diff --git a/Cargo.lock b/Cargo.lock
index 671b05ce61c..a48e6570cb1 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2521,7 +2521,7 @@ checksum = "9c198f91728a82281a64e1f4f9eeb25d82cb32a5de251c6bd1b5154d63a8e7bd"
 
 [[package]]
 name = "libp2p"
-version = "0.53.2"
+version = "0.54.0"
 dependencies = [
  "async-std",
  "async-trait",
@@ -2819,7 +2819,7 @@ dependencies = [
 
 [[package]]
 name = "libp2p-kad"
-version = "0.45.4"
+version = "0.46.0"
 dependencies = [
  "arrayvec",
  "async-std",
diff --git a/Cargo.toml b/Cargo.toml
index ce33cec2ba0..d0234747e06 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -73,7 +73,7 @@ rust-version = "1.73.0"
 [workspace.dependencies]
 asynchronous-codec = { version = "0.7.0" }
 futures-bounded = { version = "0.2.3" }
-libp2p = { version = "0.53.2", path = "libp2p" }
+libp2p = { version = "0.54.0", path = "libp2p" }
 libp2p-allow-block-list = { version = "0.3.0", path = "misc/allow-block-list" }
 libp2p-autonat = { version = "0.12.0", path = "protocols/autonat" }
 libp2p-connection-limits = { version = "0.3.1", path = "misc/connection-limits" }
@@ -84,7 +84,7 @@ libp2p-floodsub = { version = "0.44.0", path = "protocols/floodsub" }
 libp2p-gossipsub = { version = "0.46.1", path = "protocols/gossipsub" }
 libp2p-identify = { version = "0.44.2", path = "protocols/identify" }
 libp2p-identity = { version = "0.2.8" }
-libp2p-kad = { version = "0.45.4", path = "protocols/kad" }
+libp2p-kad = { version = "0.46.0", path = "protocols/kad" }
 libp2p-mdns = { version = "0.45.1", path = "protocols/mdns" }
 libp2p-memory-connection-limits = { version = "0.2.0", path = "misc/memory-connection-limits" }
 libp2p-metrics = { version = "0.14.1", path = "misc/metrics" }
diff --git a/libp2p/CHANGELOG.md b/libp2p/CHANGELOG.md
index 80b32c35643..afb7f7444f8 100644
--- a/libp2p/CHANGELOG.md
+++ b/libp2p/CHANGELOG.md
@@ -1,3 +1,9 @@
+## 0.54.0 -- unreleased
+
+- Update individual crates.
+    - Update to [`libp2p-kad` `v0.46.0`](protocols/kad/CHANGELOG.md#0460).
+
+
 ## 0.53.2
 
 - Allow `SwarmBuilder::with_bandwidth_metrics` after `SwarmBuilder::with_websocket`.
diff --git a/libp2p/Cargo.toml b/libp2p/Cargo.toml
index 9dc9667be10..fcec353e3f6 100644
--- a/libp2p/Cargo.toml
+++ b/libp2p/Cargo.toml
@@ -3,7 +3,7 @@ name = "libp2p"
 edition = "2021"
 rust-version = { workspace = true }
 description = "Peer-to-peer networking library"
-version = "0.53.2"
+version = "0.54.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 license = "MIT"
 repository = "https://github.com/libp2p/rust-libp2p"
diff --git a/protocols/kad/CHANGELOG.md b/protocols/kad/CHANGELOG.md
index 0e781c18916..b97282be62a 100644
--- a/protocols/kad/CHANGELOG.md
+++ b/protocols/kad/CHANGELOG.md
@@ -1,3 +1,8 @@
+## 0.46.0 -- unreleased
+
+- Changed `FIND_NODE` response: now includes a list of closest peers when querying the recipient peer ID. Previously, this request yielded an empty response.
+  See [PR 5270](https://github.com/libp2p/rust-libp2p/pull/5270)
+
 ## 0.45.4
 
 - Add periodic and automatic bootstrap.
diff --git a/protocols/kad/Cargo.toml b/protocols/kad/Cargo.toml
index ed7f255ccd8..5b46642d1ea 100644
--- a/protocols/kad/Cargo.toml
+++ b/protocols/kad/Cargo.toml
@@ -3,7 +3,7 @@ name = "libp2p-kad"
 edition = "2021"
 rust-version = { workspace = true }
 description = "Kademlia protocol for libp2p"
-version = "0.45.4"
+version = "0.46.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 license = "MIT"
 repository = "https://github.com/libp2p/rust-libp2p"