diff --git a/gutenberg.php b/gutenberg.php
index 549d2251b17a3f..90b1961840fd19 100644
--- a/gutenberg.php
+++ b/gutenberg.php
@@ -3,7 +3,7 @@
  * Plugin Name: Gutenberg
  * Plugin URI: https://github.com/WordPress/gutenberg
  * Description: Printing since 1440. This is the development plugin for the new block editor in core.
- * Version: 5.3.0
+ * Version: 5.4.0-rc.1
  * Author: Gutenberg Team
  * Text Domain: gutenberg
  *
diff --git a/package-lock.json b/package-lock.json
index 6029431dd88175..40ebb372807de8 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "5.3.0",
+	"version": "5.4.0-rc.1",
 	"lockfileVersion": 1,
 	"requires": true,
 	"dependencies": {
diff --git a/package.json b/package.json
index f63075eaa1525d..0f979954ba2dc0 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "5.3.0",
+	"version": "5.4.0-rc.1",
 	"private": true,
 	"description": "A new WordPress editor experience",
 	"repository": "git+https://github.com/WordPress/gutenberg.git",