diff --git a/lib/internal/blob.js b/lib/internal/blob.js
index f16e520e197cdd..e852f1fc9bcbf5 100644
--- a/lib/internal/blob.js
+++ b/lib/internal/blob.js
@@ -453,30 +453,40 @@ function createBlobReaderStream(reader) {
       // There really should only be one read at a time so using an
       // array here is purely defensive.
       this.pendingPulls = [];
-      // Register a wakeup callback that the C++ side can invoke
+      // Lazily register a wakeup callback that the C++ side can invoke
       // when new data is available after a STATUS_BLOCK.
-      reader.setWakeup(() => {
+      this.wakeup = () => {
         if (this.pendingPulls.length > 0) {
           this.readNext(c);
         }
-      });
+      };
     },
     pull(c) {
       const { promise, resolve, reject } = PromiseWithResolvers();
+      if (this.pendingPulls.length === 0) {
+        reader.setWakeup(this.wakeup);
+      }
       this.pendingPulls.push({ resolve, reject });
       this.readNext(c);
       return promise;
     },
+    clearWakeupIfIdle() {
+      if (this.pendingPulls.length === 0) {
+        reader.setWakeup(undefined);
+      }
+    },
     readNext(c) {
       reader.pull((status, buffer) => {
         // If pendingPulls is empty here, the stream had to have
         // been canceled, and we don't really care about the result.
         // We can simply exit.
         if (this.pendingPulls.length === 0) {
+          reader.setWakeup(undefined);
           return;
         }
         if (status === 0) {
           // EOS
+          reader.setWakeup(undefined);
           c.close();
           // This is to signal the end for byob readers
           // see https://streams.spec.whatwg.org/#example-rbs-pull
@@ -488,6 +498,7 @@ function createBlobReaderStream(reader) {
           // The read could fail for many different reasons when reading
           // from a non-memory resident blob part (e.g. file-backed blob).
           // The error details the system error code.
+          reader.setWakeup(undefined);
           const error =
             lazyDOMException('The blob could not be read',
                              'NotReadableError');
@@ -497,7 +508,7 @@ function createBlobReaderStream(reader) {
           return;
         } else if (status === 2) {
           // STATUS_BLOCK: No data available yet. The wakeup callback
-          // registered in start() will re-invoke readNext when data
+          // registered in pull() will re-invoke readNext when data
           // arrives.
           return;
         }
@@ -517,6 +528,7 @@ function createBlobReaderStream(reader) {
             if (this.pendingPulls.length !== 0) {
               const pending = this.pendingPulls.shift();
               pending.resolve();
+              this.clearWakeupIfIdle();
             }
             return;
           }
@@ -525,6 +537,7 @@ function createBlobReaderStream(reader) {
       });
     },
     cancel(reason) {
+      reader.setWakeup(undefined);
       // Reject any currently pending pulls here.
       for (const pending of this.pendingPulls) {
         pending.reject(reason);
diff --git a/test/parallel/test-blob-stream-gc.js b/test/parallel/test-blob-stream-gc.js
new file mode 100644
index 00000000000000..24b2f15efc1265
--- /dev/null
+++ b/test/parallel/test-blob-stream-gc.js
@@ -0,0 +1,56 @@
+// Flags: --expose-gc --no-concurrent-array-buffer-sweeping
+'use strict';
+
+const common = require('../common');
+const assert = require('assert');
+const { setImmediate: setImmediatePromise } = require('timers/promises');
+
+const MiB = 1024 * 1024;
+const iterations = 64;
+const maxRetained = 16 * MiB;
+
+async function collectArrayBuffers() {
+  for (let i = 0; i < 3; i++) {
+    global.gc();
+    await setImmediatePromise();
+  }
+}
+
+async function assertNoBlobStreamRetention(name, fn) {
+  const buffer = Buffer.alloc(MiB);
+
+  await collectArrayBuffers();
+  const before = process.memoryUsage().arrayBuffers;
+
+  for (let i = 0; i < iterations; i++) {
+    await fn(buffer);
+  }
+
+  await collectArrayBuffers();
+  const retained = process.memoryUsage().arrayBuffers - before;
+
+  assert(
+    retained < maxRetained,
+    `${name} retained ${retained} bytes in arrayBuffers`,
+  );
+}
+
+(async () => {
+  await assertNoBlobStreamRetention('unused Blob streams',
+                                    common.mustCall(async (buffer) => {
+                                      new Blob([buffer]).stream();
+                                    }, iterations));
+
+  await assertNoBlobStreamRetention('cancelled Blob streams',
+                                    common.mustCall(async (buffer) => {
+                                      await new Blob([buffer]).stream()
+                                        .cancel();
+                                    }, iterations));
+
+  await assertNoBlobStreamRetention('drained Blob streams',
+                                    common.mustCall(async (buffer) => {
+                                      await new Response(
+                                        new Blob([buffer]).stream(),
+                                      ).arrayBuffer();
+                                    }, iterations));
+})().then(common.mustCall());