diff --git a/Lib/test/test_free_threading/test_monitoring.py b/Lib/test/test_free_threading/test_monitoring.py
index a480e398722c33..c3d0a2bcea5c17 100644
--- a/Lib/test/test_free_threading/test_monitoring.py
+++ b/Lib/test/test_free_threading/test_monitoring.py
@@ -2,10 +2,12 @@
 environment to verify things are thread-safe in a free-threaded build"""
 
 import sys
+import threading
 import time
 import unittest
 import weakref
 
+from contextlib import contextmanager
 from sys import monitoring
 from test.support import threading_helper
 from threading import Thread, _PyRLock, Barrier
@@ -192,6 +194,16 @@ def during_threads(self):
         self.set = not self.set
 
 
+class TraceBuf:
+    def __init__(self):
+        self.traces = []
+        self.traces_lock = threading.Lock()
+
+    def append(self, trace):
+        with self.traces_lock:
+            self.traces.append(trace)
+
+
 @threading_helper.requires_working_threading()
 class MonitoringMisc(MonitoringTestMixin, TestCase):
     def register_callback(self, barrier):
@@ -246,6 +258,135 @@ def f():
         finally:
             sys.settrace(None)
 
+    def test_toggle_setprofile_no_new_events(self):
+        # gh-136396: Make sure that profile functions are called for newly
+        # created threads when profiling is toggled but the set of monitoring
+        # events doesn't change
+        traces = []
+
+        def profiler(frame, event, arg):
+            traces.append((frame.f_code.co_name, event, arg))
+
+        def a(x, y):
+            return b(x, y)
+
+        def b(x, y):
+            return max(x, y)
+
+        sys.setprofile(profiler)
+        try:
+            a(1, 2)
+        finally:
+            sys.setprofile(None)
+        traces.clear()
+
+        def thread_main(x, y):
+            sys.setprofile(profiler)
+            try:
+                a(x, y)
+            finally:
+                sys.setprofile(None)
+        t = Thread(target=thread_main, args=(100, 200))
+        t.start()
+        t.join()
+
+        expected = [
+            ("a", "call", None),
+            ("b", "call", None),
+            ("b", "c_call", max),
+            ("b", "c_return", max),
+            ("b", "return", 200),
+            ("a", "return", 200),
+            ("thread_main", "c_call", sys.setprofile),
+        ]
+        self.assertEqual(traces, expected)
+
+    def observe_threads(self, observer, buf):
+        def in_child(ident):
+            return ident
+
+        def child(ident):
+            with observer():
+                in_child(ident)
+
+        def in_parent(ident):
+            return ident
+
+        def parent(barrier, ident):
+            barrier.wait()
+            with observer():
+                t = Thread(target=child, args=(ident,))
+                t.start()
+                t.join()
+                in_parent(ident)
+
+        num_threads = 5
+        barrier = Barrier(num_threads)
+        threads = []
+        for i in range(num_threads):
+            t = Thread(target=parent, args=(barrier, i))
+            t.start()
+            threads.append(t)
+        for t in threads:
+            t.join()
+
+        for i in range(num_threads):
+            self.assertIn(("in_parent", "return", i), buf.traces)
+            self.assertIn(("in_child", "return", i), buf.traces)
+
+    def test_profile_threads(self):
+        buf = TraceBuf()
+
+        def profiler(frame, event, arg):
+            buf.append((frame.f_code.co_name, event, arg))
+
+        @contextmanager
+        def profile():
+            sys.setprofile(profiler)
+            try:
+                yield
+            finally:
+                sys.setprofile(None)
+
+        self.observe_threads(profile, buf)
+
+    def test_trace_threads(self):
+        buf = TraceBuf()
+
+        def tracer(frame, event, arg):
+            buf.append((frame.f_code.co_name, event, arg))
+            return tracer
+
+        @contextmanager
+        def trace():
+            sys.settrace(tracer)
+            try:
+                yield
+            finally:
+                sys.settrace(None)
+
+        self.observe_threads(trace, buf)
+
+    def test_monitor_threads(self):
+        buf = TraceBuf()
+
+        def monitor_py_return(code, off, retval):
+            buf.append((code.co_name, "return", retval))
+
+        monitoring.register_callback(
+            self.tool_id, monitoring.events.PY_RETURN, monitor_py_return
+        )
+
+        monitoring.set_events(
+            self.tool_id, monitoring.events.PY_RETURN
+        )
+
+        @contextmanager
+        def noop():
+            yield
+
+        self.observe_threads(noop, buf)
+
 
 if __name__ == "__main__":
     unittest.main()
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2025-07-10-15-53-16.gh-issue-136525.xAko0e.rst b/Misc/NEWS.d/next/Core_and_Builtins/2025-07-10-15-53-16.gh-issue-136525.xAko0e.rst
new file mode 100644
index 00000000000000..f28eb2ca3b71e8
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2025-07-10-15-53-16.gh-issue-136525.xAko0e.rst
@@ -0,0 +1,2 @@
+Fix issue where per-thread bytecode was not instrumented for newly created
+threads.
diff --git a/Objects/codeobject.c b/Objects/codeobject.c
index ba178abc0c071e..42e021679b583f 100644
--- a/Objects/codeobject.c
+++ b/Objects/codeobject.c
@@ -3330,12 +3330,29 @@ _PyCodeArray_New(Py_ssize_t size)
     return arr;
 }
 
+// Get the underlying code unit, leaving instrumentation
+static _Py_CODEUNIT
+deopt_code_unit(PyCodeObject *code, int i)
+{
+    _Py_CODEUNIT *src_instr = _PyCode_CODE(code) + i;
+    _Py_CODEUNIT inst = {
+        .cache = FT_ATOMIC_LOAD_UINT16_RELAXED(*(uint16_t *)src_instr)};
+    int opcode = inst.op.code;
+    if (opcode < MIN_INSTRUMENTED_OPCODE) {
+        inst.op.code = _PyOpcode_Deopt[opcode];
+        assert(inst.op.code < MIN_SPECIALIZED_OPCODE);
+    }
+    // JIT should not be enabled with free-threading
+    assert(inst.op.code != ENTER_EXECUTOR);
+    return inst;
+}
+
 static void
 copy_code(_Py_CODEUNIT *dst, PyCodeObject *co)
 {
     int code_len = (int) Py_SIZE(co);
     for (int i = 0; i < code_len; i += _PyInstruction_GetLength(co, i)) {
-        dst[i] = _Py_GetBaseCodeUnit(co, i);
+        dst[i] = deopt_code_unit(co, i);
     }
     _PyCode_Quicken(dst, code_len, 1);
 }