diff --git a/CHANGELOG.md b/CHANGELOG.md
index 518843dd..b40b2cc1 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,18 @@
 
 All notable changes to this project will be documented in this file. See [standard-version](https://github.com/conventional-changelog/standard-version) for commit guidelines.
 
+### [0.3.5](https://github.com/rhobs/monitoring-stack-operator/commit/) (2024-08-07)
+
+
+### Features
+
+* COO-261: Support tolerations and nodeselector in Monitoringstack ([#540](https://github.com/rhobs/monitoring-stack-operator/issues/540)) ([3f6d6eb](https://github.com/rhobs/monitoring-stack-operator/commit/3f6d6ebc78adc3f6b7be3adc47784b6e838e3b96))
+
+
+### Bug Fixes
+
+* adjust max version semver comparission to avoid excluding valid cluster versions ([#541](https://github.com/rhobs/monitoring-stack-operator/issues/541)) ([daee156](https://github.com/rhobs/monitoring-stack-operator/commit/daee15657d59a34daa178c4c1e1d80a8f34279b2))
+
 ### [0.3.4](https://github.com/rhobs/monitoring-stack-operator/commit/) (2024-07-29)
 
 
diff --git a/VERSION b/VERSION
index 448a0fa1..09e91570 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.3.4
\ No newline at end of file
+0.3.5
\ No newline at end of file
diff --git a/bundle/manifests/observability-operator.clusterserviceversion.yaml b/bundle/manifests/observability-operator.clusterserviceversion.yaml
index 5385474e..8a8462d1 100644
--- a/bundle/manifests/observability-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/observability-operator.clusterserviceversion.yaml
@@ -41,8 +41,8 @@ metadata:
     capabilities: Basic Install
     categories: Monitoring
     certified: "false"
-    containerImage: observability-operator:0.3.4
-    createdAt: "2024-08-06T11:27:09Z"
+    containerImage: observability-operator:0.3.5
+    createdAt: "2024-08-07T10:19:11Z"
     description: A Go based Kubernetes operator to setup and manage highly available
       Monitoring Stack using Prometheus, Alertmanager and Thanos Querier.
     operators.operatorframework.io/builder: operator-sdk-v1.34.1
@@ -53,7 +53,7 @@ metadata:
       ]
     operators.operatorframework.io/project_layout: unknown
     repository: https://github.com/rhobs/observability-operator
-  name: observability-operator.v0.3.4
+  name: observability-operator.v0.3.5
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -804,7 +804,7 @@ spec:
                   valueFrom:
                     fieldRef:
                       fieldPath: metadata.namespace
-                image: observability-operator:0.3.4
+                image: observability-operator:0.3.5
                 imagePullPolicy: Always
                 livenessProbe:
                   httpGet:
@@ -865,7 +865,7 @@ spec:
   maturity: alpha
   provider:
     name: Red Hat
-  version: 0.3.4
+  version: 0.3.5
   webhookdefinitions:
   - admissionReviewVersions:
     - v1
diff --git a/deploy/olm/kustomization.yaml b/deploy/olm/kustomization.yaml
index d86911c1..5c77d193 100644
--- a/deploy/olm/kustomization.yaml
+++ b/deploy/olm/kustomization.yaml
@@ -12,7 +12,7 @@ resources:
 images:
 - name: observability-operator
   newName: observability-operator
-  newTag: 0.3.4
+  newTag: 0.3.5
 
 patches:
 - patch: |-
diff --git a/deploy/package-operator/operator/kustomization.yaml b/deploy/package-operator/operator/kustomization.yaml
index 5e016246..7c220447 100644
--- a/deploy/package-operator/operator/kustomization.yaml
+++ b/deploy/package-operator/operator/kustomization.yaml
@@ -4,7 +4,7 @@ namespace: observability-operator
 images:
 - name: observability-operator
   newName: observability-operator
-  newTag: 0.3.4
+  newTag: 0.3.5
 commonAnnotations:
   package-operator.run/phase: operator
 resources: