diff --git a/CHANGELOG.md b/CHANGELOG.md
index aff20cb2eb..5151296590 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -56,14 +56,7 @@ and provided directly the IAVL store.
 
 ### Bug Fixes
 
-* (x/gov) [\#5622](https://github.com/cosmos/cosmos-sdk/pull/5622) Track any events emitted from a proposal's handler upon successful execution.
-* (types) [\#5579](https://github.com/cosmos/cosmos-sdk/pull/5579) The IAVL `Store#Commit` method has been refactored to
-delete a flushed version if it is not a snapshot version. The root multi-store now keeps track of `commitInfo` instead
-of `types.CommitID`. During `Commit` of the root multi-store, `lastCommitInfo` is updated from the saved state
-and is only flushed to disk if it is a snapshot version. During `Query` of the root multi-store, if the request height
-is the latest height, we'll use the store's `lastCommitInfo`. Otherwise, we fetch `commitInfo` from disk.
-* (x/bank) [\#5531](https://github.com/cosmos/cosmos-sdk/issues/5531) Added missing amount event to MsgMultiSend, emitted for each output.
-* (client) [\#5618](https://github.com/cosmos/cosmos-sdk/pull/5618) Fix crash on the client when the verifier is not set. 
+* (client) [\#5618](https://github.com/cosmos/cosmos-sdk/pull/5618) Fix crash on the client when the verifier is not set.
 * (x/distribution) [\#5620](https://github.com/cosmos/cosmos-sdk/pull/5620) Fix nil pointer deref in distribution tax/rewward validation helpers.
 * (genesis) [\#5086](https://github.com/cosmos/cosmos-sdk/issues/5086) Ensure `gentxs` are always an empty array instead of `nil`
 
@@ -95,9 +88,6 @@ for JSON encoding.
 
 ### Improvements
 
-* (modules) [\#5597](https://github.com/cosmos/cosmos-sdk/pull/5597) Add `amount` event attribute to the `complete_unbonding`
-and `complete_redelegation` events that reflect the total balances of the completed unbondings and redelegations
-respectively.
 * (types) [\#5581](https://github.com/cosmos/cosmos-sdk/pull/5581) Add convenience functions {,Must}Bech32ifyAddressBytes.
 * (staking) [\#5584](https://github.com/cosmos/cosmos-sdk/pull/5584) Add util function `ToTmValidator` that converts a `staking.Validator` type to `*tmtypes.Validator`.
 * (client) [\#5585](https://github.com/cosmos/cosmos-sdk/pull/5585) IBC additions:
@@ -107,6 +97,24 @@ respectively.
   * `Coin` denomination max lenght has been increased to 32.
   * Added `CapabilityKey` alias for `StoreKey` to match IBC spec.
 
+## [v0.38.1] - 2020-02-11
+
+### Improvements
+
+* (modules) [\#5597](https://github.com/cosmos/cosmos-sdk/pull/5597) Add `amount` event attribute to the `complete_unbonding`
+and `complete_redelegation` events that reflect the total balances of the completed unbondings and redelegations
+respectively.
+
+### Bug Fixes
+
+* (types) [\#5579](https://github.com/cosmos/cosmos-sdk/pull/5579) The IAVL `Store#Commit` method has been refactored to
+delete a flushed version if it is not a snapshot version. The root multi-store now keeps track of `commitInfo` instead
+of `types.CommitID`. During `Commit` of the root multi-store, `lastCommitInfo` is updated from the saved state
+and is only flushed to disk if it is a snapshot version. During `Query` of the root multi-store, if the request height
+is the latest height, we'll use the store's `lastCommitInfo`. Otherwise, we fetch `commitInfo` from disk.
+* (x/bank) [\#5531](https://github.com/cosmos/cosmos-sdk/issues/5531) Added missing amount event to MsgMultiSend, emitted for each output.
+* (x/gov) [\#5622](https://github.com/cosmos/cosmos-sdk/pull/5622) Track any events emitted from a proposal's handler upon successful execution.
+
 ## [v0.38.0] - 2020-01-23
 
 ### State Machine Breaking
@@ -2945,7 +2953,8 @@ BUG FIXES:
 
 <!-- Release links -->
 
-[Unreleased]: https://github.com/cosmos/cosmos-sdk/compare/v0.38.0...HEAD
+[Unreleased]: https://github.com/cosmos/cosmos-sdk/compare/v0.38.1...HEAD
+[v0.38.1]: https://github.com/cosmos/cosmos-sdk/releases/tag/v0.38.1
 [v0.38.0]: https://github.com/cosmos/cosmos-sdk/releases/tag/v0.38.0
 [v0.37.7]: https://github.com/cosmos/cosmos-sdk/releases/tag/v0.37.7
 [v0.37.6]: https://github.com/cosmos/cosmos-sdk/releases/tag/v0.37.6