diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8a1eaff..f2134fc 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## 2024-06-11
+### Added
+- Updated default [`version`](https://github.com/overleaf/toolkit/blob/master/lib/config-seed/version) to `5.0.5`.
+  :warning: This is a security release. Please check the [release notes](https://github.com/overleaf/overleaf/wiki/Release-Notes-5.x.x#server-pro-505) for details.
+
+  Note: Server Pro version 4.2.5 contains the equivalent security update for the 4.x.x release line.
+
 ## 2024-05-27
 ### Added
 - Pull TeX Live images from `bin/up`
diff --git a/lib/config-seed/version b/lib/config-seed/version
index 2d6c0bc..ab0fa33 100644
--- a/lib/config-seed/version
+++ b/lib/config-seed/version
@@ -1 +1 @@
-5.0.4
+5.0.5