diff --git a/lightningd/lightningd.c b/lightningd/lightningd.c
index b2f04cb38..397ce48d6 100644
--- a/lightningd/lightningd.c
+++ b/lightningd/lightningd.c
@@ -841,8 +841,7 @@ int main(int argc, char *argv[])
 	/*~ 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);
+	ld->wallet = wallet_new(ld, ld->timers, bip32_base);
 
 	/*~ We keep track of how many 'coin moves' we've ever made.
 	 * Initialize the starting value from the database here. */
diff --git a/lightningd/test/run-find_my_abspath.c b/lightningd/test/run-find_my_abspath.c
index 41c74e071..f62e15697 100644
--- a/lightningd/test/run-find_my_abspath.c
+++ b/lightningd/test/run-find_my_abspath.c
@@ -250,7 +250,8 @@ void wallet_clean_utxos(struct wallet *w UNNEEDED, struct bitcoind *bitcoind UNN
 bool wallet_network_check(struct wallet *w UNNEEDED)
 { fprintf(stderr, "wallet_network_check called!\n"); abort(); }
 /* Generated stub for wallet_new */
-struct wallet *wallet_new(struct lightningd *ld UNNEEDED, struct timers *timers UNNEEDED)
+struct wallet *wallet_new(struct lightningd *ld UNNEEDED, struct timers *timers UNNEEDED,
+			  struct ext_key *bip32_base UNNEEDED)
 { fprintf(stderr, "wallet_new called!\n"); abort(); }
 /* AUTOGENERATED MOCKS END */
 
diff --git a/wallet/db.c b/wallet/db.c
index b3cca1b9e..9495b3b2c 100644
--- a/wallet/db.c
+++ b/wallet/db.c
@@ -14,17 +14,25 @@
 #include <lightningd/log.h>
 #include <lightningd/plugin_hook.h>
 #include <wallet/db_common.h>
+#include <wally_bip32.h>
 
 #define NSEC_IN_SEC 1000000000
 
 struct migration {
 	const char *sql;
-	void (*func)(struct lightningd *ld, struct db *db);
+	void (*func)(struct lightningd *ld, struct db *db,
+		     const struct ext_key *bip32_base);
 };
 
-static void migrate_pr2342_feerate_per_channel(struct lightningd *ld, struct db *db);
+static void migrate_pr2342_feerate_per_channel(struct lightningd *ld, struct db *db,
+					       const struct ext_key *bip32_base);
+
+static void migrate_our_funding(struct lightningd *ld, struct db *db,
+				const struct ext_key *bip32_base);
+
+static void migrate_last_tx_to_psbt(struct lightningd *ld, struct db *db,
+				    const struct ext_key *bip32_base);
 
-static void migrate_our_funding(struct lightningd *ld, struct db *db);
 
 /* Do not reorder or remove elements from this array, it is used to
  * migrate existing databases from a previous state, based on the
@@ -970,7 +978,8 @@ static int db_get_version(struct db *db)
 /**
  * db_migrate - Apply all remaining migrations from the current version
  */
-static void db_migrate(struct lightningd *ld, struct db *db)
+static void db_migrate(struct lightningd *ld, struct db *db,
+		       const struct ext_key *bip32_base)
 {
 	/* Attempt to read the version from the database */
 	int current, orig, available;
@@ -997,7 +1006,7 @@ static void db_migrate(struct lightningd *ld, struct db *db)
 			tal_free(stmt);
 		}
 		if (dbmigrations[current].func)
-			dbmigrations[current].func(ld, db);
+			dbmigrations[current].func(ld, db, bip32_base);
 	}
 
 	/* Finally update the version number in the version table */
@@ -1029,14 +1038,15 @@ u32 db_data_version_get(struct db *db)
 	return version;
 }
 
-struct db *db_setup(const tal_t *ctx, struct lightningd *ld)
+struct db *db_setup(const tal_t *ctx, struct lightningd *ld,
+		    const struct ext_key *bip32_base)
 {
 	struct db *db = db_open(ctx, ld->wallet_dsn);
 	db->log = new_log(db, ld->log_book, NULL, "database");
 
 	db_begin_transaction(db);
 
-	db_migrate(ld, db);
+	db_migrate(ld, db, bip32_base);
 
 	db->data_version = db_data_version_get(db);
 	db_commit_transaction(db);
@@ -1082,7 +1092,8 @@ void db_set_intvar(struct db *db, char *varname, s64 val)
 }
 
 /* Will apply the current config fee settings to all channels */
-static void migrate_pr2342_feerate_per_channel(struct lightningd *ld, struct db *db)
+static void migrate_pr2342_feerate_per_channel(struct lightningd *ld, struct db *db,
+					       const struct ext_key *bip32_base)
 {
 	struct db_stmt *stmt = db_prepare_v2(
 	    db, SQL("UPDATE channels SET feerate_base = ?, feerate_ppm = ?;"));
@@ -1100,7 +1111,8 @@ static void migrate_pr2342_feerate_per_channel(struct lightningd *ld, struct db
  * is the same as the funding_satoshi for every channel where we are
  * the `funder`
  */
-static void migrate_our_funding(struct lightningd *ld, struct db *db)
+static void migrate_our_funding(struct lightningd *ld, struct db *db,
+				const struct ext_key *bip32_base)
 {
 	struct db_stmt *stmt;
 
@@ -1121,7 +1133,8 @@ static void migrate_our_funding(struct lightningd *ld, struct db *db)
  * This migration loads all of the last_tx's and 're-formats' them into psbts,
  * adds the required input witness utxo information, and then saves it back to disk
  * */
-void migrate_last_tx_to_psbt(struct lightningd *ld, struct db *db)
+void migrate_last_tx_to_psbt(struct lightningd *ld, struct db *db,
+			     const struct ext_key *bip32_base)
 {
 	struct db_stmt *stmt, *update_stmt;
 
diff --git a/wallet/db.h b/wallet/db.h
index f8b6c112e..5dadebd3a 100644
--- a/wallet/db.h
+++ b/wallet/db.h
@@ -15,6 +15,7 @@
 #include <secp256k1_ecdh.h>
 #include <stdbool.h>
 
+struct ext_key;
 struct lightningd;
 struct log;
 struct node_id;
@@ -23,7 +24,6 @@ struct db_stmt;
 struct db;
 struct wally_psbt;
 
-void migrate_last_tx_to_psbt(struct lightningd *ld, struct db *db);
 /**
  * Macro to annotate a named SQL query.
  *
@@ -56,8 +56,10 @@ void migrate_last_tx_to_psbt(struct lightningd *ld, struct db *db);
  * Params:
  *  @ctx: the tal_t context to allocate from
  *  @ld: the lightningd context to hand to upgrade functions.
+ *  @bip32_base: the base all of our pubkeys are constructed on
  */
-struct db *db_setup(const tal_t *ctx, struct lightningd *ld);
+struct db *db_setup(const tal_t *ctx, struct lightningd *ld,
+		    const struct ext_key *bip32_base);
 
 /**
  * db_begin_transaction - Begin a transaction
diff --git a/wallet/test/run-db.c b/wallet/test/run-db.c
index aeeed1ea2..d133563c7 100644
--- a/wallet/test/run-db.c
+++ b/wallet/test/run-db.c
@@ -72,10 +72,11 @@ static struct db *create_test_db(void)
 static bool test_empty_db_migrate(struct lightningd *ld)
 {
 	struct db *db = create_test_db();
+	const struct ext_key *bip32_base = NULL;
 	CHECK(db);
 	db_begin_transaction(db);
 	CHECK(db_get_version(db) == -1);
-	db_migrate(ld, db);
+	db_migrate(ld, db, bip32_base);
 	db_commit_transaction(db);
 
 	db_begin_transaction(db);
@@ -124,10 +125,11 @@ static bool test_vars(struct lightningd *ld)
 {
 	struct db *db = create_test_db();
 	char *varname = "testvar";
+	const struct ext_key *bip32_base = NULL;
 	CHECK(db);
 
 	db_begin_transaction(db);
-	db_migrate(ld, db);
+	db_migrate(ld, db, bip32_base);
 	/* Check default behavior */
 	CHECK(db_get_intvar(db, varname, 42) == 42);
 
diff --git a/wallet/test/run-wallet.c b/wallet/test/run-wallet.c
index c3ab72806..2f1d7a174 100644
--- a/wallet/test/run-wallet.c
+++ b/wallet/test/run-wallet.c
@@ -866,6 +866,7 @@ static struct wallet *create_test_wallet(struct lightningd *ld, const tal_t *ctx
 	int fd = mkstemp(filename);
 	struct wallet *w = tal(ctx, struct wallet);
 	static unsigned char badseed[BIP32_ENTROPY_LEN_128];
+	const struct ext_key *bip32_base = NULL;
 	CHECK_MSG(fd != -1, "Unable to generate temp filename");
 	close(fd);
 
@@ -885,7 +886,7 @@ static struct wallet *create_test_wallet(struct lightningd *ld, const tal_t *ctx
 
 	CHECK_MSG(w->db, "Failed opening the db");
 	db_begin_transaction(w->db);
-	db_migrate(ld, w->db);
+	db_migrate(ld, w->db, bip32_base);
 	w->db->data_version = 0;
 	db_commit_transaction(w->db);
 	CHECK_MSG(!wallet_err, "DB migration failed");
diff --git a/wallet/wallet.c b/wallet/wallet.c
index bbbe43644..708932af7 100644
--- a/wallet/wallet.c
+++ b/wallet/wallet.c
@@ -58,16 +58,17 @@ static void outpointfilters_init(struct wallet *w)
 	tal_free(stmt);
 }
 
-struct wallet *wallet_new(struct lightningd *ld, struct timers *timers)
+struct wallet *wallet_new(struct lightningd *ld, struct timers *timers,
+			  struct ext_key *bip32_base STEALS)
 {
 	struct wallet *wallet = tal(ld, struct wallet);
 	wallet->ld = ld;
-	wallet->db = db_setup(wallet, ld);
 	wallet->log = new_log(wallet, ld->log_book, NULL, "wallet");
-	wallet->bip32_base = NULL;
+	wallet->bip32_base = tal_steal(wallet, bip32_base);
 	wallet->keyscan_gap = 50;
 	list_head_init(&wallet->unstored_payments);
 	list_head_init(&wallet->unreleased_txs);
+	wallet->db = db_setup(wallet, ld, wallet->bip32_base);
 
 	db_begin_transaction(wallet->db);
 	wallet->invoices = invoices_new(wallet, wallet->db, timers);
diff --git a/wallet/wallet.h b/wallet/wallet.h
index 690bd7272..ba51401c4 100644
--- a/wallet/wallet.h
+++ b/wallet/wallet.h
@@ -331,7 +331,8 @@ struct wallet_transaction {
  * This is guaranteed to either return a valid wallet, or abort with
  * `fatal` if it cannot be initialized.
  */
-struct wallet *wallet_new(struct lightningd *ld, struct timers *timers);
+struct wallet *wallet_new(struct lightningd *ld, struct timers *timers,
+			  struct ext_key *bip32_base);
 
 /**
  * wallet_confirm_tx - Confirm a tx which contains a UTXO.