diff --git a/subsys/bluetooth/host/hci_core.c b/subsys/bluetooth/host/hci_core.c
index 0446860c0cf..3a1df20a475 100644
--- a/subsys/bluetooth/host/hci_core.c
+++ b/subsys/bluetooth/host/hci_core.c
@@ -598,8 +598,6 @@ static void hci_num_completed_packets(struct net_buf *buf)
 		while (count--) {
 			sys_snode_t *node;
 
-			k_sem_give(bt_conn_get_pkts(conn));
-
 			/* move the next TX context from the `pending` list to
 			 * the `complete` list.
 			 */
@@ -611,6 +609,8 @@ static void hci_num_completed_packets(struct net_buf *buf)
 				break;
 			}
 
+			k_sem_give(bt_conn_get_pkts(conn));
+
 			sys_slist_append(&conn->tx_complete, node);
 
 			/* align the `pending` value */