diff --git a/Cargo.lock b/Cargo.lock
index e7d3e7bc03c..dbb54d4c1ff 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -5331,6 +5331,17 @@ version = "0.7.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a156c684c91ea7d62626509bce3cb4e1d9ed5c4d978f7b4352658f96a4c26b4a"
 
+[[package]]
+name = "upgrade-version"
+version = "0.1.0"
+dependencies = [
+ "clap 4.3.10",
+ "duct",
+ "regex",
+ "tempfile",
+ "walkdir",
+]
+
 [[package]]
 name = "url"
 version = "2.4.0"
diff --git a/Cargo.toml b/Cargo.toml
index f9586c56351..845f28e317f 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -24,6 +24,7 @@ members = [
   "crates/sdk/tests/test-counter",
   "crates/sdk/tests/test-client",
   "crates/sdk/tests/connect_disconnect_client",
+  "tools/upgrade-version",
 ]
 default-members = ["crates/cli"]
 # cargo feature graph resolver. v2 is default in edition2021 but workspace
diff --git a/tools/upgrade-version.sh b/tools/upgrade-version.sh
deleted file mode 100755
index de472a20863..00000000000
--- a/tools/upgrade-version.sh
+++ /dev/null
@@ -1,69 +0,0 @@
-#!/bin/bash
-
-set -euo pipefail
-
-if [ $# != 1 ] ; then
-	echo "Incorrect number of arguments. Expected: 1 Received: $#"
-	exit 1
-fi
-
-fsed() {
-	if [[ "$OSTYPE" == "darwin"* ]]; then
-        sed -i.sed_bak "$@"
-        rm -f "$2.sed_bak"
-	else
-        sed -i "$@"
-	fi
-}
-
-version="$1"
-declare -a crates=("bench" "bindings" "bindings-macro" "bindings-sys" "client-api-messages" "cli" "client-api" "core" "lib" "sats" "standalone" "testing" "client-api-messages" "sdk")
-upgrade_version() {
-	toml=crates/$1/Cargo.toml
-	if [ ! -f "$toml" ] ; then
-		echo "Invalid crate: $1"
-		exit 1
-	fi
-
-	# Upgrade the crate version
-	if [[ $# -lt 2 ]] || [ "$2" != "--skip-version" ] ; then
-		fsed '3s/.*version.*/version = "'"${version}"'"/' "${toml}"
-	fi
-
-	# Upgrade any dependencies
-	for crate in "${crates[@]}" ; do
-		if [[ $# -lt 2 ]] || [ "$2" != "--no-include-version" ] ; then
-			fsed 's/.*'"spacetimedb-${crate}"'\s*=.*/'"spacetimedb-${crate}"' = { path = "..\/'"${crate}"'", version = "'"$version"'" }/' "${toml}"
-		else
-			fsed 's/.*'"spacetimedb-${crate}"'\s*=.*/'"spacetimedb-${crate}"' = { path = "..\/'"${crate}"'" }/' "${toml}"
-		fi
-	done
-}
-
-upgrade_version bench --no-include-version
-upgrade_version client-api --no-include-version
-upgrade_version core --no-include-version
-upgrade_version standalone --no-include-version
-
-upgrade_version bindings
-upgrade_version bindings-macro
-upgrade_version bindings-sys
-upgrade_version cli
-upgrade_version lib
-upgrade_version sats
-upgrade_version sdk
-
-upgrade_version testing --skip-version
-
-# Upgrade the template that is shipped with the cli
-fsed 's@.*spacetimedb.*=.*".*".*@spacetimedb = "'"${version}"'"@' "crates/cli/src/subcommands/project/rust/Cargo._toml"
-fsed 's@.*spacetimedb-lib.*=.*@spacetimedb-lib = { path = "../lib", default-features = false }@' "crates/bindings/Cargo.toml"
-fsed 's@.*spacetimedb-bindings-macro.*=.*@spacetimedb-bindings-macro = { path = "../bindings-macro" }@' "crates/bindings/Cargo.toml"
-
-# Maintain any other options
-fsed 's@.*spacetimedb-lib.*=.*@spacetimedb-lib = { path = "../lib", default-features = false, version = "'"$version"'"}@' "crates/bindings/Cargo.toml"
-fsed 's@.*spacetimedb-bindings-macro.*=.*@spacetimedb-bindings-macro = { path = "../bindings-macro", version = "'"$version"'"}@' "crates/bindings/Cargo.toml"
-
-cargo check
-
-printf "Upgrade to version %s was successful.\n\n" "${version}"
diff --git a/tools/upgrade-version/Cargo.toml b/tools/upgrade-version/Cargo.toml
new file mode 100644
index 00000000000..7168e676041
--- /dev/null
+++ b/tools/upgrade-version/Cargo.toml
@@ -0,0 +1,13 @@
+[package]
+name = "upgrade-version"
+version = "0.1.0"
+edition = "2021"
+
+# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
+
+[dependencies]
+walkdir = "2"
+tempfile.workspace = true
+clap.workspace = true
+regex.workspace = true
+duct.workspace = true
diff --git a/tools/upgrade-version/src/main.rs b/tools/upgrade-version/src/main.rs
new file mode 100644
index 00000000000..6b8b092c44c
--- /dev/null
+++ b/tools/upgrade-version/src/main.rs
@@ -0,0 +1,165 @@
+#![allow(clippy::disallowed_macros)]
+
+extern crate clap;
+extern crate walkdir;
+
+use clap::{Arg, Command};
+use duct::cmd;
+use regex::Regex;
+use std::env;
+use std::ffi::OsStr;
+use std::fs;
+use std::fs::File;
+use std::io::BufRead;
+use std::io::BufReader;
+use std::io::Write;
+use std::path::PathBuf;
+use tempfile::NamedTempFile;
+use walkdir::WalkDir;
+
+static IGNORE_FILES: [&str; 5] = [
+    "crates/sdk/tests/connect_disconnect_client/Cargo.toml",
+    "crates/sdk/tests/test-client/Cargo.toml",
+    "crates/sdk/tests/test-counter/Cargo.toml",
+    "crates/sqltest/Cargo.toml",
+    "crates/testing/Cargo.toml",
+];
+
+fn find_files(start_dir: &str, name: &str) -> Vec<String> {
+    let mut files = Vec::new();
+    for entry in WalkDir::new(start_dir).into_iter().filter_map(|e| e.ok()) {
+        if entry.file_type().is_file() && entry.path().file_name() == Some(OsStr::new(name)) {
+            if IGNORE_FILES.contains(&entry.path().to_string_lossy().as_ref()) {
+                continue;
+            }
+            files.push(entry.path().to_string_lossy().to_string());
+        }
+    }
+    files
+}
+
+enum FileProcessState {
+    Package,
+    Dependencies,
+}
+
+fn process_crate_toml(path: &PathBuf, upgrade_version: &str, upgrade_package_version: bool) {
+    println!("Processing file: {}", path.to_string_lossy());
+
+    let file = File::open(path).unwrap_or_else(|_| panic!("File not found: {}", path.to_string_lossy()));
+    let reader = BufReader::new(file);
+    let mut temp_file = NamedTempFile::new().expect("Failed to create temporary file!");
+    let mut state = FileProcessState::Package;
+    let re = Regex::new(r#"(version = ")([^"]+)"#).unwrap();
+
+    for line_result in reader.lines() {
+        match line_result {
+            Ok(line) => {
+                let new_line = match state {
+                    FileProcessState::Package => {
+                        if line.contains("version = ") && upgrade_package_version {
+                            re.replace(&line, format!("version = \"{}", upgrade_version).as_str())
+                                .into()
+                        } else if line.contains("[dependencies]") {
+                            state = FileProcessState::Dependencies;
+                            line
+                        } else {
+                            line
+                        }
+                    }
+                    FileProcessState::Dependencies => {
+                        if line.starts_with("spacetimedb") {
+                            if !line.contains('{') {
+                                format!("spacetimedb = \"{}\"", upgrade_version)
+                            } else {
+                                // Match the version number and capture it
+                                re.replace(&line, format!("version = \"{}", upgrade_version).as_str())
+                                    .into()
+                            }
+                        } else {
+                            line
+                        }
+                    }
+                };
+
+                writeln!(temp_file, "{}", new_line).unwrap();
+            }
+            Err(e) => eprintln!("Error reading line: {}", e),
+        }
+    }
+
+    // Rename the temporary file to replace the original file
+    fs::rename(temp_file.path(), path).expect("Failed to overwrite source file.");
+}
+
+fn process_license_file(upgrade_version: &str) {
+    let path = "LICENSE.txt";
+    let file = File::open(path).unwrap_or_else(|_| panic!("File not found: {}", path));
+    let reader = BufReader::new(file);
+    let mut temp_file = NamedTempFile::new().expect("Failed to create temporary file!");
+    let re = Regex::new(r"(^Licensed Work:\s+SpacetimeDB )([\d\.]+)").unwrap();
+
+    for line_result in reader.lines() {
+        match line_result {
+            Ok(line) => {
+                let new_line = if line.starts_with("Licensed Work") {
+                    re.replace(
+                        &line,
+                        format!("{}{}", &re.captures(&line).unwrap()[1], upgrade_version).as_str(),
+                    )
+                    .into()
+                } else {
+                    line
+                };
+                writeln!(temp_file, "{}", new_line).unwrap();
+            }
+            Err(e) => eprintln!("Error reading line: {}", e),
+        }
+    }
+
+    // Rename the temporary file to replace the original file
+    fs::rename(temp_file.path(), path).expect("Failed to overwrite source file.");
+}
+
+fn main() {
+    let matches = Command::new("upgrade-version")
+        .version("1.0")
+        .about("Upgrades the version of the SpacetimeDB repository")
+        .arg(
+            Arg::new("upgrade_version")
+                .required(true)
+                .help("The version to upgrade to"),
+        )
+        .arg(
+            Arg::new("spacetime-path")
+                .value_parser(clap::value_parser!(PathBuf))
+                .default_value("../..")
+                .long("spacetime-path")
+                .help("The path to SpacetimeDB"),
+        )
+        .get_matches();
+
+    let version = matches.get_one::<String>("upgrade_version").unwrap();
+    env::set_current_dir(matches.get_one::<PathBuf>("spacetime-path").unwrap()).ok();
+
+    let current_dir = env::current_dir().expect("No current directory!");
+    let dir_name = current_dir.file_name().expect("No current directory!");
+    if dir_name != "SpacetimeDB" {
+        println!("You must execute this binary from inside of the SpacetimeDB directory, or use --spacetime-path");
+        return;
+    }
+
+    for file in find_files("crates", "Cargo.toml") {
+        process_crate_toml(&PathBuf::from(file), version, true);
+    }
+    for file in find_files("modules", "Cargo.toml") {
+        process_crate_toml(&PathBuf::from(file), version, false);
+    }
+    for file in find_files("crates", "Cargo._toml") {
+        process_crate_toml(&PathBuf::from(file), version, false);
+    }
+
+    process_crate_toml(&PathBuf::from("crates/testing/Cargo.toml"), version, false);
+    process_license_file(version);
+    cmd!("cargo", "check").run().expect("Cargo check failed!");
+}