diff --git a/docs/release-notes/.FSharp.Compiler.Service/9.0.300.md b/docs/release-notes/.FSharp.Compiler.Service/9.0.300.md
index bcff9ba132d..f71fa86121d 100644
--- a/docs/release-notes/.FSharp.Compiler.Service/9.0.300.md
+++ b/docs/release-notes/.FSharp.Compiler.Service/9.0.300.md
@@ -7,6 +7,7 @@
 * Fix missing nullness warning when static upcast dropped nullness ([Issue #18232](https://github.com/dotnet/fsharp/issues/18232), [PR #18261](https://github.com/dotnet/fsharp/pull/18261))
 * Cancellable: only cancel on OCE with own token ([PR #18277](https://github.com/dotnet/fsharp/pull/18277))
 * Cancellable: set token in more places ([PR #18283](https://github.com/dotnet/fsharp/pull/18283))
+* Cancellable: fix leaking cancellation token ([PR #18295](https://github.com/dotnet/fsharp/pull/18295))
 * Fix NRE when accessing nullable fields of types within their equals/hash/compare methods ([PR #18296](https://github.com/dotnet/fsharp/pull/18296))
 
 ### Added
diff --git a/src/Compiler/Driver/CompilerImports.fs b/src/Compiler/Driver/CompilerImports.fs
index 8478429a452..ae14ee51157 100644
--- a/src/Compiler/Driver/CompilerImports.fs
+++ b/src/Compiler/Driver/CompilerImports.fs
@@ -2255,7 +2255,6 @@ and [<Sealed>] TcImports
             r: AssemblyResolution
         ) : Async<(_ * (unit -> AvailableImportedAssembly list)) option> =
         async {
-            do! Cancellable.UseToken()
             CheckDisposed()
             let m = r.originalReference.Range
             let fileName = r.resolvedPath
@@ -2327,7 +2326,6 @@ and [<Sealed>] TcImports
         async {
             CheckDisposed()
 
-
             let tcConfig = tcConfigP.Get ctok
 
             let runMethod =
diff --git a/src/Compiler/Service/BackgroundCompiler.fs b/src/Compiler/Service/BackgroundCompiler.fs
index da04b6ebb83..a55aaa490be 100644
--- a/src/Compiler/Service/BackgroundCompiler.fs
+++ b/src/Compiler/Service/BackgroundCompiler.fs
@@ -500,11 +500,11 @@ type internal BackgroundCompiler
         }
 
     let getOrCreateBuilder (options, userOpName) : Async<IncrementalBuilder option * FSharpDiagnostic[]> =
-        match tryGetBuilder options with
-        | Some getBuilder ->
-            async {
-                do! Cancellable.UseToken()
+        async {
+            use! _holder = Cancellable.UseToken()
 
+            match tryGetBuilder options with
+            | Some getBuilder ->
                 match! getBuilder with
                 | builderOpt, creationDiags when builderOpt.IsNone || not builderOpt.Value.IsReferencesInvalidated ->
                     return builderOpt, creationDiags
@@ -520,8 +520,8 @@ type internal BackgroundCompiler
                             checkFileInProjectCache.RemoveAnySimilar(ltok, key)))
 
                     return! createAndGetBuilder (options, userOpName)
-            }
-        | _ -> createAndGetBuilder (options, userOpName)
+            | _ -> return! createAndGetBuilder (options, userOpName)
+        }
 
     let getSimilarOrCreateBuilder (options, userOpName) =
         match tryGetSimilarBuilder options with
diff --git a/src/Compiler/Service/ServiceAnalysis.fs b/src/Compiler/Service/ServiceAnalysis.fs
index 1347751d167..6455d9f0ff3 100644
--- a/src/Compiler/Service/ServiceAnalysis.fs
+++ b/src/Compiler/Service/ServiceAnalysis.fs
@@ -302,7 +302,7 @@ module UnusedOpens =
     /// Async to allow cancellation.
     let getUnusedOpens (checkFileResults: FSharpCheckFileResults, getSourceLineStr: int -> string) : Async<range list> =
         async {
-            do! Cancellable.UseToken()
+            use! _holder = Cancellable.UseToken()
 
             if checkFileResults.OpenDeclarations.Length = 0 then
                 return []
diff --git a/src/Compiler/Service/TransparentCompiler.fs b/src/Compiler/Service/TransparentCompiler.fs
index 9f35b4f2835..9007a111e7d 100644
--- a/src/Compiler/Service/TransparentCompiler.fs
+++ b/src/Compiler/Service/TransparentCompiler.fs
@@ -1610,6 +1610,8 @@ type internal TransparentCompiler
         caches.ParseAndCheckFileInProject.Get(
             projectSnapshot.FileKeyWithExtraFileSnapshotVersion fileName,
             async {
+                use! _holder = Cancellable.UseToken()
+
                 use _ =
                     Activity.start "ComputeParseAndCheckFileInProject" [| Activity.Tags.fileName, fileName |> Path.GetFileName |> (!!) |]
 
@@ -1861,6 +1863,7 @@ type internal TransparentCompiler
         caches.AssemblyData.Get(
             projectSnapshot.SignatureKey,
             async {
+                use! _holder = Cancellable.UseToken()
 
                 try
 
@@ -1908,6 +1911,7 @@ type internal TransparentCompiler
         caches.ParseAndCheckProject.Get(
             projectSnapshot.FullKey,
             async {
+                use! _holder = Cancellable.UseToken()
 
                 match! ComputeBootstrapInfo projectSnapshot with
                 | None, creationDiags ->
@@ -1980,6 +1984,8 @@ type internal TransparentCompiler
 
     let tryGetSink (fileName: string) (projectSnapshot: ProjectSnapshot) =
         async {
+            use! _holder = Cancellable.UseToken()
+
             match! ComputeBootstrapInfo projectSnapshot with
             | None, _ -> return None
             | Some bootstrapInfo, _creationDiags ->
diff --git a/src/Compiler/Utilities/Cancellable.fs b/src/Compiler/Utilities/Cancellable.fs
index 4d6c42cd6f0..9e40de9dd2d 100644
--- a/src/Compiler/Utilities/Cancellable.fs
+++ b/src/Compiler/Utilities/Cancellable.fs
@@ -21,7 +21,7 @@ type Cancellable =
     static member UseToken() =
         async {
             let! ct = Async.CancellationToken
-            tokenHolder.Value <- ValueSome ct
+            return Cancellable.UsingToken ct
         }
 
     static member UsingToken(ct) =
diff --git a/src/Compiler/Utilities/Cancellable.fsi b/src/Compiler/Utilities/Cancellable.fsi
index 737a27a4f2a..72c098d2234 100644
--- a/src/Compiler/Utilities/Cancellable.fsi
+++ b/src/Compiler/Utilities/Cancellable.fsi
@@ -5,7 +5,7 @@ open System.Threading
 
 [<Sealed>]
 type Cancellable =
-    static member internal UseToken: unit -> Async<unit>
+    static member internal UseToken: unit -> Async<IDisposable>
 
     /// For use in testing only. Cancellable.token should be set only by the cancellable computation.
     static member internal UsingToken: CancellationToken -> IDisposable
diff --git a/tests/ILVerify/ilverify_FSharp.Compiler.Service_Debug_net9.0.bsl b/tests/ILVerify/ilverify_FSharp.Compiler.Service_Debug_net9.0.bsl
index c2263a4f259..4f429d04961 100644
--- a/tests/ILVerify/ilverify_FSharp.Compiler.Service_Debug_net9.0.bsl
+++ b/tests/ILVerify/ilverify_FSharp.Compiler.Service_Debug_net9.0.bsl
@@ -21,7 +21,7 @@
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.CodeAnalysis.Hosted.CompilerHelpers::fscCompile([FSharp.Compiler.Service]FSharp.Compiler.CodeAnalysis.LegacyReferenceResolver, string, string[])][offset 0x00000082][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.CodeAnalysis.Hosted.CompilerHelpers::fscCompile([FSharp.Compiler.Service]FSharp.Compiler.CodeAnalysis.LegacyReferenceResolver, string, string[])][offset 0x0000008B][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+MagicAssemblyResolution::ResolveAssemblyCore([FSharp.Compiler.Service]Internal.Utilities.Library.CompilationThreadToken, [FSharp.Compiler.Service]FSharp.Compiler.Text.Range, [FSharp.Compiler.Service]FSharp.Compiler.CompilerConfig+TcConfigBuilder, [FSharp.Compiler.Service]FSharp.Compiler.CompilerImports+TcImports, [FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiDynamicCompiler, [FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiConsoleOutput, string)][offset 0x00000015][found Char] Unexpected type on the stack.
-[IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+clo@3516-789::Invoke([S.P.CoreLib]System.Tuple`3<char[],int32,int32>)][offset 0x000001E5][found Char] Unexpected type on the stack.
+[IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+clo@3516-802::Invoke([S.P.CoreLib]System.Tuple`3<char[],int32,int32>)][offset 0x000001E5][found Char] Unexpected type on the stack.
 [IL]: Error [UnmanagedPointer]: : FSharp.Compiler.Interactive.Shell+Utilities+pointerToNativeInt@110::Invoke(object)][offset 0x00000007] Unmanaged pointers are not a verifiable type.
 [IL]: Error [StackUnexpected]: : <StartupCode$FSharp-Compiler-Service>.$FSharpCheckerResults+dataTipOfReferences@2205::Invoke([FSharp.Core]Microsoft.FSharp.Core.Unit)][offset 0x00000084][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : <StartupCode$FSharp-Compiler-Service>.$ServiceLexing+clo@921-509::Invoke([FSharp.Core]Microsoft.FSharp.Core.FSharpFunc`2<System.Tuple`3<FSharp.Compiler.Parser+token,int32,int32>,Microsoft.FSharp.Core.Unit>)][offset 0x00000032][found Char] Unexpected type on the stack.
diff --git a/tests/ILVerify/ilverify_FSharp.Compiler.Service_Debug_netstandard2.0.bsl b/tests/ILVerify/ilverify_FSharp.Compiler.Service_Debug_netstandard2.0.bsl
index 18045d70b31..2ec0116a1af 100644
--- a/tests/ILVerify/ilverify_FSharp.Compiler.Service_Debug_netstandard2.0.bsl
+++ b/tests/ILVerify/ilverify_FSharp.Compiler.Service_Debug_netstandard2.0.bsl
@@ -28,7 +28,7 @@
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.CodeAnalysis.Hosted.CompilerHelpers::fscCompile([FSharp.Compiler.Service]FSharp.Compiler.CodeAnalysis.LegacyReferenceResolver, string, string[])][offset 0x0000008B][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+FsiStdinSyphon::GetLine(string, int32)][offset 0x00000039][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+MagicAssemblyResolution::ResolveAssemblyCore([FSharp.Compiler.Service]Internal.Utilities.Library.CompilationThreadToken, [FSharp.Compiler.Service]FSharp.Compiler.Text.Range, [FSharp.Compiler.Service]FSharp.Compiler.CompilerConfig+TcConfigBuilder, [FSharp.Compiler.Service]FSharp.Compiler.CompilerImports+TcImports, [FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiDynamicCompiler, [FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiConsoleOutput, string)][offset 0x00000015][found Char] Unexpected type on the stack.
-[IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+clo@3516-789::Invoke([S.P.CoreLib]System.Tuple`3<char[],int32,int32>)][offset 0x000001E5][found Char] Unexpected type on the stack.
+[IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+clo@3516-802::Invoke([S.P.CoreLib]System.Tuple`3<char[],int32,int32>)][offset 0x000001E5][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+FsiInteractionProcessor::CompletionsForPartialLID([FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiDynamicCompilerState, string)][offset 0x0000001B][found Char] Unexpected type on the stack.
 [IL]: Error [UnmanagedPointer]: : FSharp.Compiler.Interactive.Shell+Utilities+pointerToNativeInt@110::Invoke(object)][offset 0x00000007] Unmanaged pointers are not a verifiable type.
 [IL]: Error [StackUnexpected]: : <StartupCode$FSharp-Compiler-Service>.$FSharpCheckerResults+dataTipOfReferences@2205::Invoke([FSharp.Core]Microsoft.FSharp.Core.Unit)][offset 0x00000084][found Char] Unexpected type on the stack.
diff --git a/tests/ILVerify/ilverify_FSharp.Compiler.Service_Release_net9.0.bsl b/tests/ILVerify/ilverify_FSharp.Compiler.Service_Release_net9.0.bsl
index b01f7e04acb..48210dddd5c 100644
--- a/tests/ILVerify/ilverify_FSharp.Compiler.Service_Release_net9.0.bsl
+++ b/tests/ILVerify/ilverify_FSharp.Compiler.Service_Release_net9.0.bsl
@@ -21,7 +21,7 @@
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.CodeAnalysis.Hosted.CompilerHelpers::fscCompile([FSharp.Compiler.Service]FSharp.Compiler.CodeAnalysis.LegacyReferenceResolver, string, string[])][offset 0x00000082][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.CodeAnalysis.Hosted.CompilerHelpers::fscCompile([FSharp.Compiler.Service]FSharp.Compiler.CodeAnalysis.LegacyReferenceResolver, string, string[])][offset 0x0000008B][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+MagicAssemblyResolution::ResolveAssemblyCore([FSharp.Compiler.Service]Internal.Utilities.Library.CompilationThreadToken, [FSharp.Compiler.Service]FSharp.Compiler.Text.Range, [FSharp.Compiler.Service]FSharp.Compiler.CompilerConfig+TcConfigBuilder, [FSharp.Compiler.Service]FSharp.Compiler.CompilerImports+TcImports, [FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiDynamicCompiler, [FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiConsoleOutput, string)][offset 0x00000015][found Char] Unexpected type on the stack.
-[IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+clo@3516-833::Invoke([S.P.CoreLib]System.Tuple`3<char[],int32,int32>)][offset 0x000001C7][found Char] Unexpected type on the stack.
+[IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+clo@3516-846::Invoke([S.P.CoreLib]System.Tuple`3<char[],int32,int32>)][offset 0x000001C7][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : <StartupCode$FSharp-Compiler-Service>.$FSharpCheckerResults+GetReferenceResolutionStructuredToolTipText@2205::Invoke([FSharp.Core]Microsoft.FSharp.Core.Unit)][offset 0x00000076][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : <StartupCode$FSharp-Compiler-Service>.$ServiceLexing+clo@921-530::Invoke([FSharp.Core]Microsoft.FSharp.Core.FSharpFunc`2<System.Tuple`3<FSharp.Compiler.Parser+token,int32,int32>,Microsoft.FSharp.Core.Unit>)][offset 0x00000032][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : <StartupCode$FSharp-Compiler-Service>.$ServiceLexing+clo@921-530::Invoke([FSharp.Core]Microsoft.FSharp.Core.FSharpFunc`2<System.Tuple`3<FSharp.Compiler.Parser+token,int32,int32>,Microsoft.FSharp.Core.Unit>)][offset 0x0000003B][found Char] Unexpected type on the stack.
diff --git a/tests/ILVerify/ilverify_FSharp.Compiler.Service_Release_netstandard2.0.bsl b/tests/ILVerify/ilverify_FSharp.Compiler.Service_Release_netstandard2.0.bsl
index e093fab1d7d..2df2cf0fbd9 100644
--- a/tests/ILVerify/ilverify_FSharp.Compiler.Service_Release_netstandard2.0.bsl
+++ b/tests/ILVerify/ilverify_FSharp.Compiler.Service_Release_netstandard2.0.bsl
@@ -28,7 +28,7 @@
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.CodeAnalysis.Hosted.CompilerHelpers::fscCompile([FSharp.Compiler.Service]FSharp.Compiler.CodeAnalysis.LegacyReferenceResolver, string, string[])][offset 0x0000008B][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+FsiStdinSyphon::GetLine(string, int32)][offset 0x00000032][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+MagicAssemblyResolution::ResolveAssemblyCore([FSharp.Compiler.Service]Internal.Utilities.Library.CompilationThreadToken, [FSharp.Compiler.Service]FSharp.Compiler.Text.Range, [FSharp.Compiler.Service]FSharp.Compiler.CompilerConfig+TcConfigBuilder, [FSharp.Compiler.Service]FSharp.Compiler.CompilerImports+TcImports, [FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiDynamicCompiler, [FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiConsoleOutput, string)][offset 0x00000015][found Char] Unexpected type on the stack.
-[IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+clo@3516-833::Invoke([S.P.CoreLib]System.Tuple`3<char[],int32,int32>)][offset 0x000001C7][found Char] Unexpected type on the stack.
+[IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+clo@3516-846::Invoke([S.P.CoreLib]System.Tuple`3<char[],int32,int32>)][offset 0x000001C7][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.Interactive.Shell+FsiInteractionProcessor::CompletionsForPartialLID([FSharp.Compiler.Service]FSharp.Compiler.Interactive.Shell+FsiDynamicCompilerState, string)][offset 0x00000024][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : <StartupCode$FSharp-Compiler-Service>.$FSharpCheckerResults+GetReferenceResolutionStructuredToolTipText@2205::Invoke([FSharp.Core]Microsoft.FSharp.Core.Unit)][offset 0x00000076][found Char] Unexpected type on the stack.
 [IL]: Error [StackUnexpected]: : FSharp.Compiler.EditorServices.AssemblyContent+traverseMemberFunctionAndValues@176::Invoke([FSharp.Compiler.Service]FSharp.Compiler.Symbols.FSharpMemberOrFunctionOrValue)][offset 0x0000002B][found Char] Unexpected type on the stack.