diff --git a/.github/workflows/ruby.yml b/.github/workflows/ruby.yml
index ceac3d2..8ea81b6 100644
--- a/.github/workflows/ruby.yml
+++ b/.github/workflows/ruby.yml
@@ -16,8 +16,7 @@ jobs:
           ruby-version: ${{ matrix.ruby }}
       - name: Build and test with Rake
         run: |
-          gem install bundler -v 2.4.22
-          gem install undercover --no-doc
+          gem install bundler undercover --no-doc
           bundle install --jobs 4 --retry 3
           bundle exec rake
       - name: undercover (local)
diff --git a/.tool-versions b/.tool-versions
new file mode 100644
index 0000000..3294aed
--- /dev/null
+++ b/.tool-versions
@@ -0,0 +1 @@
+ruby 3.3.0
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5c53e75..4cf1b27 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,7 +6,12 @@ and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.
 
 ## [Unreleased]
 
-# [0.4.7] - 2022-07-28
+# [0.5.0] - 2024-01-09
+### Changed
+- Drop ruby 2.x support, require ruby 3.x in gemspec
+- Dev dependency updates
+
+# [0.4.7] - 2024-01-08
 ### Fixed
 - [Update of one-line block is ignored](https://github.com/grodowski/undercover/pull/207) by [@lizhangyuh](https://github.com/lizhangyuh)
 
@@ -123,7 +128,8 @@ and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.
 ### Added
 - First release of `undercover` 🎉
 
-[Unreleased]: https://github.com/grodowski/undercover/compare/v0.4.7...HEAD
+[Unreleased]: https://github.com/grodowski/undercover/compare/v0.5.0...HEAD
+[0.5.0]: https://github.com/grodowski/undercover/compare/v0.4.7...v0.5.0
 [0.4.7]: https://github.com/grodowski/undercover/compare/v0.4.6...v0.4.7
 [0.4.6]: https://github.com/grodowski/undercover/compare/v0.4.5...v0.4.6
 [0.4.5]: https://github.com/grodowski/undercover/compare/v0.4.4...v0.4.5
diff --git a/Gemfile b/Gemfile
index b710dce..e60926e 100644
--- a/Gemfile
+++ b/Gemfile
@@ -4,6 +4,7 @@ source 'https://rubygems.org'
 
 gemspec
 
+gem 'base64'
 gem 'bundler'
 gem 'pry'
 gem 'rake', '~> 13.0'
diff --git a/lib/undercover/version.rb b/lib/undercover/version.rb
index 5873703..9a7e333 100644
--- a/lib/undercover/version.rb
+++ b/lib/undercover/version.rb
@@ -1,5 +1,5 @@
 # frozen_string_literal: true
 
 module Undercover
-  VERSION = '0.4.7'
+  VERSION = '0.5.0'
 end