diff --git a/src/controllers/main/main.ts b/src/controllers/main/main.ts
index e15a97273..b4d89d85f 100644
--- a/src/controllers/main/main.ts
+++ b/src/controllers/main/main.ts
@@ -902,6 +902,7 @@ export class MainController extends EventEmitter {
 
     const isUpdatingAccount = this.accounts.statuses.updateAccountState !== 'INITIAL'
 
+    this.selectedAccount.resetSelectedAccountPortfolio()
     await Promise.all([
       // When we trigger `reloadSelectedAccount` (for instance, from Dashboard -> Refresh balance icon),
       // it's very likely that the account state is already in the process of being updated.
diff --git a/src/controllers/selectedAccount/selectedAccount.test.ts b/src/controllers/selectedAccount/selectedAccount.test.ts
index 095ef023e..29c21a2bd 100644
--- a/src/controllers/selectedAccount/selectedAccount.test.ts
+++ b/src/controllers/selectedAccount/selectedAccount.test.ts
@@ -16,7 +16,7 @@ import { DefiPositionsController } from '../defiPositions/defiPositions'
 import { NetworksController } from '../networks/networks'
 import { PortfolioController } from '../portfolio/portfolio'
 import { ProvidersController } from '../providers/providers'
-import { SelectedAccountController } from './selectedAccount'
+import { DEFAULT_SELECTED_ACCOUNT_PORTFOLIO, SelectedAccountController } from './selectedAccount'
 
 // @ts-ignore
 global.structuredClone = structuredClone as any
@@ -152,6 +152,10 @@ describe('SelectedAccount Controller', () => {
     })
     portfolioCtrl.updateSelectedAccount('0x77777777789A8BBEE6C64381e5E89E501fb0e4c8')
   })
+  test('should rest selected account portfolio', () => {
+    selectedAccountCtrl.resetSelectedAccountPortfolio()
+    expect(selectedAccountCtrl.portfolio).toEqual(DEFAULT_SELECTED_ACCOUNT_PORTFOLIO)
+  })
   test('should toJSON()', () => {
     const json = selectedAccountCtrl.toJSON()
     expect(json).toBeDefined()
diff --git a/src/controllers/selectedAccount/selectedAccount.ts b/src/controllers/selectedAccount/selectedAccount.ts
index 787058cb7..a70f23a47 100644
--- a/src/controllers/selectedAccount/selectedAccount.ts
+++ b/src/controllers/selectedAccount/selectedAccount.ts
@@ -17,7 +17,7 @@ import EventEmitter from '../eventEmitter/eventEmitter'
 // eslint-disable-next-line import/no-cycle
 import { PortfolioController } from '../portfolio/portfolio'
 
-const DEFAULT_SELECTED_ACCOUNT_PORTFOLIO = {
+export const DEFAULT_SELECTED_ACCOUNT_PORTFOLIO = {
   tokens: [],
   collections: [],
   totalBalance: 0,
@@ -123,7 +123,7 @@ export class SelectedAccountController extends EventEmitter {
 
   async setAccount(account: Account | null) {
     this.account = account
-    this.portfolio = DEFAULT_SELECTED_ACCOUNT_PORTFOLIO
+    this.resetSelectedAccountPortfolio(true)
 
     if (!account) {
       await this.#storage.remove('selectedAccount')
@@ -134,6 +134,14 @@ export class SelectedAccountController extends EventEmitter {
     this.emitUpdate()
   }
 
+  resetSelectedAccountPortfolio(skipUpdate?: boolean) {
+    this.portfolio = DEFAULT_SELECTED_ACCOUNT_PORTFOLIO
+
+    if (!skipUpdate) {
+      this.emitUpdate()
+    }
+  }
+
   #updateSelectedAccountPortfolio(skipUpdate?: boolean) {
     if (!this.#portfolio || !this.#defiPositions || !this.account) return
 
@@ -171,8 +179,6 @@ export class SelectedAccountController extends EventEmitter {
       (!this.portfolio?.tokens?.length && newSelectedAccountPortfolio.tokens.length)
     ) {
       this.portfolio = newSelectedAccountPortfolio
-    } else {
-      this.portfolio.isAllReady = false
     }
 
     if (!skipUpdate) {