diff --git a/.github/workflows/ci.yml b/.github/workflows/ci.yml
index d543fdc..13642f6 100644
--- a/.github/workflows/ci.yml
+++ b/.github/workflows/ci.yml
@@ -73,7 +73,7 @@ jobs:
           cargo hack --remove-dev-deps --workspace
           # Update Cargo.lock to minimal version dependencies.
           cargo update -Z minimal-versions
-          cargo update -p itertools # 0.10 is broken
+          cargo update -p itertools@0.10 # 0.10 is broken
           cargo hack check --all-features --ignore-private
       - name: Check minimal versions with unstable features
         env:
@@ -84,7 +84,7 @@ jobs:
           cargo hack --remove-dev-deps --workspace
           # Update Cargo.lock to minimal version dependencies.
           cargo update -Z minimal-versions
-          cargo update -p itertools # 0.10 is broken
+          cargo update -p itertools@0.10 # 0.10 is broken
           cargo hack check --all-features --ignore-private
 
   deny:
diff --git a/Cargo.toml b/Cargo.toml
index 60034b4..aa0a004 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -8,7 +8,7 @@ members = [
 resolver = "2"
 
 [workspace.package]
-version = "5.3.0"
+version = "5.4.0"
 repository = "https://github.com/cloudflare/foundations"
 edition = "2021"
 authors = ["Cloudflare"]
@@ -37,8 +37,8 @@ check-cfg = [
 
 [workspace.dependencies]
 anyhow = "1.0.75"
-foundations = { version = "5.3.0", path = "./foundations" }
-foundations-macros = { version = "=5.3.0", path = "./foundations-macros", default-features = false }
+foundations = { version = "5.4.0", path = "./foundations" }
+foundations-macros = { version = "=5.4.0", path = "./foundations-macros", default-features = false }
 bindgen = { version = "0.72", default-features = false }
 cc = "1.0"
 cf-rustracing = "1.2.1"
diff --git a/RELEASE_NOTES.md b/RELEASE_NOTES.md
index 3ab3631..47ea9bb 100644
--- a/RELEASE_NOTES.md
+++ b/RELEASE_NOTES.md
@@ -1,5 +1,15 @@
 
+5.4.0
+- 2025-12-01 Fix minimal-versions check
+- 2025-11-25 Add #[with_removal] attribute to #[metrics] macro
+- 2025-11-25 Reduce nesting in metrics proc-macro functions
+- 2025-11-24 Configure unexpected_cfgs rustc lint explicitly
+- 2025-11-27 Remove globally-shared INACTIVE_SPAN RwLock
+- 2025-11-26 Remove internal once_cell usages
+- 2025-11-26 Improve performance of log/tracing harness access
+
 5.3.0
+- 2025-11-07 Release 5.3.0
 - 2025-11-06 Add `unprefixed` flag to `#[metrics]` macro
 - 2025-11-07 Fix new instance of `clippy::derivable_impls`