diff --git a/browser/brave_profile_prefs.cc b/browser/brave_profile_prefs.cc
index 12bb27a943c..9326da5933b 100644
--- a/browser/brave_profile_prefs.cc
+++ b/browser/brave_profile_prefs.cc
@@ -316,7 +316,6 @@ void RegisterProfilePrefs(user_prefs::PrefRegistrySyncable* registry) {
   registry->RegisterStringPref(kBraveWalletPasswordEncryptorNonce, "");
   registry->RegisterStringPref(kBraveWalletEncryptedMnemonic, "");
   registry->RegisterIntegerPref(kBraveWalletDefaultKeyringAccountNum, 0);
-  registry->RegisterBooleanPref(kShowWalletIcon, true);
   registry->RegisterBooleanPref(kShowWalletIconOnToolbar, true);
 #endif
 
diff --git a/browser/ui/views/toolbar/brave_toolbar_view.cc b/browser/ui/views/toolbar/brave_toolbar_view.cc
index 366753c0a1a..e26c27e2bec 100644
--- a/browser/ui/views/toolbar/brave_toolbar_view.cc
+++ b/browser/ui/views/toolbar/brave_toolbar_view.cc
@@ -175,7 +175,8 @@ void BraveToolbarView::Init() {
 
 #if BUILDFLAG(BRAVE_WALLET_ENABLED)
   if (brave_wallet::IsNativeWalletEnabled()) {
-    wallet_ = new WalletButton(profile, profile->GetPrefs());
+    wallet_ =
+        new WalletButton(GetAppMenuButton(), profile, profile->GetPrefs());
     wallet_->SetTriggerableEventFlags(ui::EF_LEFT_MOUSE_BUTTON |
                                       ui::EF_MIDDLE_MOUSE_BUTTON);
   }
diff --git a/browser/ui/views/toolbar/wallet_button.cc b/browser/ui/views/toolbar/wallet_button.cc
index 76fc95da77d..70e386bc000 100644
--- a/browser/ui/views/toolbar/wallet_button.cc
+++ b/browser/ui/views/toolbar/wallet_button.cc
@@ -19,19 +19,20 @@
 #include "ui/gfx/paint_vector_icon.h"
 #include "ui/views/metadata/metadata_impl_macros.h"
 
-WalletButton::WalletButton(Profile* profile, PrefService* prefs)
+WalletButton::WalletButton(View* backup_anchor_view,
+                           Profile* profile,
+                           PrefService* prefs)
     : ToolbarButton(base::BindRepeating(&WalletButton::OnWalletPressed,
                                         base::Unretained(this))),
-      webui_bubble_manager_(this,
-                            profile,
-                            GURL(kBraveUIWalletPanelURL),
-                            IDS_ACCNAME_BRAVE_WALLET_BUTTON,
-                            true),
-      prefs_(prefs) {
+      prefs_(prefs),
+      backup_anchor_view_(backup_anchor_view),
+      profile_(profile) {
   pref_change_registrar_.Init(prefs_);
   pref_change_registrar_.Add(
-      kShowWalletIcon, base::BindRepeating(&WalletButton::OnPreferenceChanged,
-                                           base::Unretained(this)));
+      kShowWalletIconOnToolbar,
+      base::BindRepeating(&WalletButton::OnPreferenceChanged,
+                          base::Unretained(this)));
+  InitBubbleManagerAnchor();
   UpdateVisibility();
 
   auto menu_button_controller = std::make_unique<views::MenuButtonController>(
@@ -57,34 +58,45 @@ void WalletButton::UpdateImageAndText() {
   SetTooltipText(l10n_util::GetStringUTF16(IDS_TOOLTIP_WALLET));
 }
 
+void WalletButton::InitBubbleManagerAnchor() {
+  View* anchor_view = this;
+  if (!prefs_->GetBoolean(kShowWalletIconOnToolbar)) {
+    anchor_view = backup_anchor_view_;
+  }
+  webui_bubble_manager_ = std::make_unique<WebUIBubbleManagerT<WalletPanelUI>>(
+      anchor_view, profile_, GURL(kBraveUIWalletPanelURL),
+      IDS_ACCNAME_BRAVE_WALLET_BUTTON, true);
+}
+
 void WalletButton::UpdateVisibility() {
-  SetVisible(prefs_->GetBoolean(kShowWalletIcon));
+  SetVisible(prefs_->GetBoolean(kShowWalletIconOnToolbar));
 }
 
 void WalletButton ::OnPreferenceChanged() {
+  InitBubbleManagerAnchor();
   UpdateVisibility();
 }
 
 void WalletButton::OnWidgetDestroying(views::Widget* widget) {
-  DCHECK_EQ(webui_bubble_manager_.GetBubbleWidget(), widget);
+  DCHECK_EQ(webui_bubble_manager_->GetBubbleWidget(), widget);
   DCHECK(bubble_widget_observation_.IsObservingSource(
-      webui_bubble_manager_.GetBubbleWidget()));
+      webui_bubble_manager_->GetBubbleWidget()));
   bubble_widget_observation_.Reset();
   pressed_lock_.reset();
 }
 
 bool WalletButton::ShowWalletBubble() {
-  if (webui_bubble_manager_.GetBubbleWidget()) {
+  if (webui_bubble_manager_->GetBubbleWidget()) {
     CloseWalletBubble();
     return false;
   }
 
-  webui_bubble_manager_.ShowBubble();
+  webui_bubble_manager_->ShowBubble();
 
   // There should only ever be a single bubble widget active for the
   // WalletButton.
   DCHECK(!bubble_widget_observation_.IsObserving());
-  bubble_widget_observation_.Observe(webui_bubble_manager_.GetBubbleWidget());
+  bubble_widget_observation_.Observe(webui_bubble_manager_->GetBubbleWidget());
 
   // Hold the pressed lock while the |bubble_| is active.
   pressed_lock_ = menu_button_controller_->TakeLock();
@@ -92,7 +104,7 @@ bool WalletButton::ShowWalletBubble() {
 }
 
 void WalletButton::CloseWalletBubble() {
-  webui_bubble_manager_.CloseBubble();
+  webui_bubble_manager_->CloseBubble();
 }
 
 BEGIN_METADATA(WalletButton, ToolbarButton)
diff --git a/browser/ui/views/toolbar/wallet_button.h b/browser/ui/views/toolbar/wallet_button.h
index 6e7367b9ffb..1552667a25c 100644
--- a/browser/ui/views/toolbar/wallet_button.h
+++ b/browser/ui/views/toolbar/wallet_button.h
@@ -24,7 +24,7 @@ class WalletButton : public ToolbarButton, public views::WidgetObserver {
   METADATA_HEADER(WalletButton);
 
  public:
-  WalletButton(Profile* profile, PrefService* prefs);
+  WalletButton(View* backup_anchor_view, Profile* profile, PrefService* prefs);
   ~WalletButton() override;
 
   WalletButton(const WalletButton&) = delete;
@@ -37,10 +37,11 @@ class WalletButton : public ToolbarButton, public views::WidgetObserver {
   void CloseWalletBubble();
 
   void UpdateImageAndText();
+  void InitBubbleManagerAnchor();
   void UpdateVisibility();
 
   WebUIBubbleManager* webui_bubble_manager_for_testing() {
-    return &webui_bubble_manager_;
+    return webui_bubble_manager_.get();
   }
 
  private:
@@ -50,9 +51,11 @@ class WalletButton : public ToolbarButton, public views::WidgetObserver {
   // views::WidgetObserver:
   void OnWidgetDestroying(views::Widget* widget) override;
 
-  WebUIBubbleManagerT<WalletPanelUI> webui_bubble_manager_;
+  std::unique_ptr<WebUIBubbleManagerT<WalletPanelUI>> webui_bubble_manager_;
 
   PrefService* prefs_ = nullptr;
+  View* backup_anchor_view_ = nullptr;
+  Profile* profile_;
   PrefChangeRegistrar pref_change_registrar_;
 
   views::MenuButtonController* menu_button_controller_ = nullptr;