diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8d0f0d7fd..ddf82c669 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,20 @@
 # Changelog
 
+## [2.32.0](https://github.com/googleapis/java-spanner-jdbc/compare/v2.31.3...v2.32.0) (2025-07-31)
+
+
+### Features
+
+* A single multiplexed session is used for all operations ([#2162](https://github.com/googleapis/java-spanner-jdbc/issues/2162)) ([21438cc](https://github.com/googleapis/java-spanner-jdbc/commit/21438cc88b9b5f5cb196c2a0e1c233a7ecb07b62))
+
+
+### Dependencies
+
+* Update dependency com.google.api.grpc:proto-google-cloud-trace-v1 to v2.70.0 ([#2157](https://github.com/googleapis/java-spanner-jdbc/issues/2157)) ([9679471](https://github.com/googleapis/java-spanner-jdbc/commit/9679471e9e97b1770fc41b39a0050b8f77542588))
+* Update dependency com.google.cloud:google-cloud-spanner to v6.98.0 ([#2160](https://github.com/googleapis/java-spanner-jdbc/issues/2160)) ([5893055](https://github.com/googleapis/java-spanner-jdbc/commit/589305520aa5474f36954018a72b561a6e0d8189))
+* Update dependency com.google.cloud:google-cloud-spanner-bom to v6.98.0 ([#2161](https://github.com/googleapis/java-spanner-jdbc/issues/2161)) ([b5345b1](https://github.com/googleapis/java-spanner-jdbc/commit/b5345b18506c1437c3a23e4aa3b7eb54db519e74))
+* Update dependency com.google.cloud:google-cloud-trace to v2.70.0 ([#2158](https://github.com/googleapis/java-spanner-jdbc/issues/2158)) ([d0caeb9](https://github.com/googleapis/java-spanner-jdbc/commit/d0caeb9ddb586fc44405ec1c7c4790ad82cd20cb))
+
 ## [2.31.3](https://github.com/googleapis/java-spanner-jdbc/compare/v2.31.2...v2.31.3) (2025-07-28)
 
 
diff --git a/README.md b/README.md
index a0626b3dd..a77143046 100644
--- a/README.md
+++ b/README.md
@@ -20,7 +20,7 @@ If you are using Maven, add this to your pom.xml file:
 <dependency>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-spanner-jdbc</artifactId>
-  <version>2.31.3</version>
+  <version>2.32.0</version>
 </dependency>
 ```
 <!--- {x-version-update-end} -->
@@ -30,7 +30,7 @@ If you are using Gradle without BOM, add this to your dependencies
 
 <!--- {x-version-update-start:google-cloud-spanner-jdbc:released} -->
 ```Groovy
-implementation 'com.google.cloud:google-cloud-spanner-jdbc:2.31.3'
+implementation 'com.google.cloud:google-cloud-spanner-jdbc:2.32.0'
 ```
 <!--- {x-version-update-end} -->
 
@@ -38,7 +38,7 @@ If you are using SBT, add this to your dependencies
 
 <!--- {x-version-update-start:google-cloud-spanner-jdbc:released} -->
 ```Scala
-libraryDependencies += "com.google.cloud" % "google-cloud-spanner-jdbc" % "2.31.3"
+libraryDependencies += "com.google.cloud" % "google-cloud-spanner-jdbc" % "2.32.0"
 ```
 <!--- {x-version-update-end} -->
 
diff --git a/pom.xml b/pom.xml
index f5452ee56..a4c092193 100644
--- a/pom.xml
+++ b/pom.xml
@@ -4,7 +4,7 @@
   xsi:schemaLocation="http://maven.apache.org/POM/4.0.0 http://maven.apache.org/xsd/maven-4.0.0.xsd">
   <modelVersion>4.0.0</modelVersion>
   <artifactId>google-cloud-spanner-jdbc</artifactId>
-  <version>2.31.4-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner-jdbc:current} -->
+  <version>2.32.0</version><!-- {x-version-update:google-cloud-spanner-jdbc:current} -->
   <packaging>jar</packaging>
   <name>Google Cloud Spanner JDBC</name>
   <url>https://github.com/googleapis/java-spanner-jdbc</url>
diff --git a/samples/snapshot/pom.xml b/samples/snapshot/pom.xml
index 6c9f65418..33a51ca43 100644
--- a/samples/snapshot/pom.xml
+++ b/samples/snapshot/pom.xml
@@ -29,7 +29,7 @@
     <dependency>
       <groupId>com.google.cloud</groupId>
       <artifactId>google-cloud-spanner-jdbc</artifactId>
-      <version>2.31.4-SNAPSHOT</version>
+      <version>2.32.0</version>
     </dependency>
     <!-- {x-version-update-end} -->
 
diff --git a/versions.txt b/versions.txt
index 4a4e2772b..b516d7af0 100644
--- a/versions.txt
+++ b/versions.txt
@@ -1,4 +1,4 @@
 # Format:
 # module:released-version:current-version
 
-google-cloud-spanner-jdbc:2.31.3:2.31.4-SNAPSHOT
+google-cloud-spanner-jdbc:2.32.0:2.32.0