diff --git a/CMakeLists.txt b/CMakeLists.txt
index 2bdc6b63b..f78eb6fa0 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -80,8 +80,8 @@ set(TR_NAME ${PROJECT_NAME})
 set(TR_VERSION_MAJOR "4")
 set(TR_VERSION_MINOR "0")
 set(TR_VERSION_PATCH "0")
-set(TR_VERSION_BETA_NUMBER "2") # empty string for not beta
-set(TR_VERSION_DEV TRUE)
+set(TR_VERSION_BETA_NUMBER "3") # empty string for not beta
+set(TR_VERSION_DEV FALSE)
 
 # derived from above: release type
 if(TR_VERSION_DEV)
diff --git a/news/news-4.0.0-beta-3.md b/news/news-4.0.0-beta-3.md
new file mode 100644
index 000000000..95663ae73
--- /dev/null
+++ b/news/news-4.0.0-beta-3.md
@@ -0,0 +1,108 @@
+# Transmission 4.0.0-beta.3
+
+## What's New in 4.0.0-beta.3
+
+### libtransmission (All Platforms)
+
+* Dropped obsolete CyaSSL and PolarSSL crypto backends (WolfSSL and MbedTLS are still supported). ([#4495](https://github.com/transmission/transmission/pull/4495))
+* Updated extension protocol handshake to include `yourip` value as suggested by [BEP 10](https://www.bittorrent.org/beps/bep_0010.html). ([#4504](https://github.com/transmission/transmission/pull/4504))
+* Fixed out-of-order teardown bug that could cause a crash on shutdown. ([#4331](https://github.com/transmission/transmission/pull/4331), [#4348](https://github.com/transmission/transmission/pull/4348), [#4451](https://github.com/transmission/transmission/pull/4451))
+* Fixed `4.0.0-beta.1` bug that broke detection of a peer's UDP port in a peer handshake. ([#4334](https://github.com/transmission/transmission/pull/4334))
+* Fixed `4.0.0-beta.2` regression that broke port forwarding in some settings. ([#4343](https://github.com/transmission/transmission/pull/4343))
+* Fixed `4.0.0-beta.2` bitfield crash. ([#4346](https://github.com/transmission/transmission/pull/4346))
+* Fixed `4.0.0-beta.1` pattern matching in whitelist and host_whitelist. ([#4353](https://github.com/transmission/transmission/pull/4353))
+* Fixed `4.0.0-beta.2` crash when pausing a torrent. ([#4358](https://github.com/transmission/transmission/pull/4358))
+* Fixed `4.0.0-beta.2` IPv6 μTP socket binding regression. ([#4469](https://github.com/transmission/transmission/pull/4469))
+* Followed [BEP 7](https://www.bittorrent.org/beps/bep_0007.html) suggestion to remove `&ipv4=` and `&ipv6=` query parameters from tracker announcements. ([#4502](https://github.com/transmission/transmission/pull/4502))
+* Followed [BEP 7](https://www.bittorrent.org/beps/bep_0007.html) suggestion to make the tracker announce `&key=`  query parameter unique per-torrent. ([#4508](https://github.com/transmission/transmission/pull/4508))
+* Updated the bookkeeping to ensure both TCP and uTP connections honor the connection limit. ([#4534](https://github.com/transmission/transmission/pull/4534))
+* Made small performance improvements in libtransmission. ([#4393](https://github.com/transmission/transmission/pull/4393), [#4401](https://github.com/transmission/transmission/pull/4401), [#4404](https://github.com/transmission/transmission/pull/4404), [#4412](https://github.com/transmission/transmission/pull/4412), [#4424](https://github.com/transmission/transmission/pull/4424), [#4425](https://github.com/transmission/transmission/pull/4425), [#4431](https://github.com/transmission/transmission/pull/4431), [#4519](https://github.com/transmission/transmission/pull/4519))
+* Improved test coverage in the code that checks for reserved IP address use. ([#4462](https://github.com/transmission/transmission/pull/4462))
+
+### macOS Client
+
+* Sorting by size now only uses the sizes of files that are wanted. ([#4365](https://github.com/transmission/transmission/pull/4365))
+* Fixed memory leak in the blocklist downloader. ([#4309](https://github.com/transmission/transmission/pull/4309))
+* Fixed UI issues in the main window when using Groups. ([#4333](https://github.com/transmission/transmission/pull/4333))
+* Improved layout of macOS UI elements. ([#4366](https://github.com/transmission/transmission/pull/4366), [#4367](https://github.com/transmission/transmission/pull/4367), [#4460](https://github.com/transmission/transmission/pull/4460))
+* Fixed the background style of torrents selected in the main window. ([#4458](https://github.com/transmission/transmission/pull/4458))
+* Updated code that had been using deprecated API. ([#4308](https://github.com/transmission/transmission/pull/4308), [#4441](https://github.com/transmission/transmission/pull/4441))
+* Removed unused or unnecessary code. ([#4374](https://github.com/transmission/transmission/pull/4374), [#4440](https://github.com/transmission/transmission/pull/4440))
+* Fixed `4.0.0-beta.1` regression that showed an incorrect icon or name in the drag overlay. ([#4428](https://github.com/transmission/transmission/pull/4428))
+* Fixed the file display of torrents that consist of just a single file in a single folder. ([#4454](https://github.com/transmission/transmission/pull/4454))
+
+### Qt Client
+
+* Fixed progress bars positioning on Mac. ([#4489](https://github.com/transmission/transmission/pull/4489))
+* Added Qt dependencies for Windows build instructions and minor fixes. ([#4363](https://github.com/transmission/transmission/pull/4363))
+* Updated Qt CMakeLists.txt to include support for building svg. ([#4437](https://github.com/transmission/transmission/pull/4437))
+
+### GTK Client
+
+* Fixed `4.0.0-beta.1` regression leading to potential crash on startup upon watch directory setup. ([#4355](https://github.com/transmission/transmission/pull/4355))
+* Fixed `4.0.0-beta.1` regression that prevented closing the "update blocklist" dialog. ([#4391](https://github.com/transmission/transmission/pull/4391), [#4392](https://github.com/transmission/transmission/pull/4392))
+* Fixed a bug that hid the "Enable µTP for peer communication" checkbox. ([#4349](https://github.com/transmission/transmission/pull/4349))
+* Removed unused or unnecessary code. ([#4416](https://github.com/transmission/transmission/pull/4416))
+
+### transmission-remote
+
+* Fixed `4.0.0-beta.1` bug that showed the wrong ETA for some torrents. ([#4506](https://github.com/transmission/transmission/pull/4506))
+
+### transmission-show
+
+* Fixed `4.0.0-beta.2` regression that caused `transmission-show --scrape` to not exit cleanly. ([#4447](https://github.com/transmission/transmission/pull/4447))
+
+### Everything Else
+
+* Added Windows build manual. ([#4291](https://github.com/transmission/transmission/pull/4291))
+* Removed Visual C++ redistributable libraries installation from the MSI package. ([#4339](https://github.com/transmission/transmission/pull/4339))
+* Removed obsolete 'lightweight' build option. ([#4509](https://github.com/transmission/transmission/pull/4509))
+
+## Thank You!
+
+Last but certainly not least, a big ***Thank You*** to these people who contributed to this release:
+
+### Contributions to libtransmission (All Platforms):
+
+* [@stefantalpalaru (Ștefan Talpalaru)](https://github.com/stefantalpalaru):
+  * Fixed `4.0.0-beta.2` regression that broke port forwarding in some settings. ([#4343](https://github.com/transmission/transmission/pull/4343))
+* [@tinselcity (Reed Morrison)](https://github.com/tinselcity):
+  * Removed unused UTP Socket code. ([#4409](https://github.com/transmission/transmission/pull/4409))
+
+### Contributions to macOS Client:
+
+* [@nevack (Dzmitry Neviadomski)](https://github.com/nevack):
+  * Code review for [#4308](https://github.com/transmission/transmission/pull/4308), [#4309](https://github.com/transmission/transmission/pull/4309), [#4333](https://github.com/transmission/transmission/pull/4333), [#4366](https://github.com/transmission/transmission/pull/4366), [#4428](https://github.com/transmission/transmission/pull/4428), [#4440](https://github.com/transmission/transmission/pull/4440), [#4473](https://github.com/transmission/transmission/pull/4473)
+* [@sweetppro (SweetPPro)](https://github.com/sweetppro):
+  * Code review for [#4308](https://github.com/transmission/transmission/pull/4308), [#4310](https://github.com/transmission/transmission/pull/4310), [#4367](https://github.com/transmission/transmission/pull/4367), [#4414](https://github.com/transmission/transmission/pull/4414), [#4417](https://github.com/transmission/transmission/pull/4417), [#4418](https://github.com/transmission/transmission/pull/4418), [#4428](https://github.com/transmission/transmission/pull/4428), [#4461](https://github.com/transmission/transmission/pull/4461)
+  * Fixed UI issues in the main window when using Groups. ([#4333](https://github.com/transmission/transmission/pull/4333))
+  * Improved layout of macOS UI elements. ([#4366](https://github.com/transmission/transmission/pull/4366))
+  * Removed unused or unnecessary code. ([#4374](https://github.com/transmission/transmission/pull/4374))
+  * Removed unused or unnecessary code. ([#4440](https://github.com/transmission/transmission/pull/4440))
+  * Refactor ActivityView. ([#4448](https://github.com/transmission/transmission/pull/4448))
+  * Fixed the background style of torrents selected in the main window. ([#4458](https://github.com/transmission/transmission/pull/4458))
+  * Improved layout of macOS UI elements. ([#4460](https://github.com/transmission/transmission/pull/4460))
+
+### Contributions to Qt Client:
+
+* [@GaryElshaw (Gary Elshaw)](https://github.com/GaryElshaw):
+  * Updated Qt CMakeLists.txt to include support for building svg. ([#4437](https://github.com/transmission/transmission/pull/4437))
+* [@smrtrfszm (Szepesi Tibor)](https://github.com/smrtrfszm):
+  * Added Qt dependencies for Windows build instructions and minor fixes. ([#4363](https://github.com/transmission/transmission/pull/4363))
+
+### Contributions to transmission-remote:
+
+* [@lajp (Luukas Pörtfors)](https://github.com/lajp):
+  * Fixed `4.0.0-beta.1` bug that showed the wrong ETA for some torrents. ([#4506](https://github.com/transmission/transmission/pull/4506))
+
+### Contributions to Everything Else:
+
+* [@dmantipov (Dmitry Antipov)](https://github.com/dmantipov):
+  * Refactor, ci: switch clang-format to LLVM 15. ([#4297](https://github.com/transmission/transmission/pull/4297))
+* [@ile6695 (Ilkka Kallioniemi)](https://github.com/ile6695):
+  * Code review for [#4291](https://github.com/transmission/transmission/pull/4291)
+* [@LaserEyess](https://github.com/LaserEyess):
+  * Code review for [#4291](https://github.com/transmission/transmission/pull/4291)
+* [@Petrprogs (Peter)](https://github.com/Petrprogs):
+  * Added Windows build manual. ([#4291](https://github.com/transmission/transmission/pull/4291))
+