diff --git a/.changeset/nervous-adults-sell.md b/.changeset/nervous-adults-sell.md
new file mode 100644
index 0000000000..a7bad9bda8
--- /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 dc30255a1a..aa1a94824a 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
@@ -40,6 +40,45 @@ export function Program(_, context) {
 		}
 	}
 
+	for (const [name, binding] of context.state.scope.declarations) {
+		if (binding.kind === 'prop' || binding.kind === 'bindable_prop') {
+			if (is_prop_source(binding, context.state)) {
+				context.state.transform[name] = {
+					read: b.call,
+					assign: b.call,
+					mutate: (node, value) => {
+						if (binding.kind === 'bindable_prop') {
+							// only necessary for interop with legacy parent bindings
+							return b.call(node, value, b.true);
+						}
+
+						return value;
+					},
+					update: (node) => {
+						return b.call(
+							node.prefix ? '$.update_pre_prop' : '$.update_prop',
+							node.argument,
+							node.operator === '--' && b.literal(-1)
+						);
+					}
+				};
+			} else if (binding.prop_alias) {
+				const key = b.key(binding.prop_alias);
+
+				context.state.transform[name] = {
+					read: (_) => b.member(b.id('$$props'), key, key.type === 'Literal')
+				};
+			} else {
+				context.state.transform[name] = {
+					read: (node) => b.member(b.id('$$props'), node)
+				};
+			}
+		}
+	}
+
+	add_state_transformers(context);
+
+	// store subscriptions need to be last because getting the store value could depend on other transformers
 	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))));
@@ -91,43 +130,7 @@ export function Program(_, context) {
 				}
 			};
 		}
-
-		if (binding.kind === 'prop' || binding.kind === 'bindable_prop') {
-			if (is_prop_source(binding, context.state)) {
-				context.state.transform[name] = {
-					read: b.call,
-					assign: b.call,
-					mutate: (node, value) => {
-						if (binding.kind === 'bindable_prop') {
-							// only necessary for interop with legacy parent bindings
-							return b.call(node, value, b.true);
-						}
-
-						return value;
-					},
-					update: (node) => {
-						return b.call(
-							node.prefix ? '$.update_pre_prop' : '$.update_prop',
-							node.argument,
-							node.operator === '--' && b.literal(-1)
-						);
-					}
-				};
-			} else if (binding.prop_alias) {
-				const key = b.key(binding.prop_alias);
-
-				context.state.transform[name] = {
-					read: (_) => b.member(b.id('$$props'), key, key.type === 'Literal')
-				};
-			} else {
-				context.state.transform[name] = {
-					read: (node) => b.member(b.id('$$props'), node)
-				};
-			}
-		}
 	}
 
-	add_state_transformers(context);
-
 	context.next();
 }
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 0000000000..8cb3fd9cae
--- /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 0000000000..728544e664
--- /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>