diff --git a/src/pyclasses/cache.rs b/src/pyclasses/cache.rs
index cf58c5d..131d364 100644
--- a/src/pyclasses/cache.rs
+++ b/src/pyclasses/cache.rs
@@ -292,7 +292,7 @@ impl PyCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
@@ -347,7 +347,7 @@ impl PyCache {
             utils::OptionalArgument::Defined(x) => x,
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind()
+                pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind()
             },
         };
 
diff --git a/src/pyclasses/fifocache.rs b/src/pyclasses/fifocache.rs
index 05a26f4..da3a015 100644
--- a/src/pyclasses/fifocache.rs
+++ b/src/pyclasses/fifocache.rs
@@ -297,7 +297,7 @@ impl PyFIFOCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
@@ -352,7 +352,7 @@ impl PyFIFOCache {
             utils::OptionalArgument::Defined(x) => x,
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind()
+                pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind()
             },
         };
 
diff --git a/src/pyclasses/lfucache.rs b/src/pyclasses/lfucache.rs
index 0030466..879ff69 100644
--- a/src/pyclasses/lfucache.rs
+++ b/src/pyclasses/lfucache.rs
@@ -315,7 +315,7 @@ impl PyLFUCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
@@ -370,7 +370,7 @@ impl PyLFUCache {
             utils::OptionalArgument::Defined(x) => x,
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind()
+                pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind()
             },
         };
 
@@ -717,7 +717,7 @@ impl PyLFUCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
diff --git a/src/pyclasses/lrucache.rs b/src/pyclasses/lrucache.rs
index b4e534d..08541b0 100644
--- a/src/pyclasses/lrucache.rs
+++ b/src/pyclasses/lrucache.rs
@@ -324,7 +324,7 @@ impl PyLRUCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
@@ -379,7 +379,7 @@ impl PyLRUCache {
             utils::OptionalArgument::Defined(x) => x,
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind()
+                pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind()
             },
         };
 
@@ -704,7 +704,7 @@ impl PyLRUCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
diff --git a/src/pyclasses/rrcache.rs b/src/pyclasses/rrcache.rs
index 749a662..b433dd5 100644
--- a/src/pyclasses/rrcache.rs
+++ b/src/pyclasses/rrcache.rs
@@ -295,7 +295,7 @@ impl PyRRCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
@@ -350,7 +350,7 @@ impl PyRRCache {
             utils::OptionalArgument::Defined(x) => x,
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind()
+                pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind()
             },
         };
 
diff --git a/src/pyclasses/ttlcache.rs b/src/pyclasses/ttlcache.rs
index ecf68ce..6c1b83f 100644
--- a/src/pyclasses/ttlcache.rs
+++ b/src/pyclasses/ttlcache.rs
@@ -300,7 +300,7 @@ impl PyTTLCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
@@ -355,7 +355,7 @@ impl PyTTLCache {
             utils::OptionalArgument::Defined(x) => x,
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind()
+                pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind()
             },
         };
 
@@ -745,7 +745,7 @@ impl PyTTLCache {
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
                 Ok((
-                    pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind(),
+                    pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind(),
                     0.0,
                 ))
             },
diff --git a/src/pyclasses/vttlcache.rs b/src/pyclasses/vttlcache.rs
index 95793e2..e96b9f8 100644
--- a/src/pyclasses/vttlcache.rs
+++ b/src/pyclasses/vttlcache.rs
@@ -283,7 +283,7 @@ impl PyVTTLCache {
             utils::OptionalArgument::Defined(x) => Ok(x),
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                Ok(pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind())
+                Ok(pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind())
             },
         }
     }
@@ -336,7 +336,7 @@ impl PyVTTLCache {
             utils::OptionalArgument::Defined(x) => x,
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
-                pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind()
+                pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind()
             },
         };
 
@@ -690,7 +690,7 @@ impl PyVTTLCache {
             utils::OptionalArgument::Undefined => unsafe {
                 // SAFETY: None is immortal, so reference counting has no meaning
                 Ok((
-                    pyo3::Bound::from_owned_ptr(py, pyo3::ffi::Py_None()).unbind(),
+                    pyo3::Bound::from_borrowed_ptr(py, pyo3::ffi::Py_None()).unbind(),
                     py.None(),
                 ))
             },
diff --git a/tests/mixins.py b/tests/mixins.py
index f9c47a2..f76e867 100644
--- a/tests/mixins.py
+++ b/tests/mixins.py
@@ -1095,6 +1095,19 @@ def test_concurrent_inserts_with_finalizers(self):
             done.stderr or f"exit code {done.returncode}"
         )
 
+    def test_none_refcount(self):
+        cache = self.create_cache(1000)
+
+        if isinstance(cache, cachebox.Cache):
+            pytest.skip()
+
+        for i in range(10_000):
+            cache[i] = None
+
+        for i in range(10_000):
+            v = cache.get(i)
+            assert v is None
+
 
 class SweepIntervalMixin(BaseMixin):
     def _create_sweep_cache(