diff --git a/bbq/compiler/compiler.go b/bbq/compiler/compiler.go
index 5d006afb4..257c20208 100644
--- a/bbq/compiler/compiler.go
+++ b/bbq/compiler/compiler.go
@@ -4274,6 +4274,11 @@ func (c *Compiler[_, _]) getOrAddType(ty sema.Type) uint16 {
 		data := c.typeGen.CompileType(staticType)
 		index = c.addCompiledType(ty, data)
 		c.typesInPool[typeID] = index
+
+		semaTypeCache := c.Config.GetSemaTypeCache()
+		if semaTypeCache != nil {
+			semaTypeCache[typeID] = ty
+		}
 	}
 
 	return index
diff --git a/bbq/compiler/config.go b/bbq/compiler/config.go
index ae1f865a4..1a1048713 100644
--- a/bbq/compiler/config.go
+++ b/bbq/compiler/config.go
@@ -22,12 +22,15 @@ import (
 	"github.com/onflow/cadence/activations"
 	"github.com/onflow/cadence/bbq/commons"
 	"github.com/onflow/cadence/common"
+	"github.com/onflow/cadence/sema"
 )
 
 type BuiltinGlobalsProvider func(location common.Location) *activations.Activation[GlobalImport]
 
 type ElaborationResolver func(location common.Location) (*DesugaredElaboration, error)
 
+type GetSemaTypeCache func() map[sema.TypeID]sema.Type
+
 type Config struct {
 	MemoryGauge         common.MemoryGauge
 	ImportHandler       commons.ImportHandler
@@ -38,4 +41,6 @@ type Config struct {
 	BuiltinGlobalsProvider BuiltinGlobalsProvider
 
 	PeepholeOptimizationsEnabled bool
+
+	GetSemaTypeCache GetSemaTypeCache
 }
diff --git a/bbq/vm/config.go b/bbq/vm/config.go
index b9991826a..4997ff2f2 100644
--- a/bbq/vm/config.go
+++ b/bbq/vm/config.go
@@ -74,6 +74,8 @@ type Config struct {
 	StackDepthLimit uint64
 
 	debugEnabled bool
+
+	GetSemaTypeCache GetSemaTypeCache
 }
 
 func NewConfig(storage interpreter.Storage) *Config {
@@ -85,6 +87,9 @@ func NewConfig(storage interpreter.Storage) *Config {
 		storage:         storage,
 		StackDepthLimit: math.MaxInt,
 		Tracer:          tracer,
+		GetSemaTypeCache: func() map[sema.TypeID]sema.Type {
+			return nil
+		},
 	}
 }
 
@@ -301,6 +306,8 @@ type ContractValueHandler func(
 
 type ElaborationResolver func(location common.Location) (*sema.Elaboration, error)
 
+type GetSemaTypeCache func() map[sema.TypeID]sema.Type
+
 type EntitlementTypeHandlerFunc func(location common.Location, typeID interpreter.TypeID) *sema.EntitlementType
 
 type EntitlementMapTypeHandlerFunc func(location common.Location, typeID interpreter.TypeID) *sema.EntitlementMapType
diff --git a/bbq/vm/context.go b/bbq/vm/context.go
index 9053802e5..bb12277a7 100644
--- a/bbq/vm/context.go
+++ b/bbq/vm/context.go
@@ -19,6 +19,8 @@
 package vm
 
 import (
+	"fmt"
+
 	"github.com/onflow/atree"
 
 	"github.com/onflow/cadence/bbq"
@@ -29,6 +31,9 @@ import (
 	"github.com/onflow/cadence/sema"
 )
 
+var cacheHitCount int = 0
+var cacheMissCount int = 0
+
 // Context holds the information about the current execution at any given point of time.
 // It consists of:
 //   - Re-usable configurations (Config).
@@ -76,7 +81,8 @@ var _ interpreter.InvocationContext = &Context{}
 
 func NewContext(config *Config) *Context {
 	return &Context{
-		Config: config,
+		Config:        config,
+		semaTypeCache: config.GetSemaTypeCache(),
 	}
 }
 
@@ -427,6 +433,7 @@ func (c *Context) SemaTypeFromStaticType(staticType interpreter.StaticType) sema
 	typeID := staticType.ID()
 	semaType, ok := c.semaTypeCache[typeID]
 	if ok {
+		cacheHitCount++
 		return semaType
 	}
 
@@ -438,6 +445,8 @@ func (c *Context) SemaTypeFromStaticType(staticType interpreter.StaticType) sema
 	}
 	c.semaTypeCache[typeID] = semaType
 
+	cacheMissCount++
+
 	return semaType
 }
 
@@ -551,3 +560,13 @@ func (c *Context) SemaAccessFromStaticAuthorization(auth interpreter.Authorizati
 
 	return semaAccess, nil
 }
+
+func (c *Context) GetCacheStatistics() {
+	fmt.Printf("Cache hit count: %d\n", cacheHitCount)
+	fmt.Printf("Cache miss count: %d\n", cacheMissCount)
+}
+
+func (c *Context) ResetCacheStatistics() {
+	cacheHitCount = 0
+	cacheMissCount = 0
+}
diff --git a/bbq/vm/test/ft_test.go b/bbq/vm/test/ft_test.go
index 4527259cb..5ab2b9493 100644
--- a/bbq/vm/test/ft_test.go
+++ b/bbq/vm/test/ft_test.go
@@ -61,6 +61,8 @@ func compiledFTTransfer(tb testing.TB) {
 	nonFungibleTokenLocation := common.NewAddressLocation(nil, contractsAddress, "NonFungibleToken")
 	flowTokenLocation := common.NewAddressLocation(nil, contractsAddress, "FlowToken")
 
+	semaTypeCache := make(map[sema.TypeID]sema.Type)
+
 	codes := map[common.Location][]byte{
 		burnerLocation:                     []byte(contracts.RealBurnerContract),
 		viewResolverLocation:               []byte(contracts.RealViewResolverContract),
@@ -91,7 +93,10 @@ func compiledFTTransfer(tb testing.TB) {
 
 	compilerConfig := &compiler.Config{
 		LocationHandler: locationHandler,
-		ImportHandler:   importHandler,
+		GetSemaTypeCache: func() map[sema.TypeID]sema.Type {
+			return semaTypeCache
+		},
+		ImportHandler: importHandler,
 		ElaborationResolver: func(location common.Location) (*compiler.DesugaredElaboration, error) {
 			imported, ok := compiledPrograms[location]
 			if !ok {
@@ -164,6 +169,10 @@ func compiledFTTransfer(tb testing.TB) {
 
 	vmConfig := vm.NewConfig(storage)
 
+	// vmConfig.GetSemaTypeCache = func() map[sema.TypeID]sema.Type {
+	// 	return semaTypeCache
+	// }
+
 	vmConfig.CapabilityBorrowHandler = func(
 		context interpreter.BorrowCapabilityControllerContext,
 		address interpreter.AddressValue,
@@ -483,6 +492,8 @@ func compiledFTTransfer(tb testing.TB) {
 			)
 		}
 	}
+
+	tokenTransferTxVM.Context().GetCacheStatistics()
 }
 
 func TestFTTransfer(t *testing.T) {
diff --git a/bbq/vm/vm.go b/bbq/vm/vm.go
index d30ab8de0..a07c96212 100644
--- a/bbq/vm/vm.go
+++ b/bbq/vm/vm.go
@@ -1079,7 +1079,7 @@ func checkMemberAccessTargetType(
 
 	context := vm.context
 
-	// TODO: Avoid sema type conversion.
+	// TODO: Avoid sema type conversion
 	accessedSemaType := context.SemaTypeFromStaticType(accessedType)
 
 	interpreter.CheckMemberAccessTargetType(