diff --git a/.changeset/nervous-adults-sell.md b/.changeset/nervous-adults-sell.md
new file mode 100644
index 000000000000..a7bad9bda8a3
--- /dev/null
+++ b/.changeset/nervous-adults-sell.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: ensure `$store` reads are properly transformed
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/Program.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/Program.js
index dc30255a1a4d..f3f3808594df 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/Program.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/Program.js
@@ -42,11 +42,17 @@ export function Program(_, context) {
 
 	for (const [name, binding] of context.state.scope.declarations) {
 		if (binding.kind === 'store_sub') {
-			const store = /** @type {Expression} */ (context.visit(b.id(name.slice(1))));
+			// read lazily, so that transforms added later are still applied
+			/** @type {Expression} */
+			let cached;
+
+			const get_store = () => {
+				return (cached ??= /** @type {Expression} */ (context.visit(b.id(name.slice(1)))));
+			};
 
 			context.state.transform[name] = {
 				read: b.call,
-				assign: (_, value) => b.call('$.store_set', store, value),
+				assign: (_, value) => b.call('$.store_set', get_store(), value),
 				mutate: (node, mutation) => {
 					// We need to untrack the store read, for consistency with Svelte 4
 					const untracked = b.call('$.untrack', node);
@@ -70,7 +76,7 @@ export function Program(_, context) {
 
 					return b.call(
 						'$.store_mutate',
-						store,
+						get_store(),
 						b.assignment(
 							mutation.operator,
 							/** @type {MemberExpression} */ (
diff --git a/packages/svelte/tests/runtime-runes/samples/store-from-derived/_config.js b/packages/svelte/tests/runtime-runes/samples/store-from-derived/_config.js
new file mode 100644
index 000000000000..8cb3fd9cae10
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/store-from-derived/_config.js
@@ -0,0 +1,11 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	html: `<button>false</button>`,
+	test({ assert, target }) {
+		target.querySelector('button')?.click();
+		flushSync();
+		assert.htmlEqual(target.innerHTML, `<button>true</button>`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/store-from-derived/main.svelte b/packages/svelte/tests/runtime-runes/samples/store-from-derived/main.svelte
new file mode 100644
index 000000000000..728544e664fa
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/store-from-derived/main.svelte
@@ -0,0 +1,7 @@
+<script>
+	import { writable } from 'svelte/store';
+	let data = { store: writable(false) };
+	let { store } = $derived(data);
+</script>
+
+<button onclick={() => ($store = true)}>{$store}</button>