diff --git a/package.json b/package.json
index ffd46ce6a4..9176377f11 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/core-monorepo",
-  "version": "370.0.0",
+  "version": "371.0.0",
   "private": true,
   "description": "Monorepo for packages shared between MetaMask clients",
   "repository": {
diff --git a/packages/bridge-controller/CHANGELOG.md b/packages/bridge-controller/CHANGELOG.md
index 219af7230d..6b6e0dac0c 100644
--- a/packages/bridge-controller/CHANGELOG.md
+++ b/packages/bridge-controller/CHANGELOG.md
@@ -7,6 +7,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Changed
+
+- Bump `@metamask/multichain-network-controller` dependency to `^0.5.1` ([#5678](https://github.com/MetaMask/core/pull/5678))
+
 ## [16.0.0]
 
 ### Changed
diff --git a/packages/bridge-controller/package.json b/packages/bridge-controller/package.json
index 483844c9ad..e5b0eb6a20 100644
--- a/packages/bridge-controller/package.json
+++ b/packages/bridge-controller/package.json
@@ -57,7 +57,7 @@
     "@metamask/gas-fee-controller": "^23.0.0",
     "@metamask/keyring-api": "^17.4.0",
     "@metamask/metamask-eth-abis": "^3.1.1",
-    "@metamask/multichain-network-controller": "^0.5.0",
+    "@metamask/multichain-network-controller": "^0.5.1",
     "@metamask/polling-controller": "^13.0.0",
     "@metamask/utils": "^11.2.0",
     "bignumber.js": "^9.1.2",
diff --git a/packages/multichain-network-controller/CHANGELOG.md b/packages/multichain-network-controller/CHANGELOG.md
index 5f3ea771a5..f9d7b8dc39 100644
--- a/packages/multichain-network-controller/CHANGELOG.md
+++ b/packages/multichain-network-controller/CHANGELOG.md
@@ -7,6 +7,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [0.5.1]
+
 ### Changed
 
 - Updated to restrict `getNetworksWithTransactionActivityByAccounts` to EVM networks only while non-EVM network endpoint support is being completed. Full multi-chain support will be restored in the coming weeks ([#5677](https://github.com/MetaMask/core/pull/5677))
@@ -75,7 +77,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
   - Handle both EVM and non-EVM network and account switching for the associated network.
   - Act as a proxy for the `NetworkController` (for EVM network changes).
 
-[Unreleased]: https://github.com/MetaMask/core/compare/@metamask/multichain-network-controller@0.5.0...HEAD
+[Unreleased]: https://github.com/MetaMask/core/compare/@metamask/multichain-network-controller@0.5.1...HEAD
+[0.5.1]: https://github.com/MetaMask/core/compare/@metamask/multichain-network-controller@0.5.0...@metamask/multichain-network-controller@0.5.1
 [0.5.0]: https://github.com/MetaMask/core/compare/@metamask/multichain-network-controller@0.4.0...@metamask/multichain-network-controller@0.5.0
 [0.4.0]: https://github.com/MetaMask/core/compare/@metamask/multichain-network-controller@0.3.0...@metamask/multichain-network-controller@0.4.0
 [0.3.0]: https://github.com/MetaMask/core/compare/@metamask/multichain-network-controller@0.2.0...@metamask/multichain-network-controller@0.3.0
diff --git a/packages/multichain-network-controller/package.json b/packages/multichain-network-controller/package.json
index b17e75c3a2..d6a0e0dfb0 100644
--- a/packages/multichain-network-controller/package.json
+++ b/packages/multichain-network-controller/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/multichain-network-controller",
-  "version": "0.5.0",
+  "version": "0.5.1",
   "description": "Multichain network controller",
   "keywords": [
     "MetaMask",
diff --git a/yarn.lock b/yarn.lock
index def6edd2d6..767928188d 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2707,7 +2707,7 @@ __metadata:
     "@metamask/gas-fee-controller": "npm:^23.0.0"
     "@metamask/keyring-api": "npm:^17.4.0"
     "@metamask/metamask-eth-abis": "npm:^3.1.1"
-    "@metamask/multichain-network-controller": "npm:^0.5.0"
+    "@metamask/multichain-network-controller": "npm:^0.5.1"
     "@metamask/network-controller": "npm:^23.2.0"
     "@metamask/polling-controller": "npm:^13.0.0"
     "@metamask/snaps-controllers": "npm:^11.2.1"
@@ -3691,7 +3691,7 @@ __metadata:
   languageName: unknown
   linkType: soft
 
-"@metamask/multichain-network-controller@npm:^0.5.0, @metamask/multichain-network-controller@workspace:packages/multichain-network-controller":
+"@metamask/multichain-network-controller@npm:^0.5.1, @metamask/multichain-network-controller@workspace:packages/multichain-network-controller":
   version: 0.0.0-use.local
   resolution: "@metamask/multichain-network-controller@workspace:packages/multichain-network-controller"
   dependencies: