diff --git a/packages/assets-controllers/src/MultichainAssetsRatesController/MultichainAssetsRatesController.test.ts b/packages/assets-controllers/src/MultichainAssetsRatesController/MultichainAssetsRatesController.test.ts
index 1da5feef59d..f61e81681a8 100644
--- a/packages/assets-controllers/src/MultichainAssetsRatesController/MultichainAssetsRatesController.test.ts
+++ b/packages/assets-controllers/src/MultichainAssetsRatesController/MultichainAssetsRatesController.test.ts
@@ -99,7 +99,8 @@ const fakeHistoricalPrices: OnAssetHistoricalPriceResponse = {
       ],
     },
     updateTime: 1737542312,
-    expirationTime: 1737542312,
+    // expirationTime is in 1Hour based on current Date.now()
+    expirationTime: Date.now() + 1000 * 60 * 60,
   },
 };
 
@@ -627,5 +628,97 @@ describe('MultichainAssetsRatesController', () => {
 
       expect(snapHandler).toHaveBeenCalledTimes(1);
     });
+
+    it('does not clean up any of the prices if none of them have expired', async () => {
+      const testCurrency = 'EUR';
+      const testNativeAssetPrices = {
+        intervals: {},
+        updateTime: Date.now(),
+        expirationTime: Date.now() + 1000, // not expired
+      };
+      const testTokenAssetPrices = {
+        intervals: {},
+        updateTime: Date.now(),
+        expirationTime: Date.now() + 1000, // not expired
+      };
+      const { controller, messenger } = setupController({
+        config: {
+          state: {
+            historicalPrices: {
+              'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501': {
+                [testCurrency]: testNativeAssetPrices,
+              },
+              'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/token:testToken1': {
+                [testCurrency]: testTokenAssetPrices,
+              },
+            },
+          },
+        },
+      });
+
+      const snapHandler = jest.fn().mockResolvedValue(fakeHistoricalPrices);
+      messenger.registerActionHandler(
+        'SnapController:handleRequest',
+        snapHandler,
+      );
+
+      await controller.fetchHistoricalPricesForAsset(
+        'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501',
+      );
+
+      expect(snapHandler).toHaveBeenCalledTimes(1);
+      expect(controller.state.historicalPrices).toStrictEqual({
+        'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501': {
+          USD: fakeHistoricalPrices.historicalPrice,
+          EUR: testNativeAssetPrices,
+        },
+        'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/token:testToken1': {
+          EUR: testTokenAssetPrices,
+        },
+      });
+    });
+
+    it('cleans up all historical prices that have expired', async () => {
+      const testCurrency = 'EUR';
+      const { controller, messenger } = setupController({
+        config: {
+          state: {
+            historicalPrices: {
+              'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501': {
+                [testCurrency]: {
+                  intervals: {},
+                  updateTime: Date.now(),
+                  expirationTime: Date.now() - 1000, // expired
+                },
+              },
+              'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/token:testToken1': {
+                [testCurrency]: {
+                  intervals: {},
+                  updateTime: Date.now(),
+                  expirationTime: Date.now() - 1000, // expired
+                },
+              },
+            },
+          },
+        },
+      });
+
+      const snapHandler = jest.fn().mockResolvedValue(fakeHistoricalPrices);
+      messenger.registerActionHandler(
+        'SnapController:handleRequest',
+        snapHandler,
+      );
+
+      await controller.fetchHistoricalPricesForAsset(
+        'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501',
+      );
+
+      expect(snapHandler).toHaveBeenCalledTimes(1);
+      expect(controller.state.historicalPrices).toStrictEqual({
+        'solana:5eykt4UsFv8P8NJdTREpY1vzqKqZKvdp/slip44:501': {
+          USD: fakeHistoricalPrices.historicalPrice,
+        },
+      });
+    });
   });
 });
diff --git a/packages/assets-controllers/src/MultichainAssetsRatesController/MultichainAssetsRatesController.ts b/packages/assets-controllers/src/MultichainAssetsRatesController/MultichainAssetsRatesController.ts
index e8e98d13774..d927961c9d0 100644
--- a/packages/assets-controllers/src/MultichainAssetsRatesController/MultichainAssetsRatesController.ts
+++ b/packages/assets-controllers/src/MultichainAssetsRatesController/MultichainAssetsRatesController.ts
@@ -28,6 +28,7 @@ import type {
 import { HandlerType } from '@metamask/snaps-utils';
 import { Mutex } from 'async-mutex';
 import type { Draft } from 'immer';
+import { isEqual } from 'lodash';
 
 import { MAP_CAIP_CURRENCIES } from './constant';
 import type {
@@ -389,6 +390,8 @@ export class MultichainAssetsRatesController extends StaticIntervalPollingContro
             },
           };
         });
+        // cleanup all historical prices that have expired
+        this.#cleanupHistoricalPrices();
       } catch {
         throw new Error(
           `Failed to fetch historical prices for asset: ${asset}`,
@@ -399,6 +402,45 @@ export class MultichainAssetsRatesController extends StaticIntervalPollingContro
     });
   }
 
+  #cleanupHistoricalPrices() {
+    const allHistoricalPrices = this.state.historicalPrices;
+    const cleanedHistoricalPrices =
+      this.#removeExpiredEntries(allHistoricalPrices);
+
+    // do not update state if no changes
+    if (isEqual(allHistoricalPrices, cleanedHistoricalPrices)) {
+      return;
+    }
+
+    this.update((state) => {
+      state.historicalPrices = cleanedHistoricalPrices;
+    });
+  }
+
+  #removeExpiredEntries(
+    data: Record<CaipAssetType, Record<string, HistoricalPrice>>,
+  ): Record<CaipAssetType, Record<string, HistoricalPrice>> {
+    const now = Date.now();
+    const result: Record<CaipAssetType, Record<string, HistoricalPrice>> = {};
+
+    Object.entries(data).forEach(([assetId, currencies]) => {
+      const validCurrencies: Record<string, HistoricalPrice> = {};
+
+      Object.entries(currencies).forEach(([currency, details]) => {
+        const exp = details.expirationTime;
+        if (exp === undefined || exp > now) {
+          validCurrencies[currency] = details;
+        }
+      });
+
+      if (Object.keys(validCurrencies).length > 0) {
+        result[assetId as CaipAssetType] = validCurrencies;
+      }
+    });
+
+    return result;
+  }
+
   /**
    * Returns the array of CAIP-19 assets for the given account ID.
    * If none are found, returns an empty array.