diff --git a/erts/emulator/beam/external.c b/erts/emulator/beam/external.c
index 32affb6b6c69..2b5350abcb53 100644
--- a/erts/emulator/beam/external.c
+++ b/erts/emulator/beam/external.c
@@ -2026,11 +2026,25 @@ static BIF_RETTYPE binary_to_term_int(Process* p, Eterm bin, B2TContext *ctx)
             break;
 
         case B2TDecodeInit:
-            if (is_non_value(ctx->trap_bin) && ctx->b2ts.extsize > ctx->reds) {
-                /* dec_term will maybe trap, allocate space for magic bin
-                   before result term to make it easy to trim with HRelease.
-                 */
-                ctx = b2t_export_context(p, ctx);
+            if (is_non_value(ctx->trap_bin)) {
+                if (ctx->b2ts.extsize > ctx->reds) {
+                    /* dec_term will maybe trap, allocate space for magic bin
+                     * before result term to make it easy to trim with HRelease.
+                     */
+                    ctx = b2t_export_context(p, ctx);
+                }
+                else {
+                    /*
+                     * We will probably not trap. To ensure we don't,
+                     * artificially increase our available reductions.
+                     * This is a workaround for GH-11404. Calling HAlloc()
+                     * in b2t_export_context() after factory has been created
+                     * causes problems.
+                     */
+                    const SWord consumed = initial_reds - ctx->reds;
+                    ctx->reds = (INT_MAX / B2T_MEMCPY_FACTOR);
+                    initial_reds = ctx->reds + consumed;
+                }
             }
             ctx->u.dc.ep = ctx->b2ts.extp;
             ctx->u.dc.res = (Eterm) (UWord) NULL;
@@ -2114,6 +2128,7 @@ static BIF_RETTYPE binary_to_term_int(Process* p, Eterm bin, B2TContext *ctx)
     }while (ctx->reds > 0 || ctx->state >= B2TDone);
 
     if (is_non_value(ctx->trap_bin)) {
+        ASSERT(ctx->state < B2TDecode);
         ctx = b2t_export_context(p, ctx);
         ASSERT(is_value(ctx->trap_bin));
     }
diff --git a/erts/emulator/test/binary_SUITE.erl b/erts/emulator/test/binary_SUITE.erl
index 9d69741b8ba8..fda670870f39 100644
--- a/erts/emulator/test/binary_SUITE.erl
+++ b/erts/emulator/test/binary_SUITE.erl
@@ -68,6 +68,7 @@
 	 bad_binary_to_term_2/1,safe_binary_to_term2/1,
 	 bad_binary_to_term/1, bad_terms/1, more_bad_terms/1,
          big_binary_to_term/1,
+         binary_to_term_trap_crash/1,
 	 otp_5484/1,otp_5933/1,
 	 ordering/1,unaligned_order/1,gc_test/1,
 	 bit_sized_binary_sizes/1,
@@ -99,6 +100,7 @@ all() ->
      bad_binary_to_term_2, safe_binary_to_term2,
      bad_binary_to_term, bad_terms, t_hash, bad_size,
      big_binary_to_term,
+     binary_to_term_trap_crash,
      sub_bin_copy, bad_term_to_binary, t2b_system_limit,
      term_to_iovec, more_bad_terms,
      unsorted_map_in_map,
@@ -1951,6 +1953,23 @@ trapping_loop2(Bif,Args,N) ->
     apply(erlang,Bif,Args),
     trapping_loop2(Bif, Args, N-1).
 
+%% GH-11404: Bug caused SEGV or failed ASSERT.
+binary_to_term_trap_crash(Config) ->
+    Term = {0,"1234567890123456",0,0,0,0,0,0,
+            [1 bsl 47], [], {127,0,0,1},
+            0,[],[],[],[],[],[],[],[],[],[],0,[],"123456789",[],[],0,0,
+            0,[],0,[],[],[],[],[],1,[],[],[],[],[],[],0,0,"123",[],0,[],
+            1,[],[],[],0,0,{0,0},0,[],0,0,0,[],[],0,[],0,0,[]},
+    Bin = term_to_binary(Term),
+    CONTEXT_REDS = erlang:system_info(context_reductions),
+    [begin
+         erlang:yield(),
+         erlang:bump_reductions(I),
+         binary_to_term(Bin)
+     end
+     || I <- lists:seq(1,CONTEXT_REDS)],
+    ok.
+
 large(Config) when is_list(Config) ->
     List = lists:flatten(lists:map(fun (_) ->
 					   [0,1,2,3,4,5,6,7,8]