diff --git a/Cargo.lock b/Cargo.lock
index bfbd27e6e095b..c82a8a44ee695 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -229,7 +229,7 @@ dependencies = [
 
 [[package]]
 name = "aptos"
-version = "3.0.0"
+version = "3.0.1"
 dependencies = [
  "anyhow",
  "aptos-api-types",
diff --git a/crates/aptos/CHANGELOG.md b/crates/aptos/CHANGELOG.md
index 34431db8a54e2..fe3b464cbec23 100644
--- a/crates/aptos/CHANGELOG.md
+++ b/crates/aptos/CHANGELOG.md
@@ -4,6 +4,9 @@ All notable changes to the Aptos CLI will be captured in this file. This project
 
 ## Unreleased
 
+## [3.0.1] - 2024/03/05
+- Fix bug in `aptos update revela` if default install directory doesn't exist.
+
 ## [3.0.0] - 2024/03/05
 - **Breaking Change**: `aptos update` is now `aptos update aptos`.
 - Added `aptos update revela`. This installs / updates the `revela` binary, which is needed for the new `aptos move decompile` subcommand.
diff --git a/crates/aptos/Cargo.toml b/crates/aptos/Cargo.toml
index 35b6c8813e435..de3ac63238bd0 100644
--- a/crates/aptos/Cargo.toml
+++ b/crates/aptos/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "aptos"
 description = "Aptos tool for management of nodes and interacting with the blockchain"
-version = "3.0.0"
+version = "3.0.1"
 
 # Workspace inherited keys
 authors = { workspace = true }
diff --git a/crates/aptos/src/update/revela.rs b/crates/aptos/src/update/revela.rs
index 62f1a758ed628..3612ec5db0940 100644
--- a/crates/aptos/src/update/revela.rs
+++ b/crates/aptos/src/update/revela.rs
@@ -97,7 +97,13 @@ impl BinaryUpdater for RevelaUpdateTool {
 
         let install_dir = match self.install_dir.clone() {
             Some(dir) => dir,
-            None => get_additional_binaries_dir(),
+            None => {
+                let dir = get_additional_binaries_dir();
+                // Make the directory if it doesn't already exist.
+                std::fs::create_dir_all(&dir)
+                    .with_context(|| format!("Failed to create directory: {:?}", dir))?;
+                dir
+            },
         };
 
         let current_version = match &info.current_version {