diff --git a/src/crank.ts b/src/crank.ts
index 5a1cc217..759d7be6 100644
--- a/src/crank.ts
+++ b/src/crank.ts
@@ -981,23 +981,11 @@ function diffChildren<TNode, TScope, TRoot extends TNode, TResult>(
 				}
 			}
 
-			const ref = child.ref;
 			if (isPromiseLike(value)) {
 				isAsync = true;
-				if (typeof ref === "function") {
-					value = value.then((value) => {
-						ref(renderer.read(value));
-						return value;
-					});
-				}
-
 				if (hydrationData !== undefined) {
 					hydrationBlock = value;
 				}
-			} else {
-				if (typeof ref === "function") {
-					ref(renderer.read(value));
-				}
 			}
 		} else {
 			// child is a string or undefined
@@ -1119,6 +1107,9 @@ function updateRaw<TNode, TScope>(
 	const props = ret.el.props;
 	if (!oldProps || oldProps.value !== props.value) {
 		ret.value = renderer.raw(props.value as any, scope, hydrationData);
+		if (typeof ret.el.ref === "function") {
+			ret.el.ref(ret.value);
+		}
 	}
 
 	return ret.value;
@@ -1231,6 +1222,9 @@ function commitHost<TNode, TScope>(
 		if (value == null) {
 			// This assumes that renderer.create does not return nullish values.
 			value = ret.value = renderer.create(tag, props, scope);
+			if (typeof ret.el.ref === "function") {
+				ret.el.ref(value);
+			}
 		}
 
 		for (const propName in {...oldProps, ...props}) {
diff --git a/test/copy.tsx b/test/copy.tsx
index 4c521d2c..5c6cc07f 100644
--- a/test/copy.tsx
+++ b/test/copy.tsx
@@ -1,6 +1,5 @@
 import {suite} from "uvu";
 import * as Assert from "uvu/assert";
-import * as Sinon from "sinon";
 
 import {Context, Copy, createElement, Element, Fragment} from "../src/crank.js";
 import {renderer} from "../src/dom.js";
@@ -346,25 +345,4 @@ test("copy async generator siblings with refresh", async () => {
 	Assert.is(document.body.innerHTML, "<div><span>0</span><span>0</span></div>");
 });
 
-test("refs", () => {
-	renderer.render(<div>Hello</div>, document.body);
-	const mock = Sinon.fake();
-	renderer.render(<Copy ref={mock} />, document.body);
-	Assert.is(mock.lastCall.args[0], document.body.firstChild);
-});
-
-test("async refs", async () => {
-	async function Component() {
-		await new Promise((resolve) => setTimeout(resolve));
-		return <span>Hello</span>;
-	}
-
-	const p = renderer.render(<Component />, document.body);
-	const mock = Sinon.fake();
-	renderer.render(<Copy ref={mock} />, document.body);
-	Assert.is(mock.callCount, 0);
-	await p;
-	Assert.is(mock.lastCall.args[0], document.body.firstChild);
-});
-
 test.run();
diff --git a/test/refs.tsx b/test/refs.tsx
index 73cdc6f0..fa1530aa 100644
--- a/test/refs.tsx
+++ b/test/refs.tsx
@@ -4,14 +4,7 @@ import * as Sinon from "sinon";
 
 const test = suite("refs");
 
-import {
-	Children,
-	Context,
-	createElement,
-	Element,
-	Fragment,
-	Raw,
-} from "../src/crank.js";
+import {Children, Context, createElement, Element, Raw} from "../src/crank.js";
 import {renderer} from "../src/dom.js";
 
 test.after.each(() => {
@@ -28,42 +21,27 @@ test("basic", () => {
 	Assert.is(fn.lastCall.args[0], document.body.firstChild);
 });
 
-test("child", () => {
+test("runs once", () => {
 	const fn = Sinon.fake();
-	renderer.render(
-		<div>
-			<span ref={fn}>Hello</span>
-		</div>,
-		document.body,
-	);
-
-	Assert.is(document.body.innerHTML, "<div><span>Hello</span></div>");
+	renderer.render(<div ref={fn}>Hello</div>, document.body);
+	renderer.render(<div ref={fn}>Hello</div>, document.body);
+	Assert.is(document.body.innerHTML, "<div>Hello</div>");
 	Assert.is(fn.callCount, 1);
-	Assert.is(fn.lastCall.args[0], document.body.firstChild!.firstChild);
+	Assert.is(fn.lastCall.args[0], document.body.firstChild);
 });
 
-test("Fragment element", () => {
+test("child", () => {
 	const fn = Sinon.fake();
 	renderer.render(
 		<div>
-			<Fragment ref={fn}>
-				<span>1</span>
-				<span>2</span>
-				<span>3</span>
-			</Fragment>
+			<span ref={fn}>Hello</span>
 		</div>,
 		document.body,
 	);
 
-	Assert.is(
-		document.body.innerHTML,
-		"<div><span>1</span><span>2</span><span>3</span></div>",
-	);
+	Assert.is(document.body.innerHTML, "<div><span>Hello</span></div>");
 	Assert.is(fn.callCount, 1);
-	Assert.equal(
-		fn.lastCall.args[0],
-		Array.from(document.body.firstChild!.childNodes),
-	);
+	Assert.is(fn.lastCall.args[0], document.body.firstChild!.firstChild);
 });
 
 test("Raw element", () => {
@@ -80,10 +58,10 @@ test("Raw element", () => {
 	Assert.ok(refArgs[0] instanceof Node);
 });
 
-test("function component", () => {
+test("function component ref passing", () => {
 	const fn = Sinon.fake();
-	function Component(): Element {
-		return <span>Hello</span>;
+	function Component({ref}: {ref: unknown}): Element {
+		return <span ref={ref}>Hello</span>;
 	}
 
 	renderer.render(
@@ -98,11 +76,11 @@ test("function component", () => {
 	Assert.is(fn.lastCall.args[0], document.body.firstChild!.firstChild);
 });
 
-test("generator component", () => {
+test("generator component ref passing", () => {
 	const fn = Sinon.fake();
-	function* Component(): Generator<Element> {
+	function* Component({ref}: {ref: unknown}): Generator<Element> {
 		while (true) {
-			yield <span>Hello</span>;
+			yield <span ref={ref}>Hello</span>;
 		}
 	}
 
@@ -118,10 +96,10 @@ test("generator component", () => {
 	Assert.is(fn.lastCall.args[0], document.body.firstChild!.firstChild);
 });
 
-test("async function component", async () => {
+test("async function component ref passing", async () => {
 	const fn = Sinon.fake();
-	async function Component(): Promise<Element> {
-		return <span>Hello</span>;
+	async function Component({ref}: {ref: unknown}): Promise<Element> {
+		return <span ref={ref}>Hello</span>;
 	}
 
 	await renderer.render(
@@ -138,9 +116,12 @@ test("async function component", async () => {
 
 test("async generator component", async () => {
 	const fn = Sinon.fake();
-	async function* Component(this: Context): AsyncGenerator<Element> {
-		for await (const _ of this) {
-			yield <span>Hello</span>;
+	async function* Component(
+		this: Context,
+		{ref}: {ref: unknown},
+	): AsyncGenerator<Element> {
+		for await ({ref} of this) {
+			yield <span ref={ref}>Hello</span>;
 		}
 	}