diff --git a/packages/assets-controllers/CHANGELOG.md b/packages/assets-controllers/CHANGELOG.md
index 938840f74e2..9a831f40e24 100644
--- a/packages/assets-controllers/CHANGELOG.md
+++ b/packages/assets-controllers/CHANGELOG.md
@@ -9,6 +9,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Changed
 
+- Improve controller constructor by moving async logic to it's own method ([#5781](https://github.com/MetaMask/core/pull/5781))
 - Updated `TokenListController` `fetchTokenList` method to bail if cache is valid ([#5804](https://github.com/MetaMask/core/pull/5804))
   - also cleaned up internal state update logic
 - Bump `@metamask/controller-utils` to `^11.9.0` ([#5812](https://github.com/MetaMask/core/pull/5812))
diff --git a/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.test.ts b/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.test.ts
index 7fe8810d168..931d988bbb5 100644
--- a/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.test.ts
+++ b/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.test.ts
@@ -342,6 +342,9 @@ describe('MultichainBalancesController', () => {
 
   it('stores balances when receiving new balances from the "AccountsController:accountBalancesUpdated" event', async () => {
     const { controller, messenger } = setupController();
+
+    await controller.initialize();
+
     const balanceUpdate = {
       balances: {
         [mockBtcAccount.id]: mockBalanceResult,
@@ -403,6 +406,8 @@ describe('MultichainBalancesController', () => {
       },
     });
 
+    await controller.initialize();
+
     await waitForAllPromises();
 
     expect(controller.state.balances[mockBtcAccount.id]).toStrictEqual(
@@ -573,6 +578,8 @@ describe('MultichainBalancesController', () => {
         },
       });
 
+      await controller.initialize();
+
       mockSnapHandleRequest.mockReset();
       mockListMultichainAccounts.mockReset();
 
@@ -642,4 +649,52 @@ describe('MultichainBalancesController', () => {
       mockBalanceResult,
     );
   });
+
+  it('initializes by fetching balances for non-EVM accounts', async () => {
+    const { controller, mockSnapHandleRequest } = setupController({
+      mocks: {
+        listMultichainAccounts: [mockBtcAccount],
+      },
+    });
+
+    expect(controller.state.balances).toStrictEqual({});
+
+    await controller.initialize();
+    await waitForAllPromises();
+
+    expect(mockSnapHandleRequest).toHaveBeenCalled();
+    expect(controller.state.balances[mockBtcAccount.id]).toStrictEqual(
+      mockBalanceResult,
+    );
+  });
+
+  it('handles errors during initialization', async () => {
+    const consoleErrorSpy = jest.spyOn(console, 'error').mockImplementation();
+
+    const initError = new Error('Test initialization error');
+
+    const { controller, mockListMultichainAccounts } = setupController({
+      mocks: {
+        listMultichainAccounts: [mockBtcAccount],
+      },
+    });
+
+    mockListMultichainAccounts.mockReturnValue([mockBtcAccount]);
+
+    const updateSpy = jest.spyOn(controller, 'updateBalance');
+    updateSpy.mockRejectedValue(initError);
+
+    await controller.initialize();
+    await waitForAllPromises();
+
+    expect(consoleErrorSpy).toHaveBeenCalledWith(
+      `Failed to fetch initial balances for account ${mockBtcAccount.id}:`,
+      initError,
+    );
+
+    expect(controller.state.balances).toStrictEqual({});
+
+    updateSpy.mockRestore();
+    consoleErrorSpy.mockRestore();
+  });
 });
diff --git a/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.ts b/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.ts
index e39372874d1..67169ca6f27 100644
--- a/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.ts
+++ b/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.ts
@@ -156,13 +156,6 @@ export class MultichainBalancesController extends BaseController<
       },
     });
 
-    // Fetch initial balances for all non-EVM accounts
-    for (const account of this.#listAccounts()) {
-      // Fetching the balance is asynchronous and we cannot use `await` here.
-      // eslint-disable-next-line no-void
-      void this.updateBalance(account.id);
-    }
-
     this.messagingSystem.subscribe(
       'AccountsController:accountRemoved',
       (account: string) => this.#handleOnAccountRemoved(account),
@@ -187,6 +180,21 @@ export class MultichainBalancesController extends BaseController<
     );
   }
 
+  /**
+   * Initialize the controller by fetching initial balances for all non-EVM accounts.
+   * This method should be called after the controller is constructed.
+   */
+  async initialize(): Promise<void> {
+    for (const account of this.#listAccounts()) {
+      this.updateBalance(account.id).catch((error) => {
+        console.error(
+          `Failed to fetch initial balances for account ${account.id}:`,
+          error,
+        );
+      });
+    }
+  }
+
   /**
    * Updates the balances for the given accounts.
    *
diff --git a/packages/multichain-transactions-controller/CHANGELOG.md b/packages/multichain-transactions-controller/CHANGELOG.md
index 6f50eb0e889..d7189d1f7ad 100644
--- a/packages/multichain-transactions-controller/CHANGELOG.md
+++ b/packages/multichain-transactions-controller/CHANGELOG.md
@@ -7,6 +7,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Changed
+
+- Improve controller constructor by moving async logic to it's own method ([#5781](https://github.com/MetaMask/core/pull/5781))
+
 ## [1.0.0]
 
 ### Changed
diff --git a/packages/multichain-transactions-controller/src/MultichainTransactionsController.test.ts b/packages/multichain-transactions-controller/src/MultichainTransactionsController.test.ts
index 326f7d6a6a7..a8618c2c10f 100644
--- a/packages/multichain-transactions-controller/src/MultichainTransactionsController.test.ts
+++ b/packages/multichain-transactions-controller/src/MultichainTransactionsController.test.ts
@@ -337,7 +337,7 @@ describe('MultichainTransactionsController', () => {
 
     expect(
       Object.keys(controller.state.nonEvmTransactions[mockSolAccount.id]),
-    ).toHaveLength(4);
+    ).toHaveLength(3);
 
     expect(
       controller.state.nonEvmTransactions[mockSolAccount.id][
@@ -951,4 +951,33 @@ describe('MultichainTransactionsController', () => {
       transactions[1],
     );
   });
+
+  it('handles errors when initializing transactions for accounts', async () => {
+    const consoleSpy = jest.spyOn(console, 'error').mockImplementation();
+    const { controller, mockSnapHandleRequest } = setupController({
+      mocks: {
+        listMultichainAccounts: [mockBtcAccount],
+      },
+    });
+
+    mockSnapHandleRequest.mockRejectedValueOnce(
+      new Error('Failed to fetch transactions'),
+    );
+
+    jest
+      .spyOn(controller, 'updateTransactionsForAccount')
+      .mockRejectedValueOnce(new Error('Failed to fetch transactions'));
+
+    await controller.initialize();
+    await waitForAllPromises();
+
+    expect(consoleSpy).toHaveBeenCalledWith(
+      `Failed to fetch initial transactions for account ${mockBtcAccount.id}:`,
+      expect.any(Error),
+    );
+
+    expect(controller.state).toStrictEqual({ nonEvmTransactions: {} });
+
+    consoleSpy.mockRestore();
+  });
 });
diff --git a/packages/multichain-transactions-controller/src/MultichainTransactionsController.ts b/packages/multichain-transactions-controller/src/MultichainTransactionsController.ts
index b36b3c667e3..dc0864e80a8 100644
--- a/packages/multichain-transactions-controller/src/MultichainTransactionsController.ts
+++ b/packages/multichain-transactions-controller/src/MultichainTransactionsController.ts
@@ -189,16 +189,6 @@ export class MultichainTransactionsController extends BaseController<
       },
     });
 
-    // Fetch initial transactions for all non-EVM accounts
-    for (const account of this.#listAccounts()) {
-      this.updateTransactionsForAccount(account.id).catch((error) => {
-        console.error(
-          `Failed to fetch initial transactions for account ${account.id}:`,
-          error,
-        );
-      });
-    }
-
     this.messagingSystem.subscribe(
       'AccountsController:accountAdded',
       (account: InternalAccount) => this.#handleOnAccountAdded(account),
@@ -214,6 +204,21 @@ export class MultichainTransactionsController extends BaseController<
     );
   }
 
+  /**
+   * Initialize the controller by fetching initial transactions for all non-EVM accounts.
+   * This method should be called after the controller is constructed.
+   */
+  async initialize(): Promise<void> {
+    for (const account of this.#listAccounts()) {
+      this.updateTransactionsForAccount(account.id).catch((error) => {
+        console.error(
+          `Failed to fetch initial transactions for account ${account.id}:`,
+          error,
+        );
+      });
+    }
+  }
+
   /**
    * Lists the multichain accounts coming from the `AccountsController`.
    *