diff --git a/.changeset/fix-hoisted-spinner.md b/.changeset/fix-hoisted-spinner.md
new file mode 100644
index 0000000..9d3d686
--- /dev/null
+++ b/.changeset/fix-hoisted-spinner.md
@@ -0,0 +1,5 @@
+---
+'@stripe/link-cli': patch
+---
+
+Bundle ink-spinner so interactive commands use the CLI's React and Ink instances, avoiding invalid hook calls when a Bun global install hoists the spinner alongside a different React version.
diff --git a/packages/cli/tsup.config.ts b/packages/cli/tsup.config.ts
index 4a960c3..4518113 100644
--- a/packages/cli/tsup.config.ts
+++ b/packages/cli/tsup.config.ts
@@ -15,6 +15,8 @@ export default defineConfig({
   clean: true,
   sourcemap: false,
   external: ['update-notifier'],
+  // Keep the spinner's React/Ink imports in the CLI's dependency scope when hoisted.
+  noExternal: ['ink-spinner'],
   banner: { js: '#!/usr/bin/env node' },
   define: {
     __CLI_VERSION__: JSON.stringify(pkg.version),
diff --git a/scripts/test-bun-install.mjs b/scripts/test-bun-install.mjs
new file mode 100644
index 0000000..7ad5cfd
--- /dev/null
+++ b/scripts/test-bun-install.mjs
@@ -0,0 +1,113 @@
+// Packaging regression: pnpm run build && node scripts/test-bun-install.mjs
+// Optional argument: an existing CLI tarball (to test a pre-fix build).
+import assert from 'node:assert/strict';
+import { execFileSync, spawn } from 'node:child_process';
+import { mkdtempSync, rmSync, writeFileSync } from 'node:fs';
+import { tmpdir } from 'node:os';
+import { join, resolve } from 'node:path';
+import { fileURLToPath, pathToFileURL } from 'node:url';
+
+const temp = mkdtempSync(join(tmpdir(), 'link-bun-spinner-'));
+try {
+  const tarball = process.argv[2]
+    ? resolve(process.argv[2])
+    : join(temp, 'cli.tgz');
+  if (!process.argv[2]) {
+    execFileSync('pnpm', ['pack', '--out', tarball], {
+      cwd: fileURLToPath(new URL('../packages/cli/', import.meta.url)),
+      stdio: 'inherit',
+    });
+  }
+  // Recreate a shared global dependency layout without changing the user's tools.
+  writeFileSync(join(temp, 'package.json'), '{"private":true,"type":"module"}');
+  execFileSync(
+    'bun',
+    [
+      'add',
+      '--ignore-scripts',
+      tarball,
+      'react@19.2.7',
+      'ink@6.8.0',
+      'ink-spinner@5.0.0',
+    ],
+    {
+      cwd: temp,
+      stdio: 'inherit',
+    },
+  );
+  const entry = join(temp, 'node_modules/@stripe/link-cli/dist/cli.js');
+  const child = spawn(
+    process.execPath,
+    [
+      '--input-type=module',
+      '-e',
+      `
+    import { createRequire } from 'node:module';
+    import assert from 'node:assert/strict';
+    const cliRequire = createRequire(${JSON.stringify(entry)});
+    const spinnerRequire = createRequire(cliRequire.resolve('ink-spinner'));
+    assert.notEqual(cliRequire.resolve('react'), spinnerRequire.resolve('react'));
+    // Exercise the real interactive command without a terminal or real wallet.
+    process.stdout.isTTY = true;
+    process.stdin.isTTY = true;
+    process.stdin.setRawMode = () => {};
+    globalThis.fetch = (url) => String(url).startsWith('http://127.0.0.1:1')
+      ? new Promise(() => {})
+      : Promise.reject(new Error('Network disabled for packaging test'));
+    process.argv = [process.execPath, ${JSON.stringify(entry)}, 'onboard'];
+    await import(${JSON.stringify(pathToFileURL(entry).href)});
+  `,
+    ],
+    {
+      cwd: temp,
+      env: {
+        ...process.env,
+        LINK_AUTH_FILE: join(temp, 'auth.json'),
+        LINK_ACCESS_TOKEN: '',
+        LINK_REFRESH_TOKEN: '',
+        // Defense in depth: never contact Link, even if a fetch path changes.
+        LINK_AUTH_BASE_URL: 'http://127.0.0.1:1',
+        LINK_API_BASE_URL: 'http://127.0.0.1:1',
+      },
+      stdio: ['pipe', 'pipe', 'pipe'],
+    },
+  );
+  let output = '';
+  let rendered;
+  const timeout = setTimeout(() => child.kill('SIGKILL'), 30_000);
+  function collect(chunk) {
+    output += chunk;
+    // Let the spinner tick before stopping this intentionally pending login.
+    if (!rendered && output.includes('Initiating authentication')) {
+      rendered = setTimeout(() => child.kill('SIGTERM'), 500);
+    }
+  }
+  child.stdout.on('data', collect);
+  child.stderr.on('data', collect);
+  let exitSignal;
+  try {
+    exitSignal = await new Promise((resolve, reject) => {
+      child.on('error', reject);
+      child.on('close', (_code, signal) => resolve(signal));
+    });
+  } finally {
+    clearTimeout(timeout);
+    clearTimeout(rendered);
+  }
+  assert.doesNotMatch(
+    output,
+    /Invalid hook call|Cannot read properties|AssertionError/,
+    output,
+  );
+  assert.match(output, /Initiating authentication/, output);
+  assert.equal(
+    exitSignal,
+    'SIGTERM',
+    `CLI exited before the spinner check: ${output}`,
+  );
+  console.log(
+    'PASS: onboard renders its spinner with a conflicting hoisted React installed.',
+  );
+} finally {
+  rmSync(temp, { recursive: true, force: true });
+}