diff --git a/RELEASE.md b/RELEASE.md
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+## 0.40.1 - 2023-06-02
+
+### Features
+
+- Membership tests between records and type-defining sets in `TypeOk` operators are now simplified to `TRUE`. This uses static type information to reduce the costs of verifying specs containing checks of the form  `TypeOk == rec \in [name_1: S1, ..., name_n: Sn]`. (See #723)
+
+### Bug fixes
+
+- Quint `run` declarations are now ignored, allow verification of quint specs including those definitions. (See #2572)
diff --git a/VERSION b/VERSION
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@@ -1 +1 @@
-0.40.1-SNAPSHOT
+0.40.1