diff --git a/src/components/views/rooms/EventTile.tsx b/src/components/views/rooms/EventTile.tsx
index 92c783bfce..79ae4224ce 100644
--- a/src/components/views/rooms/EventTile.tsx
+++ b/src/components/views/rooms/EventTile.tsx
@@ -75,7 +75,6 @@ import { RoomNotificationStateStore } from '../../../stores/notifications/RoomNo
 import { NotificationStateEvents } from '../../../stores/notifications/NotificationState';
 import { NotificationColor } from '../../../stores/notifications/NotificationColor';
 import AccessibleButton, { ButtonEvent } from '../elements/AccessibleButton';
-import { CardContext } from '../right_panel/BaseCard';
 import { copyPlaintext } from '../../../utils/strings';
 import { DecryptionFailureTracker } from '../../../DecryptionFailureTracker';
 import RedactedBody from '../messages/RedactedBody';
@@ -83,6 +82,7 @@ import { ViewRoomPayload } from "../../../dispatcher/payloads/ViewRoomPayload";
 import { shouldDisplayReply } from '../../../utils/Reply';
 import PosthogTrackers from "../../../PosthogTrackers";
 import TileErrorBoundary from '../messages/TileErrorBoundary';
+import ThreadSummary, { ThreadMessagePreview } from './ThreadSummary';
 
 export type GetRelationsForEvent = (eventId: string, relationType: string, eventType: string) => Relations;
 
@@ -348,9 +348,6 @@ interface IState {
     isQuoteExpanded?: boolean;
 
     thread: Thread;
-    threadReplyCount: number;
-    threadLastReply: MatrixEvent;
-    threadLastSender: RoomMember | null;
     threadNotification?: NotificationCountType;
 }
 
@@ -397,9 +394,6 @@ export class UnwrappedEventTile extends React.Component<IProps, IState> {
             hover: false,
 
             thread,
-            threadReplyCount: thread?.length,
-            threadLastReply: thread?.replyToEvent,
-            threadLastSender: thread?.replyToEvent?.sender,
         };
 
         // don't do RR animations until we are mounted
@@ -514,11 +508,6 @@ export class UnwrappedEventTile extends React.Component<IProps, IState> {
 
         const room = MatrixClientPeg.get().getRoom(this.props.mxEvent.getRoomId());
         room?.on(ThreadEvent.New, this.onNewThread);
-
-        if (this.state.threadLastReply?.isEncrypted()) {
-            this.state.threadLastReply.once(MatrixEventEvent.Decrypted, this.onEventDecryption);
-            MatrixClientPeg.get().decryptEventIfNeeded(this.state.threadLastReply);
-        }
     }
 
     private setupNotificationListener = (thread: Thread): void => {
@@ -556,12 +545,7 @@ export class UnwrappedEventTile extends React.Component<IProps, IState> {
             this.setupNotificationListener(thread);
         }
 
-        this.setState({
-            threadLastReply: thread?.replyToEvent,
-            threadLastSender: thread?.replyToEvent?.sender,
-            threadReplyCount: thread?.length,
-            thread,
-        });
+        this.setState({ thread });
     };
 
     // TODO: [REACT-WARNING] Replace with appropriate lifecycle event
@@ -601,7 +585,6 @@ export class UnwrappedEventTile extends React.Component<IProps, IState> {
         if (this.threadState) {
             this.threadState.off(NotificationStateEvents.Update, this.onThreadStateUpdate);
         }
-        this.state.threadLastReply?.removeListener(MatrixEventEvent.Decrypted, this.onEventDecryption);
     }
 
     componentDidUpdate(prevProps: IProps, prevState: IState, snapshot) {
@@ -610,20 +593,8 @@ export class UnwrappedEventTile extends React.Component<IProps, IState> {
             MatrixClientPeg.get().on(RoomEvent.Receipt, this.onRoomReceipt);
             this.isListeningForReceipts = true;
         }
-
-        if (this.state.threadLastReply !== prevState.threadLastReply) {
-            if (this.state.threadLastReply.isEncrypted()) {
-                this.state.threadLastReply.once(MatrixEventEvent.Decrypted, this.onEventDecryption);
-                MatrixClientPeg.get().decryptEventIfNeeded(this.state.threadLastReply);
-            }
-            prevState.threadLastReply?.removeListener(MatrixEventEvent.Decrypted, this.onEventDecryption);
-        }
     }
 
-    private onEventDecryption = () => {
-        this.forceUpdate();
-    };
-
     private onNewThread = (thread: Thread) => {
         if (thread.id === this.props.mxEvent.getId()) {
             this.updateThread(thread);
@@ -658,64 +629,17 @@ export class UnwrappedEventTile extends React.Component<IProps, IState> {
             <span className="mx_ThreadPanel_repliesSummary">
                 { this.state.thread.length }
             </span>
-            { this.renderThreadLastMessagePreview() }
+            <ThreadMessagePreview thread={this.state.thread} />
         </div>;
     }
 
-    private renderThreadLastMessagePreview(): JSX.Element | null {
-        const { threadLastReply } = this.state;
-        const threadMessagePreview = MessagePreviewStore.instance.generatePreviewForEvent(threadLastReply);
-
-        const sender = this.state.thread?.roomState.getSentinelMember(threadLastReply.getSender());
-        return <>
-            <MemberAvatar
-                member={sender}
-                fallbackUserId={threadLastReply.getSender()}
-                width={24}
-                height={24}
-                className="mx_ThreadInfo_avatar"
-            />
-            { threadMessagePreview && (
-                <div className="mx_ThreadInfo_content">
-                    <span className="mx_ThreadInfo_message-preview">
-                        { threadMessagePreview }
-                    </span>
-                </div>
-            ) }
-        </>;
-    }
-
     private renderThreadInfo(): React.ReactNode {
         if (this.context.timelineRenderingType === TimelineRenderingType.Search && this.props.mxEvent.threadRootId) {
             return (
                 <p className="mx_ThreadSummaryIcon">{ _t("From a thread") }</p>
             );
-        } else if (this.state.threadReplyCount && this.state.thread.id === this.props.mxEvent.getId()) {
-            let count: string | number = this.state.threadReplyCount;
-            if (!this.context.narrow) {
-                count = _t("%(count)s reply", {
-                    count: this.state.threadReplyCount,
-                });
-            }
-            return (
-                <CardContext.Consumer>
-                    { context =>
-                        <AccessibleButton
-                            className="mx_ThreadInfo"
-                            onClick={(ev: ButtonEvent) => {
-                                showThread({ rootEvent: this.props.mxEvent, push: context.isCard });
-                                PosthogTrackers.trackInteraction("WebRoomTimelineThreadSummaryButton", ev);
-                            }}
-                            aria-label={_t("Open thread")}
-                        >
-                            <span className="mx_ThreadInfo_threads-amount">
-                                { count }
-                            </span>
-                            { this.renderThreadLastMessagePreview() }
-                        </AccessibleButton>
-                    }
-                </CardContext.Consumer>
-            );
+        } else if (this.state.thread?.id === this.props.mxEvent.getId()) {
+            return <ThreadSummary mxEvent={this.props.mxEvent} thread={this.state.thread} />;
         }
     }
 
diff --git a/src/components/views/rooms/ThreadSummary.tsx b/src/components/views/rooms/ThreadSummary.tsx
new file mode 100644
index 0000000000..2a5865fddc
--- /dev/null
+++ b/src/components/views/rooms/ThreadSummary.tsx
@@ -0,0 +1,96 @@
+/*
+Copyright 2022 The Matrix.org Foundation C.I.C.
+
+Licensed under the Apache License, Version 2.0 (the "License");
+you may not use this file except in compliance with the License.
+You may obtain a copy of the License at
+
+    http://www.apache.org/licenses/LICENSE-2.0
+
+Unless required by applicable law or agreed to in writing, software
+distributed under the License is distributed on an "AS IS" BASIS,
+WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+See the License for the specific language governing permissions and
+limitations under the License.
+*/
+
+import React, { useContext } from "react";
+import { Thread, ThreadEvent } from "matrix-js-sdk/src/models/thread";
+import { MatrixEvent } from "matrix-js-sdk/src/models/event";
+
+import { _t } from "../../../languageHandler";
+import { CardContext } from "../right_panel/BaseCard";
+import AccessibleButton, { ButtonEvent } from "../elements/AccessibleButton";
+import { showThread } from "../../../dispatcher/dispatch-actions/threads";
+import PosthogTrackers from "../../../PosthogTrackers";
+import { useTypedEventEmitterState } from "../../../hooks/useEventEmitter";
+import RoomContext from "../../../contexts/RoomContext";
+import { MessagePreviewStore } from "../../../stores/room-list/MessagePreviewStore";
+import MemberAvatar from "../avatars/MemberAvatar";
+import { useAsyncMemo } from "../../../hooks/useAsyncMemo";
+import MatrixClientContext from "../../../contexts/MatrixClientContext";
+
+interface IProps {
+    mxEvent: MatrixEvent;
+    thread: Thread;
+}
+
+const ThreadSummary = ({ mxEvent, thread }: IProps) => {
+    const roomContext = useContext(RoomContext);
+    const cardContext = useContext(CardContext);
+    const count = useTypedEventEmitterState(thread, ThreadEvent.Update, () => thread.length);
+    if (!count) return null; // We don't want to show a thread summary if the thread doesn't have replies yet
+
+    let countSection: string | number = count;
+    if (!roomContext.narrow) {
+        countSection = _t("%(count)s reply", { count });
+    }
+
+    return (
+        <AccessibleButton
+            className="mx_ThreadInfo"
+            onClick={(ev: ButtonEvent) => {
+                showThread({
+                    rootEvent: mxEvent,
+                    push: cardContext.isCard,
+                });
+                PosthogTrackers.trackInteraction("WebRoomTimelineThreadSummaryButton", ev);
+            }}
+            aria-label={_t("Open thread")}
+        >
+            <span className="mx_ThreadInfo_threads-amount">
+                { countSection }
+            </span>
+            <ThreadMessagePreview thread={thread} />
+        </AccessibleButton>
+    );
+};
+
+export const ThreadMessagePreview = ({ thread }: Pick<IProps, "thread">) => {
+    const cli = useContext(MatrixClientContext);
+    const lastReply = useTypedEventEmitterState(thread, ThreadEvent.Update, () => thread.lastReply());
+    const preview = useAsyncMemo(async () => {
+        await cli.decryptEventIfNeeded(lastReply);
+        return MessagePreviewStore.instance.generatePreviewForEvent(lastReply);
+    }, [lastReply]);
+
+    const sender = thread.roomState.getSentinelMember(lastReply.getSender());
+    return <>
+        <MemberAvatar
+            member={sender}
+            fallbackUserId={lastReply.getSender()}
+            width={24}
+            height={24}
+            className="mx_ThreadInfo_avatar"
+        />
+        { preview && (
+            <div className="mx_ThreadInfo_content">
+                <span className="mx_ThreadInfo_message-preview">
+                    { preview }
+                </span>
+            </div>
+        ) }
+    </>;
+};
+
+export default ThreadSummary;
diff --git a/src/i18n/strings/en_EN.json b/src/i18n/strings/en_EN.json
index c0809c77b1..89a820d175 100644
--- a/src/i18n/strings/en_EN.json
+++ b/src/i18n/strings/en_EN.json
@@ -1661,9 +1661,6 @@
     "Edit message": "Edit message",
     "Mod": "Mod",
     "From a thread": "From a thread",
-    "%(count)s reply|other": "%(count)s replies",
-    "%(count)s reply|one": "%(count)s reply",
-    "Open thread": "Open thread",
     "This event could not be displayed": "This event could not be displayed",
     "Your key share request has been sent - please check your other sessions for key share requests.": "Your key share request has been sent - please check your other sessions for key share requests.",
     "Key share requests are sent to your other sessions automatically. If you rejected or dismissed the key share request on your other sessions, click here to request the keys for this session again.": "Key share requests are sent to your other sessions automatically. If you rejected or dismissed the key share request on your other sessions, click here to request the keys for this session again.",
@@ -1884,6 +1881,9 @@
     "Admin Tools": "Admin Tools",
     "Revoke invite": "Revoke invite",
     "Invited by %(sender)s": "Invited by %(sender)s",
+    "%(count)s reply|other": "%(count)s replies",
+    "%(count)s reply|one": "%(count)s reply",
+    "Open thread": "Open thread",
     "Jump to first unread message.": "Jump to first unread message.",
     "Mark all as read": "Mark all as read",
     "Unable to access your microphone": "Unable to access your microphone",