diff --git a/README.md b/README.md
index 7dcb19f..6312e75 100644
--- a/README.md
+++ b/README.md
@@ -55,7 +55,8 @@ refuses and exits with status 1. A mnemonic that fails the BIP-39 checksum is
 refused with a message saying so.
 
 Every command takes `--index` / `-n` and `--mnemonic-command`, and has `--help`.
-`keyfunc --version` prints the version set at build time.
+`keyfunc --version` prints the version. `make build` stamps it; a binary
+installed with `go install` reports the module version instead.
 
 ## SSH keys: `keyfunc ssh`
 
diff --git a/internal/cli/cli.go b/internal/cli/cli.go
index c6d63d0..57b4da1 100644
--- a/internal/cli/cli.go
+++ b/internal/cli/cli.go
@@ -5,6 +5,7 @@ import (
 	"errors"
 	"fmt"
 	"os"
+	"runtime/debug"
 
 	"git.eeqj.de/sneak/keyfunc/internal/cli/age"
 	"git.eeqj.de/sneak/keyfunc/internal/cli/mnemonic"
@@ -13,20 +14,43 @@ import (
 	"github.com/spf13/cobra"
 )
 
-// Version is what --version prints. The build sets it.
+// devVersion is what Version holds until a build stamps a real one.
+const devVersion = "dev"
+
+// Version is what --version prints. make build stamps it with -ldflags.
 //
 //nolint:gochecknoglobals // set at build time with -ldflags
-var Version = "dev"
+var Version = devVersion
+
+// resolveVersion chooses what --version reports. A value stamped at
+// build time wins. Otherwise, for a binary from go install, the module
+// version recorded in the build info is used, unless that is empty or
+// the "(devel)" of a local build. When neither names a version, the
+// "dev" fallback stays.
+func resolveVersion(stamped string, info *debug.BuildInfo) string {
+	if stamped != devVersion {
+		return stamped
+	}
+
+	if info != nil && info.Main.Version != "" &&
+		info.Main.Version != "(devel)" {
+		return info.Main.Version
+	}
+
+	return devVersion
+}
 
 // Root returns the whole command tree.
 func Root() *cobra.Command {
+	info, _ := debug.ReadBuildInfo()
+
 	root := &cobra.Command{
 		Use:   "keyfunc",
 		Short: "derive key pairs from a BIP-39 mnemonic",
 		Long: "keyfunc turns a BIP-39 mnemonic into key pairs that can " +
 			"be recreated from that mnemonic at any time. The same " +
 			"mnemonic, key type and index always give the same key.",
-		Version:       Version,
+		Version:       resolveVersion(Version, info),
 		SilenceUsage:  true,
 		SilenceErrors: true,
 	}
diff --git a/internal/cli/version_internal_test.go b/internal/cli/version_internal_test.go
new file mode 100644
index 0000000..9c01c91
--- /dev/null
+++ b/internal/cli/version_internal_test.go
@@ -0,0 +1,37 @@
+package cli
+
+import (
+	"runtime/debug"
+	"testing"
+
+	"github.com/stretchr/testify/require"
+)
+
+func TestResolveVersion(t *testing.T) {
+	t.Parallel()
+
+	release := &debug.BuildInfo{Main: debug.Module{Version: "v1.2.3"}}
+	local := &debug.BuildInfo{Main: debug.Module{Version: "(devel)"}}
+	empty := &debug.BuildInfo{}
+
+	t.Run("stamped value wins over build info", func(t *testing.T) {
+		t.Parallel()
+		require.Equal(t, "v0.1.0", resolveVersion("v0.1.0", release))
+	})
+
+	t.Run("go install reports the module version", func(t *testing.T) {
+		t.Parallel()
+		require.Equal(t, "v1.2.3", resolveVersion(devVersion, release))
+	})
+
+	t.Run("a local build stays dev", func(t *testing.T) {
+		t.Parallel()
+		require.Equal(t, devVersion, resolveVersion(devVersion, local))
+	})
+
+	t.Run("no version anywhere stays dev", func(t *testing.T) {
+		t.Parallel()
+		require.Equal(t, devVersion, resolveVersion(devVersion, empty))
+		require.Equal(t, devVersion, resolveVersion(devVersion, nil))
+	})
+}