diff --git a/CHANGELOG.md b/CHANGELOG.md
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,13 @@
 
 ## Unreleased
 
+## 0.2.0.1 - 2026-07-20
+
+### Changed
+
+- Upgraded the `baikai` dependency to the `0.4` series (`>=0.4 && <0.5`).
+  Dependency bounds only — no changes to the exported API.
+
 ## 0.2.0.0 - 2026-07-05
 
 ### Added
diff --git a/shikumi-trace.cabal b/shikumi-trace.cabal
--- a/shikumi-trace.cabal
+++ b/shikumi-trace.cabal
@@ -1,6 +1,6 @@
 cabal-version:   3.4
 name:            shikumi-trace
-version:         0.2.0.0
+version:         0.2.0.1
 synopsis:
   Hierarchical tracing, observability, and deterministic replay for shikumi (EP-7)
 
@@ -51,7 +51,7 @@
 
   build-depends:
     , aeson
-    , baikai         >=0.3      && <0.4
+    , baikai         >=0.4      && <0.5
     , base           >=4.20     && <5
     , bytestring
     , containers
@@ -84,7 +84,7 @@
   other-modules:  TraceFixtures
   build-depends:
     , aeson
-    , baikai            >=0.3      && <0.4
+    , baikai            >=0.4      && <0.5
     , base
     , bytestring
     , containers