8015..941386f0 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
   "name": "aws-otel-js-instrumentation",
-  "version": "0.4.0-dev0",
+  "version": "0.5.0-dev0",
   "lockfileVersion": 3,
   "requires": true,
   "packages": {
     "": {
       "name": "aws-otel-js-instrumentation",
-      "version": "0.4.0-dev0",
+      "version": "0.5.0-dev0",
       "license": "Apache-2.0",
       "workspaces": [
         "aws-distro-opentelemetry-node-autoinstrumentation/"
@@ -34,7 +34,7 @@
     },
     "aws-distro-opentelemetry-node-autoinstrumentation": {
       "name": "@aws/aws-distro-opentelemetry-node-autoinstrumentation",
-      "version": "0.4.0-dev0",
+      "version": "0.5.0-dev0",
       "license": "Apache-2.0",
       "dependencies": {
         "@opentelemetry/api": "1.9.0",
diff --git a/package.json b/package.json
index 627ffb2e..5ba1ff43 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "aws-otel-js-instrumentation",
-  "version": "0.4.0-dev0",
+  "version": "0.5.0-dev0",
   "description": "This is a repository for AWS Distro of OpenTelemetry JavaScript SDK.",
   "repository": {
     "type": "git",