diff --git a/pyproject.toml b/pyproject.toml
index 8862e17f4..99d35cd51 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "sentence-transformers"
-version = "3.1.0.dev0"
+version = "3.2.0.dev0"
 description = "Multilingual text embeddings"
 license = { file = "LICENSE" }
 readme = "README.md"
diff --git a/sentence_transformers/__init__.py b/sentence_transformers/__init__.py
index 79a390ca4..1d6c5f0f5 100644
--- a/sentence_transformers/__init__.py
+++ b/sentence_transformers/__init__.py
@@ -1,6 +1,6 @@
 from __future__ import annotations
 
-__version__ = "3.1.0.dev0"
+__version__ = "3.2.0.dev0"
 __MODEL_HUB_ORGANIZATION__ = "sentence-transformers"
 
 import importlib