diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index e653c17247e5..529c8f1e0416 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -841,7 +841,7 @@
   "google-cloud-tpu+FILLER": "0.0.0",
   "google-cloud-tpu-v1": "1.5.1",
   "google-cloud-tpu-v1+FILLER": "0.0.0",
-  "google-cloud-trace": "0.45.0",
+  "google-cloud-trace": "0.46.0",
   "google-cloud-trace+FILLER": "0.0.0",
   "google-cloud-trace-v1": "1.5.1",
   "google-cloud-trace-v1+FILLER": "0.0.0",
diff --git a/google-cloud-trace/CHANGELOG.md b/google-cloud-trace/CHANGELOG.md
index 254d7fdffbdd..55d3a803537b 100644
--- a/google-cloud-trace/CHANGELOG.md
+++ b/google-cloud-trace/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Release History
 
+### 0.46.0 (2026-03-31)
+
+#### Features
+
+* Update minimum Ruby to v3.2 and required dependencies for Ruby v4.0 ([#32849](https://github.com/googleapis/google-cloud-ruby/issues/32849)) 
+* Update minimum Ruby to v3.2 and required dependencies for Ruby v4.0 ([#32851](https://github.com/googleapis/google-cloud-ruby/issues/32851)) 
+* Update minimum Ruby to v3.2 and required dependencies for Ruby v4.0 ([#32853](https://github.com/googleapis/google-cloud-ruby/issues/32853)) 
+* Update minimum Ruby to v3.2 and required dependencies for Ruby v4.0 ([#32854](https://github.com/googleapis/google-cloud-ruby/issues/32854)) 
+* Update minimum Ruby to v3.2 and required dependencies for Ruby v4.0 ([#32855](https://github.com/googleapis/google-cloud-ruby/issues/32855)) 
+
 ### 0.45.0 (2025-03-04)
 
 #### Features
diff --git a/google-cloud-trace/lib/google/cloud/trace/version.rb b/google-cloud-trace/lib/google/cloud/trace/version.rb
index 0141ce5a115f..0dcc20d84f6e 100644
--- a/google-cloud-trace/lib/google/cloud/trace/version.rb
+++ b/google-cloud-trace/lib/google/cloud/trace/version.rb
@@ -16,7 +16,7 @@
 module Google
   module Cloud
     module Trace
-      VERSION = "0.45.0".freeze
+      VERSION = "0.46.0".freeze
     end
   end
 end