diff --git a/.github/workflows/swift.yml b/.github/workflows/swift.yml
index 7acd8a4f..bd243a65 100644
--- a/.github/workflows/swift.yml
+++ b/.github/workflows/swift.yml
@@ -17,7 +17,7 @@ on:
         description: release
 
 env:
-  VERSION: 5.3.0
+  VERSION: 5.4.0
 
 jobs:
 
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 477d4058..aa5749fb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,23 @@
 # Optimizely Swift SDK Changelog
 
+## 5.4.0
+June 22, 2026
+
+### New Features
+
+**Local Holdouts**: Added support for Local Holdouts, enabling holdout experiments 
+to be scoped to specific feature flags rather than applied globally. 
+Local Holdouts let you measure the true incremental impact of individual features 
+by holding out a subset of users from specific rollouts while still serving them other experiences. 
+See [Holdouts docs](https://support.optimizely.com/hc/en-us/articles/38941939408269-Global-holdouts) for more information.
+
+- Add localHoldouts to datafile for backward compatibility ([#638](https://github.com/optimizely/swift-sdk/pull/638))
+- Revert local holdout feature gate logic ([#637](https://github.com/optimizely/swift-sdk/pull/637))
+
+### Functionality Enhancement
+
+- Block ODP identify event for single identifier ([#636](https://github.com/optimizely/swift-sdk/pull/636))
+
 ## 5.3.0
 May 4, 2026
 
diff --git a/README.md b/README.md
index 6bdcd0be..08862bf2 100644
--- a/README.md
+++ b/README.md
@@ -39,7 +39,7 @@ If you have a name conflict with other swift packages when you add the Optimizel
 #### CocoaPods 
 1. Add the following lines to the _Podfile_:<pre>
 ```use_frameworks!```
-```pod 'OptimizelySwiftSDK', '~> 5.3.0'```
+```pod 'OptimizelySwiftSDK', '~> 5.4.0'```
 </pre>
 
 2. Run the following command: <pre>``` pod install ```</pre>