diff --git a/.changeset/dirty-tips-add.md b/.changeset/dirty-tips-add.md
new file mode 100644
index 0000000000..305dbd1b16
--- /dev/null
+++ b/.changeset/dirty-tips-add.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: correct bind this multiple bindings
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
index 3108216242..718d43235a 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
@@ -891,6 +891,7 @@ function serialize_inline_component(node, component_name, context) {
 	if (bind_this !== null) {
 		const prev = fn;
 		const assignment = b.assignment('=', bind_this, b.id('$$value'));
+		const bind_this_id = bind_this;
 		fn = (node_id) =>
 			b.call(
 				'$.bind_this',
@@ -898,7 +899,8 @@ function serialize_inline_component(node, component_name, context) {
 				b.arrow(
 					[b.id('$$value')],
 					serialize_set_binding(assignment, context, () => context.visit(assignment))
-				)
+				),
+				bind_this_id
 			);
 	}
 
@@ -2620,7 +2622,7 @@ export const template_visitors = {
 				}
 
 				case 'this':
-					call_expr = b.call(`$.bind_this`, state.node, setter);
+					call_expr = b.call(`$.bind_this`, state.node, setter, node.expression);
 					break;
 
 				case 'textContent':
diff --git a/packages/svelte/src/internal/client/render.js b/packages/svelte/src/internal/client/render.js
index f32e83ed1d..5034cad98f 100644
--- a/packages/svelte/src/internal/client/render.js
+++ b/packages/svelte/src/internal/client/render.js
@@ -79,11 +79,18 @@ const all_registerd_events = new Set();
 /** @type {Set<(events: Array<string>) => void>} */
 const root_event_handles = new Set();
 
+/** @type {any[] | null} */
+export let bind_this_context = null;
+
 /** @returns {Text} */
 export function empty() {
 	return document.createTextNode('');
 }
 
+export function clear_bind_this_context() {
+	bind_this_context = null;
+}
+
 /**
  * @param {string} html
  * @param {boolean} is_fragment
@@ -1225,14 +1232,26 @@ export function bind_prop(props, prop, value) {
 /**
  * @param {Element} element_or_component
  * @param {(value: unknown) => void} update
+ * @param {import('./types.js').MaybeSignal} binding
  * @returns {void}
  */
-export function bind_this(element_or_component, update) {
+export function bind_this(element_or_component, update, binding) {
 	untrack(() => {
+		// If a bind_this is shared across multple targets, then we
+		// need to ensure we correctly assign the value rather than
+		// only setting `null` for when they unmount.
+		if (is_signal(binding)) {
+			if (bind_this_context === null) {
+				bind_this_context = [];
+			}
+			bind_this_context.push(binding);
+		}
 		update(element_or_component);
 		render_effect(() => () => {
 			untrack(() => {
-				update(null);
+				if (bind_this_context === null || !bind_this_context.includes(binding)) {
+					update(null);
+				}
 			});
 		});
 	});
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index db5cf7be30..091d4dd041 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -1,7 +1,7 @@
 import { DEV } from 'esm-env';
 import { subscribe_to_store } from '../../store/utils.js';
 import { EMPTY_FUNC, run_all } from '../common.js';
-import { unwrap } from './render.js';
+import { bind_this_context, clear_bind_this_context, unwrap } from './render.js';
 import { is_array } from './utils.js';
 
 export const SOURCE = 1;
@@ -478,6 +478,9 @@ function flush_queued_effects(effects) {
 				}
 			}
 		}
+		if (bind_this_context !== null) {
+			clear_bind_this_context();
+		}
 		effects.length = 0;
 	}
 }
diff --git a/packages/svelte/tests/runtime-legacy/samples/binding-this-multiple/_config.js b/packages/svelte/tests/runtime-legacy/samples/binding-this-multiple/_config.js
new file mode 100644
index 0000000000..07356ad6fd
--- /dev/null
+++ b/packages/svelte/tests/runtime-legacy/samples/binding-this-multiple/_config.js
@@ -0,0 +1,25 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	test({ assert, component, target }) {
+		const [b1, b2, b3] = target.querySelectorAll('button');
+		const first_h1 = target.querySelector('h1');
+
+		assert.deepEqual(component.log, [undefined, first_h1]);
+
+		flushSync(() => {
+			b3.click();
+		});
+
+		const third_h1 = target.querySelector('h1');
+
+		assert.deepEqual(component.log, [undefined, first_h1, third_h1]);
+
+		flushSync(() => {
+			b1.click();
+		});
+
+		assert.deepEqual(component.log, [undefined, first_h1, third_h1, target.querySelector('h1')]);
+	}
+});
diff --git a/packages/svelte/tests/runtime-legacy/samples/binding-this-multiple/main.svelte b/packages/svelte/tests/runtime-legacy/samples/binding-this-multiple/main.svelte
new file mode 100644
index 0000000000..bde2158c51
--- /dev/null
+++ b/packages/svelte/tests/runtime-legacy/samples/binding-this-multiple/main.svelte
@@ -0,0 +1,27 @@
+<script>
+	let activeTab = 0;
+	let activeHeading;
+	export let log = [];
+
+	$: log.push(activeHeading);
+</script>
+
+<div class="tabs">
+	<div class="tab-toggles">
+		<button class:active={activeTab === 0} on:click={() => activeTab = 0}>Tab 1</button>
+		<button class:active={activeTab === 1} on:click={() => activeTab = 1}>Tab 2</button>
+		<button class:active={activeTab === 2} on:click={() => activeTab = 2}>Tab 3</button>
+	</div>
+	<div class="tab-content">
+		{#if activeTab === 0}
+			<div><h1 bind:this={activeHeading}>Tab 1</h1></div>
+		{/if}
+		{#if activeTab === 1}
+			<div><h1 bind:this={activeHeading}>Tab 2</h1></div>
+		{/if}
+		{#if activeTab === 2}
+			<div><h1 bind:this={activeHeading}>Tab 3</h1></div>
+		{/if}
+	</div>
+	<duiv>
+</div>