diff --git a/wallet/db.c b/wallet/db.c
index 3e407150f..b5eb29c5e 100644
--- a/wallet/db.c
+++ b/wallet/db.c
@@ -1,12 +1,15 @@
 #include "db.h"
 
 #include <bitcoin/psbt.h>
+#include <bitcoin/script.h>
 #include <ccan/array_size/array_size.h>
 #include <ccan/tal/str/str.h>
+#include <common/derive_basepoints.h>
 #include <common/node_id.h>
 #include <common/onionreply.h>
 #include <common/version.h>
 #include <inttypes.h>
+#include <lightningd/channel.h>
 #include <lightningd/lightningd.h>
 #include <lightningd/log.h>
 #include <lightningd/plugin_hook.h>
@@ -613,6 +616,7 @@ static struct migration dbmigrations[] = {
     {SQL("ALTER TABLE channel_htlcs ADD we_filled INTEGER;"), NULL},
     /* We track the counter for coin_moves, as a convenience for notification consumers */
     {SQL("INSERT INTO vars (name, intval) VALUES ('coin_moves_count', 0);"), NULL},
+    {NULL, migrate_last_tx_to_psbt},
 };
 
 /* Leak tracking. */
@@ -1111,6 +1115,78 @@ static void migrate_our_funding(struct lightningd *ld, struct db *db)
 	tal_free(stmt);
 }
 
+/* We're moving everything over to PSBTs from tx's, particularly our last_tx's
+ * which are commitment transactions for channels.
+ * 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)
+{
+	struct db_stmt *stmt, *update_stmt;
+
+	stmt = db_prepare_v2(db, SQL("SELECT "
+				     "  c.id"
+				     ", p.node_id"
+				     ", c.last_tx"
+				     ", c.funding_satoshi"
+				     ", c.fundingkey_remote"
+				     ", c.last_sig"
+				     " FROM channels c"
+				     "  LEFT OUTER JOIN peers p"
+				     "  ON p.id = c.peer_id;"));
+
+	db_query_prepared(stmt);
+	while (db_step(stmt)) {
+		struct bitcoin_tx *last_tx;
+		struct amount_sat funding_sat;
+		struct node_id peer_id;
+		struct pubkey local_funding_pubkey, remote_funding_pubkey;
+		struct basepoints local_basepoints UNUSED;
+		struct bitcoin_signature last_sig;
+		u64 cdb_id;
+		u8 *funding_wscript;
+
+		cdb_id = db_column_u64(stmt, 0);
+		last_tx = db_column_tx(stmt, stmt, 2);
+		assert(last_tx != NULL);
+
+		db_column_node_id(stmt, 1, &peer_id);
+		db_column_amount_sat(stmt, 3, &funding_sat);
+		db_column_pubkey(stmt, 4, &remote_funding_pubkey);
+
+		get_channel_basepoints(ld, &peer_id, cdb_id,
+				       &local_basepoints, &local_funding_pubkey);
+
+		funding_wscript = bitcoin_redeem_2of2(stmt, &local_funding_pubkey,
+						      &remote_funding_pubkey);
+
+		psbt_input_set_prev_utxo_wscript(last_tx->psbt,
+						 0, funding_wscript,
+						 funding_sat);
+
+		if (!db_column_signature(stmt, 5, &last_sig.s))
+			abort();
+
+		last_sig.sighash_type = SIGHASH_ALL;
+		psbt_input_set_partial_sig(last_tx->psbt, 0,
+		    &remote_funding_pubkey, &last_sig);
+		psbt_input_add_pubkey(last_tx->psbt, 0,
+		    &local_funding_pubkey);
+		psbt_input_add_pubkey(last_tx->psbt, 0,
+		    &remote_funding_pubkey);
+
+		update_stmt = db_prepare_v2(db, SQL("UPDATE channels"
+						    " SET last_tx = ?"
+						    " WHERE id = ?;"));
+		db_bind_psbt(update_stmt, 0, last_tx->psbt);
+		db_bind_int(update_stmt, 1, cdb_id);
+		db_exec_prepared_v2(update_stmt);
+		tal_free(update_stmt);
+	}
+
+	tal_free(stmt);
+}
+
 void db_bind_null(struct db_stmt *stmt, int pos)
 {
 	assert(pos < tal_count(stmt->bindings));
diff --git a/wallet/db.h b/wallet/db.h
index 3252d681b..f8b6c112e 100644
--- a/wallet/db.h
+++ b/wallet/db.h
@@ -23,6 +23,7 @@ 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.
  *
diff --git a/wallet/test/run-db.c b/wallet/test/run-db.c
index 5a75a5793..aeeed1ea2 100644
--- a/wallet/test/run-db.c
+++ b/wallet/test/run-db.c
@@ -21,6 +21,13 @@ static void db_log_(struct log *log UNUSED, enum log_level level UNUSED, const s
 /* Generated stub for fatal */
 void   fatal(const char *fmt UNNEEDED, ...)
 { fprintf(stderr, "fatal called!\n"); abort(); }
+/* Generated stub for get_channel_basepoints */
+void get_channel_basepoints(struct lightningd *ld UNNEEDED,
+			    const struct node_id *peer_id UNNEEDED,
+			    const u64 dbid UNNEEDED,
+			    struct basepoints *local_basepoints UNNEEDED,
+			    struct pubkey *local_funding_pubkey UNNEEDED)
+{ fprintf(stderr, "get_channel_basepoints called!\n"); abort(); }
 /* Generated stub for new_log */
 struct log *new_log(const tal_t *ctx UNNEEDED, struct log_book *record UNNEEDED,
 		    const struct node_id *default_node_id UNNEEDED,