diff --git a/Cargo.toml b/Cargo.toml
index f68b350..67fd6e9 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "jmt"
-version = "0.4.2"
+version = "0.5.0"
 authors = [
     "Penumbra Labs <team@penumbra.zone>",
     "Diem Association <opensource@diem.com>",
diff --git a/src/tree/ics23_impl.rs b/src/tree/ics23_impl.rs
index be079fb..bbe510a 100644
--- a/src/tree/ics23_impl.rs
+++ b/src/tree/ics23_impl.rs
@@ -7,7 +7,8 @@ use crate::{
     storage::HasPreimage,
     storage::TreeReader,
     tree::ExclusionProof,
-    JellyfishMerkleTree, KeyHash, SimpleHasher, Version, SPARSE_MERKLE_PLACEHOLDER_HASH,
+    JellyfishMerkleTree, KeyHash, OwnedValue, SimpleHasher, Version,
+    SPARSE_MERKLE_PLACEHOLDER_HASH,
 };
 
 fn sparse_merkle_proof_to_ics23_existence_proof<H: SimpleHasher>(
@@ -185,12 +186,14 @@ where
         }
     }
 
-    /// Returns the value and an [`JMTProof`].
+    /// Returns the value corresponding to the specified key (if there is a value associated with it)
+    /// along with an [ics23::CommitmentProof] proving either the presence of the value at that key,
+    /// or the absence of any value at that key, depending on which is the case.
     pub fn get_with_ics23_proof(
         &self,
         key: Vec<u8>,
         version: Version,
-    ) -> Result<ics23::CommitmentProof> {
+    ) -> Result<(Option<OwnedValue>, ics23::CommitmentProof)> {
         let key_hash: KeyHash = KeyHash::with::<H>(key.as_slice());
         let proof_or_exclusion = self.get_with_exclusion_proof(key_hash, version)?;
 
@@ -199,9 +202,12 @@ where
                 let ics23_exist =
                     sparse_merkle_proof_to_ics23_existence_proof(key, value.clone(), &proof);
 
-                Ok(ics23::CommitmentProof {
-                    proof: Some(ics23::commitment_proof::Proof::Exist(ics23_exist)),
-                })
+                Ok((
+                    Some(value),
+                    ics23::CommitmentProof {
+                        proof: Some(ics23::commitment_proof::Proof::Exist(ics23_exist)),
+                    },
+                ))
             }
             Err(exclusion_proof) => {
                 let ics23_nonexist = self.exclusion_proof_to_ics23_nonexistence_proof(
@@ -210,9 +216,12 @@ where
                     &exclusion_proof,
                 )?;
 
-                Ok(ics23::CommitmentProof {
-                    proof: Some(ics23::commitment_proof::Proof::Nonexist(ics23_nonexist)),
-                })
+                Ok((
+                    None,
+                    ics23::CommitmentProof {
+                        proof: Some(ics23::commitment_proof::Proof::Nonexist(ics23_nonexist)),
+                    },
+                ))
             }
         }
     }
@@ -288,7 +297,8 @@ mod tests {
         let (new_root_hash, batch) = tree.put_value_set(kvs, 0).unwrap();
         db.write_tree_update_batch(batch).unwrap();
 
-        let commitment_proof = tree.get_with_ics23_proof(b"notexist".to_vec(), 0).unwrap();
+        let (value_retrieved, commitment_proof) =
+            tree.get_with_ics23_proof(b"notexist".to_vec(), 0).unwrap();
 
         let key_hash = KeyHash::with::<Sha256>(b"notexist".as_slice());
         let proof_or_exclusion = tree.get_with_exclusion_proof(key_hash, 0).unwrap();
@@ -313,7 +323,9 @@ mod tests {
                         &ics23_spec(),
                         &new_root_hash.0.to_vec(),
                         b"notexist"
-                    ))
+                    ));
+
+                    assert_eq!(value_retrieved, None)
                 }
                 Rightmost {
                     rightmost_left_proof,
@@ -331,7 +343,9 @@ mod tests {
                         &ics23_spec(),
                         &new_root_hash.0.to_vec(),
                         b"notexist"
-                    ))
+                    ));
+
+                    assert_eq!(value_retrieved, None)
                 }
                 Middle {
                     leftmost_right_proof,
@@ -358,7 +372,9 @@ mod tests {
                         &ics23_spec(),
                         &new_root_hash.0.to_vec(),
                         b"notexist"
-                    ))
+                    ));
+
+                    assert_eq!(value_retrieved, None)
                 }
             },
         }
@@ -392,7 +408,8 @@ mod tests {
         let (new_root_hash, batch) = tree.put_value_set(kvs, 0).unwrap();
         db.write_tree_update_batch(batch).unwrap();
 
-        let commitment_proof = tree.get_with_ics23_proof(b"key".to_vec(), 0).unwrap();
+        let (value_retrieved, commitment_proof) =
+            tree.get_with_ics23_proof(b"key".to_vec(), 0).unwrap();
 
         assert!(ics23::verify_membership::<HostFunctionsManager>(
             &commitment_proof,
@@ -401,6 +418,8 @@ mod tests {
             b"key",
             b"value",
         ));
+
+        assert_eq!(value_retrieved.unwrap(), b"value");
     }
 
     #[test]
@@ -419,7 +438,9 @@ mod tests {
             db.write_tree_update_batch(batch).unwrap();
         }
 
-        let commitment_proof = tree
+        let value_maxversion = format!("value{}", MAX_VERSION).into_bytes();
+
+        let (value_retrieved, commitment_proof) = tree
             .get_with_ics23_proof(format!("key{}", MAX_VERSION).into_bytes(), MAX_VERSION)
             .unwrap();
 
@@ -432,5 +453,7 @@ mod tests {
             format!("key{}", MAX_VERSION).as_bytes(),
             format!("value{}", MAX_VERSION).as_bytes(),
         ));
+
+        assert_eq!(value_retrieved.unwrap(), value_maxversion);
     }
 }