diff --git a/src/runtime/object.cpp b/src/runtime/object.cpp
index 19c4d8aec2..f9be8fe9bd 100644
--- a/src/runtime/object.cpp
+++ b/src/runtime/object.cpp
@@ -103,7 +103,7 @@ void del(object * o) {
         case object_kind::MPZ:
             dealloc_mpz(o); break;
         case object_kind::Thunk:
-            dec(to_thunk(o)->m_closure, todo);
+            if (object * c = to_thunk(o)->m_closure) dec(c, todo);
             if (object * v = to_thunk(o)->m_value) dec(v, todo);
             free(o);
             break;
diff --git a/src/runtime/object.h b/src/runtime/object.h
index a4fb527c9f..85d08b3a2a 100644
--- a/src/runtime/object.h
+++ b/src/runtime/object.h
@@ -111,7 +111,7 @@ struct mpz_object : public object {
 struct thunk_object : public object {
     object *         m_closure;
     atomic<object *> m_value;
-    thunk_object(object * c);
+    thunk_object(object * c, bool is_value = false);
 };
 
 /* Base class for wrapping external_object data.
@@ -330,15 +330,26 @@ inline mpz const & mpz_value(object * o) { return to_mpz(o)->m_value; }
 
 /* Thunks */
 
-inline thunk_object::thunk_object(object * c):
-    object(object_kind::Thunk), m_closure(c), m_value(nullptr) {
-    /* Remark: the implementation relies on the fact that nullptr is not a valid lean object. */
-    lean_assert(is_closure(c));
+inline thunk_object::thunk_object(object * c, bool is_value):
+    object(object_kind::Thunk) {
+    if (is_value) {
+        m_closure = nullptr;
+        m_value   = c;
+    } else {
+        lean_assert(is_closure(c));
+        m_closure = c;
+        m_value   = nullptr;
+    }
 }
 
 /* Remark: `c`'s RC is not modified. Result object has RC == 1. */
 inline object * mk_thunk(object * c) {
-    return new (malloc(sizeof(thunk_object))) thunk_object(c); // NOLINT
+    return new (malloc(sizeof(thunk_object))) thunk_object(c, false); // NOLINT
+}
+
+/* Remark: `v`'s RC is not modified. Result object has RC == 1. */
+inline object * mk_thunk_from_value(object * v) {
+    return new (malloc(sizeof(thunk_object))) thunk_object(v, true); // NOLINT
 }
 
 object * apply_1(object * f, object * a1);
diff --git a/src/runtime/serializer.cpp b/src/runtime/serializer.cpp
index 08ef51cec2..978a65a6e8 100644
--- a/src/runtime/serializer.cpp
+++ b/src/runtime/serializer.cpp
@@ -100,6 +100,11 @@ void serializer::write_closure(object *) { // NOLINT
     throw exception("serializer for closures has not been implemented yet");
 }
 
+void serializer::write_thunk(object * o) {
+    object * r = thunk_get(o);
+    write_object(r);
+}
+
 void serializer::write_array(object * o) {
     lean_assert(is_array(o));
     size_t sz    = sarray_size(o);
@@ -162,6 +167,7 @@ void serializer::write_object(object * o) {
             switch (k) {
             case object_kind::Constructor:  write_constructor(o); break;
             case object_kind::Closure:      write_closure(o); break;
+            case object_kind::Thunk:        write_thunk(o); break;
             case object_kind::Array:        write_array(o); break;
             case object_kind::ScalarArray:  write_scalar_array(o); break;
             case object_kind::String:       write_string_object(o); break;
@@ -282,6 +288,12 @@ object * deserializer::read_closure() {
     throw exception("serializer for closures has not been implemented yet");
 }
 
+object * deserializer::read_thunk() {
+    object * v = read_object();
+    inc(v);
+    return mk_thunk_from_value(v);
+}
+
 object * deserializer::read_array() {
     size_t sz    = read_size_t();
     object * r   = alloc_array(sz, sz);
@@ -334,6 +346,7 @@ object * deserializer::read_object() {
         switch (k) {
         case object_kind::Constructor:  r = read_constructor(); break;
         case object_kind::Closure:      r = read_closure(); break;
+        case object_kind::Thunk:        r = read_thunk(); break;
         case object_kind::Array:        r = read_array(); break;
         case object_kind::ScalarArray:  r = read_scalar_array(); break;
         case object_kind::String:       r = read_string_object(); break;
diff --git a/src/runtime/serializer.h b/src/runtime/serializer.h
index 544234161b..9fee31c456 100644
--- a/src/runtime/serializer.h
+++ b/src/runtime/serializer.h
@@ -23,6 +23,7 @@ class serializer {
     std::unordered_map<object*, unsigned, std::hash<object*>, std::equal_to<object*>> m_obj_table;
     void write_constructor(object * o);
     void write_closure(object * o);
+    void write_thunk(object * o);
     void write_array(object * o);
     void write_scalar_array(object * o);
     void write_string_object(object * o);
@@ -62,6 +63,7 @@ class deserializer {
     unsigned read_unsigned_ext();
     object * read_constructor();
     object * read_closure();
+    object * read_thunk();
     object * read_array();
     object * read_scalar_array();
     object * read_string_object();
diff --git a/src/tests/util/object.cpp b/src/tests/util/object.cpp
index 32fd4b2933..88bf48629d 100644
--- a/src/tests/util/object.cpp
+++ b/src/tests/util/object.cpp
@@ -5,6 +5,7 @@ Released under Apache 2.0 license as described in the file LICENSE.
 Author: Leonardo de Moura
 */
 #include <iostream>
+#include "runtime/serializer.h"
 #include "util/test.h"
 #include "util/object_ref.h"
 #include "util/init_module.h"
@@ -85,6 +86,26 @@ static void tst4() {
     lean_assert(string_eq(r4, "hello world"));
 }
 
+static void tst5() {
+    object_ref c(alloc_closure(r, 1, 0));
+    object_ref t = mk_thunk_ref(c);
+    std::ostringstream out;
+    serializer s(out);
+    object_ref o(mk_string("bla bla"));
+    s.write_object(o.raw());
+    s.write_object(t.raw());
+    s.write_object(t.raw());
+    std::istringstream in(out.str());
+    deserializer d(in);
+    d.read_object();
+    object * r1 = d.read_object();
+    object * r2 = d.read_object();
+    lean_assert(r1 == r2);
+    lean_assert(is_thunk(r1));
+    object * str = thunk_get(r1);
+    lean_assert(strcmp(string_data(str), "hello world") == 0);
+}
+
 int main() {
     save_stack_info();
     initialize_util_module();
@@ -92,6 +113,7 @@ int main() {
     tst2();
     tst3();
     tst4();
+    tst5();
     finalize_util_module();
     return has_violations() ? 1 : 0;
 }