diff --git a/lightningd/hsm_control.c b/lightningd/hsm_control.c
index 22b6b715e..3a97a516f 100644
--- a/lightningd/hsm_control.c
+++ b/lightningd/hsm_control.c
@@ -84,10 +84,11 @@ static unsigned int hsm_msg(struct subd *hsmd,
 	return 0;
 }
 
-void hsm_init(struct lightningd *ld)
+struct ext_key *hsm_init(struct lightningd *ld)
 {
 	u8 *msg;
 	int fds[2];
+	struct ext_key *bip32_base;
 
 	/* We actually send requests synchronously: only status is async. */
 	if (socketpair(AF_LOCAL, SOCK_STREAM, 0, fds) != 0)
@@ -121,14 +122,16 @@ void hsm_init(struct lightningd *ld)
 							 IFDEV(ld->dev_force_channel_secrets_shaseed, NULL))))
 		err(1, "Writing init msg to hsm");
 
-	ld->wallet->bip32_base = tal(ld->wallet, struct ext_key);
+	bip32_base = tal(ld, struct ext_key);
 	msg = wire_sync_read(tmpctx, ld->hsm_fd);
 	if (!fromwire_hsm_init_reply(msg,
-				     &ld->id, ld->wallet->bip32_base)) {
+				     &ld->id, bip32_base)) {
 		if (ld->config.keypass)
 			errx(1, "Wrong password for encrypted hsm_secret.");
 		errx(1, "HSM did not give init reply");
 	}
+
+	return bip32_base;
 }
 
 static struct command_result *json_getsharedsecret(struct command *cmd,
diff --git a/lightningd/hsm_control.h b/lightningd/hsm_control.h
index 26533ceaf..8060c721d 100644
--- a/lightningd/hsm_control.h
+++ b/lightningd/hsm_control.h
@@ -8,6 +8,7 @@
 
 struct lightningd;
 struct node_id;
+struct ext_key;
 
 /* Ask HSM for a new fd for a subdaemon to use. */
 int hsm_get_client_fd(struct lightningd *ld,
@@ -18,5 +19,5 @@ int hsm_get_client_fd(struct lightningd *ld,
 /* Ask HSM for an fd for a global subdaemon to use (gossipd, connectd) */
 int hsm_get_global_fd(struct lightningd *ld, int capabilities);
 
-void hsm_init(struct lightningd *ld);
+struct ext_key *hsm_init(struct lightningd *ld);
 #endif /* LIGHTNING_LIGHTNINGD_HSM_CONTROL_H */
diff --git a/lightningd/lightningd.c b/lightningd/lightningd.c
index 2d4599d93..b44e7be30 100644
--- a/lightningd/lightningd.c
+++ b/lightningd/lightningd.c
@@ -759,6 +759,7 @@ int main(int argc, char *argv[])
 	struct timers *timers;
 	const char *stop_response;
 	struct htlc_in_map *unconnected_htlcs_in;
+	struct ext_key *bip32_base;
 	struct rlimit nofile = {1024, 1024};
 
 	/*~ Make sure that we limit ourselves to something reasonable. Modesty
@@ -822,10 +823,20 @@ int main(int argc, char *argv[])
 	/*~ Make sure we can reach the subdaemons, and versions match. */
 	test_subdaemons(ld);
 
+	/*~ Set up the HSM daemon, which knows our node secret key, so tells
+	 *  us who we are.
+	 *
+	 * HSM stands for Hardware Security Module, which is the industry
+	 * standard of key storage; ours is in software for now, so the name
+	 * doesn't really make sense, but we can't call it the Badly-named
+	 * Daemon Software Module. */
+	bip32_base = hsm_init(ld);
+
 	/*~ Our "wallet" code really wraps the db, which is more than a simple
 	 * bitcoin wallet (though it's that too).  It also stores channel
 	 * states, invoices, payments, blocks and bitcoin transactions. */
 	ld->wallet = wallet_new(ld, ld->timers);
+	ld->wallet->bip32_base = tal_steal(ld->wallet, bip32_base);
 
 	/*~ We keep track of how many 'coin moves' we've ever made.
 	 * Initialize the starting value from the database here. */
@@ -837,15 +848,6 @@ int main(int argc, char *argv[])
 	/*~ This is the ccan/io central poll override from above. */
 	io_poll_override(io_poll_lightningd);
 
-	/*~ Set up the HSM daemon, which knows our node secret key, so tells
-	 *  us who we are.
-	 *
-	 * HSM stands for Hardware Security Module, which is the industry
-	 * standard of key storage; ours is in software for now, so the name
-	 * doesn't really make sense, but we can't call it the Badly-named
-	 * Daemon Software Module. */
-	hsm_init(ld);
-
 	/*~ If hsm_secret is encrypted, we don't need its encryption key
 	 * anymore. Note that sodium_munlock() also zeroes the memory.*/
 	if (ld->config.keypass)
diff --git a/lightningd/test/run-find_my_abspath.c b/lightningd/test/run-find_my_abspath.c
index 241aa797a..41c74e071 100644
--- a/lightningd/test/run-find_my_abspath.c
+++ b/lightningd/test/run-find_my_abspath.c
@@ -110,7 +110,7 @@ void handle_opts(struct lightningd *ld UNNEEDED, int argc UNNEEDED, char *argv[]
 size_t hash_htlc_key(const struct htlc_key *htlc_key UNNEEDED)
 { fprintf(stderr, "hash_htlc_key called!\n"); abort(); }
 /* Generated stub for hsm_init */
-void hsm_init(struct lightningd *ld UNNEEDED)
+struct ext_key *hsm_init(struct lightningd *ld UNNEEDED)
 { fprintf(stderr, "hsm_init called!\n"); abort(); }
 /* Generated stub for htlcs_notify_new_block */
 void htlcs_notify_new_block(struct lightningd *ld UNNEEDED, u32 height UNNEEDED)