diff --git a/CHANGELOG.md b/CHANGELOG.md
index e3d193abaa6..1211ba37c2e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,15 +2,30 @@
 
 ## Unreleased
 
-## 🛑 Breaking changes 🛑
-- Removed `configauth.HTTPClientAuthenticator` and `configauth.GRPCClientAuthenticator` in favor of `configauth.ClientAuthenticator` (#4255)
+## v0.38.0 Beta
 
 ## 🛑 Breaking changes 🛑
 
-- Rename `parserprovider.MapProvider` as `config.MapProvider` (#4178)
-- Rename `parserprovider.Watchable` as `config.WatchableMapProvider` (#4178)
-- Remove deprecated no-op flags to setup Collector's logging "--log-level", "--log-profile", "--log-format" (#4213)
-- Move `cmd/pdatagen` as internal package `model/internal/cmd/pdatagen` (#4243) 
+- Removed `configauth.HTTPClientAuthenticator` and `configauth.GRPCClientAuthenticator` in favor of `configauth.ClientAuthenticator`. (#4255)
+- Rename `parserprovider.MapProvider` as `config.MapProvider`. (#4178)
+- Rename `parserprovider.Watchable` as `config.WatchableMapProvider`. (#4178)
+- Remove deprecated no-op flags to setup Collector's logging "--log-level", "--log-profile", "--log-format". (#4213)
+- Move `cmd/pdatagen` as internal package `model/internal/cmd/pdatagen`. (#4243)
+- Use directly the ComponentID in configauth. (#4238)
+- Refactor configauth, getters use the map instead of iteration. (#4234)
+- Change scraperhelper to follow the recommended append model for pdata. (#4202)
+
+## 💡 Enhancements 💡
+
+- Update proto to 0.11.0. (#4209)
+- Change pdata to use the newly added [Traces|Metrics|Logs]Data. (#4214)
+- Add ExponentialHistogram field to pdata. (#4219)
+- Make sure otlphttp exporter tests include TraceID and SpanID. (#4268)
+- Use multimod tool in release process. (#4229)
+- Change queue metrics to use opencensus metrics instead of stats, close to otel-go. (#4220)
+- Make receiver data delivery guarantees explicit (#4262)
+- Simplify unmarshal logic by adding more supported hooks. (#4237)
+- Add unmarshaler for otlpgrpc.[*]Request and otlpgrp.[*]Response (#4215)
 
 ## v0.37.0 Beta
 
diff --git a/go.mod b/go.mod
index 599f1647c22..1cc52315318 100644
--- a/go.mod
+++ b/go.mod
@@ -18,7 +18,7 @@ require (
 	github.com/spf13/cobra v1.2.1
 	github.com/stretchr/testify v1.7.0
 	go.opencensus.io v0.23.0
-	go.opentelemetry.io/collector/model v0.37.0
+	go.opentelemetry.io/collector/model v0.38.0
 	go.opentelemetry.io/contrib/instrumentation/google.golang.org/grpc/otelgrpc v0.25.0
 	go.opentelemetry.io/contrib/instrumentation/net/http/otelhttp v0.25.0
 	go.opentelemetry.io/contrib/zpages v0.25.0
diff --git a/versions.yaml b/versions.yaml
index f6e64fb5e0c..f6d6298764d 100644
--- a/versions.yaml
+++ b/versions.yaml
@@ -14,7 +14,7 @@
 
 module-sets:
   collector-base:
-    version: v0.37.0
+    version: v0.38.0
     modules:
       - go.opentelemetry.io/collector
       - go.opentelemetry.io/collector/model