diff --git a/Cargo.lock b/Cargo.lock
index 4621533055..5bf4ea26af 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1718,7 +1718,7 @@ dependencies = [
 
 [[package]]
 name = "iota-sdk-python"
-version = "1.0.0"
+version = "1.0.1"
 dependencies = [
  "futures",
  "iota-sdk-bindings-core",
diff --git a/bindings/python/CHANGELOG.md b/bindings/python/CHANGELOG.md
index 94d0db27e7..d121c23629 100644
--- a/bindings/python/CHANGELOG.md
+++ b/bindings/python/CHANGELOG.md
@@ -19,11 +19,12 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Security -->
 
-## 1.0.1 - 2023-MM-DD
+## 1.0.1 - 2023-08-23
 
 ### Fixed
 
 - Ledger Nano events properly created when preparing transactions;
+- `Account::prepare_output()` when `ReturnStrategy.Gift` is used;
 
 ## 1.0.0 - 2023-07-24
 
diff --git a/bindings/python/Cargo.toml b/bindings/python/Cargo.toml
index 4bf9f9754f..073194d2a3 100644
--- a/bindings/python/Cargo.toml
+++ b/bindings/python/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "iota-sdk-python"
-version = "1.0.0"
+version = "1.0.1"
 authors = ["IOTA Stiftung"]
 edition = "2021"
 description = "Python bindings for the IOTA SDK library"
diff --git a/bindings/python/setup.py b/bindings/python/setup.py
index 760a6ea211..69b32c3702 100644
--- a/bindings/python/setup.py
+++ b/bindings/python/setup.py
@@ -22,7 +22,7 @@ def get_py_version_cfgs():
 
 setup(
     name="iota_sdk",
-    version="1.0.0",
+    version="1.0.1",
     classifiers=[
         "License :: SPDX-License-Identifier ::  Apache-2.0",
         "Intended Audience :: Developers",