diff --git a/libusb/core.c b/libusb/core.c
index 1c1ada1..3559470 100644
--- a/libusb/core.c
+++ b/libusb/core.c
@@ -2346,14 +2346,15 @@
 	list_add(&_ctx->list, &active_contexts_list);
 	usbi_mutex_static_unlock(&active_contexts_lock);
 
-	usbi_hotplug_init(_ctx);
-
 	if (usbi_backend.init) {
 		r = usbi_backend.init(_ctx);
 		if (r)
 			goto err_io_exit;
 	}
 
+	/* Initialize hotplug after the initial enumeration is done. */
+	usbi_hotplug_init(_ctx);
+
 	if (ctx)
 		*ctx = _ctx;
 
diff --git a/libusb/hotplug.c b/libusb/hotplug.c
index 402e693..6b743c7 100644
--- a/libusb/hotplug.c
+++ b/libusb/hotplug.c
@@ -171,6 +171,9 @@
 	if (!libusb_has_capability(LIBUSB_CAP_HAS_HOTPLUG))
 		return;
 
+	if (!usbi_atomic_load(&ctx->hotplug_ready))
+		return;
+
 	/* free all registered hotplug callbacks */
 	for_each_hotplug_cb_safe(ctx, hotplug_cb, next_cb) {
 		list_del(&hotplug_cb->list);
diff --git a/libusb/version_nano.h b/libusb/version_nano.h
index 7bf6ace..10c3ecf 100644
--- a/libusb/version_nano.h
+++ b/libusb/version_nano.h
@@ -1 +1 @@
-#define LIBUSB_NANO 11694
+#define LIBUSB_NANO 11695