diff --git a/ipldpinner/pin.go b/ipldpinner/pin.go
index d0824b3..dc90dd4 100644
--- a/ipldpinner/pin.go
+++ b/ipldpinner/pin.go
@@ -141,6 +141,41 @@ func New(dstore ds.Datastore, dserv, internal ipld.DAGService) (*pinner, error)
 	}, nil
 }
 
+// LoadKeys reads the pinned CIDs and sends them on the given channel.  This is
+// used to read pins without loading them all into memory.
+func LoadKeys(ctx context.Context, dstore ds.Datastore, dserv, internal ipld.DAGService, recursive bool, keyChan chan<- cid.Cid) error {
+	rootKey, err := dstore.Get(pinDatastoreKey)
+	if err != nil {
+		if err == ds.ErrNotFound {
+			return nil
+		}
+		return err
+	}
+	rootCid, err := cid.Cast(rootKey)
+	if err != nil {
+		return err
+	}
+
+	root, err := internal.Get(ctx, rootCid)
+	if err != nil {
+		return fmt.Errorf("cannot find pinning root object: %v", err)
+	}
+
+	rootpb, ok := root.(*mdag.ProtoNode)
+	if !ok {
+		return mdag.ErrNotProtobuf
+	}
+
+	var linkName string
+	if recursive {
+		linkName = linkRecursive
+	} else {
+		linkName = linkDirect
+	}
+
+	return loadSetChan(ctx, internal, rootpb, linkName, keyChan)
+}
+
 // Pin the given node, optionally recursive
 func (p *pinner) Pin(ctx context.Context, node ipld.Node, recurse bool) error {
 	err := p.dserv.Add(ctx, node)
diff --git a/ipldpinner/pin_test.go b/ipldpinner/pin_test.go
index e193aa9..3c61d41 100644
--- a/ipldpinner/pin_test.go
+++ b/ipldpinner/pin_test.go
@@ -54,7 +54,8 @@ func assertUnpinned(t *testing.T, p pin.Pinner, c cid.Cid, failmsg string) {
 }
 
 func TestPinnerBasic(t *testing.T) {
-	ctx := context.Background()
+	ctx, cancel := context.WithCancel(context.Background())
+	defer cancel()
 
 	dstore := dssync.MutexWrap(ds.NewMapDatastore())
 	bstore := blockstore.NewBlockstore(dstore)
@@ -62,7 +63,6 @@ func TestPinnerBasic(t *testing.T) {
 
 	dserv := mdag.NewDAGService(bserv)
 
-	// TODO does pinner need to share datastore with blockservice?
 	p, err := New(dstore, dserv, dserv)
 	if err != nil {
 		t.Fatal(err)
@@ -165,6 +165,98 @@ func TestPinnerBasic(t *testing.T) {
 
 	// Test recursively pinned
 	assertPinned(t, np, bk, "could not find recursively pinned node")
+
+	// Test that LoadKeys returns the expected CIDs.
+	keyChan := make(chan cid.Cid)
+	go func() {
+		err = LoadKeys(ctx, dstore, dserv, dserv, true, keyChan)
+		close(keyChan)
+	}()
+	keys := map[cid.Cid]struct{}{}
+	for c := range keyChan {
+		keys[c] = struct{}{}
+	}
+	if err != nil {
+		t.Fatal(err)
+	}
+	recKeys, _ := np.RecursiveKeys(ctx)
+	if len(keys) != len(recKeys) {
+		t.Fatal("wrong number of recursive keys from LoadKeys")
+	}
+	for _, k := range recKeys {
+		if _, ok := keys[k]; !ok {
+			t.Fatal("LoadKeys did not return correct recursive keys")
+		}
+	}
+
+	keyChan = make(chan cid.Cid)
+	go func() {
+		err = LoadKeys(ctx, dstore, dserv, dserv, false, keyChan)
+		close(keyChan)
+	}()
+	keys = map[cid.Cid]struct{}{}
+	for c := range keyChan {
+		keys[c] = struct{}{}
+	}
+	if err != nil {
+		t.Fatal(err)
+	}
+	dirKeys, _ := np.DirectKeys(ctx)
+	if len(keys) != len(dirKeys) {
+		t.Fatal("wrong number of direct keys from LoadKeys")
+	}
+	for _, k := range dirKeys {
+		if _, ok := keys[k]; !ok {
+			t.Fatal("LoadKeys did not return correct direct keys")
+		}
+	}
+
+	cancel()
+	emptyDS := dssync.MutexWrap(ds.NewMapDatastore())
+
+	// Check key not in datastore
+	err = LoadKeys(ctx, emptyDS, dserv, dserv, true, nil)
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	// Check error on bad key
+	if err = emptyDS.Put(pinDatastoreKey, []byte("bad-cid")); err != nil {
+		panic(err)
+	}
+	if err = emptyDS.Sync(pinDatastoreKey); err != nil {
+		panic(err)
+	}
+	if err = LoadKeys(ctx, emptyDS, dserv, dserv, true, nil); err == nil {
+		t.Fatal("expected error")
+	}
+
+	// Lookup dag that does not exist
+	noKey, err := cid.Decode("QmYff9iHR1Hz6wufVeJodzXqQm4pkK4QNS9ms8tyPKVWm1")
+	if err != nil {
+		panic(err)
+	}
+	if err = emptyDS.Put(pinDatastoreKey, noKey.Bytes()); err != nil {
+		panic(err)
+	}
+	if err = emptyDS.Sync(pinDatastoreKey); err != nil {
+		panic(err)
+	}
+	err = LoadKeys(ctx, emptyDS, dserv, dserv, true, nil)
+	if err == nil || err.Error() != "cannot find pinning root object: merkledag: not found" {
+		t.Fatal("did not get expected error")
+	}
+
+	// Check error when node has no links
+	if err = emptyDS.Put(pinDatastoreKey, emptyKey.Bytes()); err != nil {
+		panic(err)
+	}
+	if err = emptyDS.Sync(pinDatastoreKey); err != nil {
+		panic(err)
+	}
+	if err = LoadKeys(ctx, emptyDS, dserv, dserv, true, nil); err == nil {
+		t.Fatal("expected error")
+	}
 }
 
 func TestIsPinnedLookup(t *testing.T) {
diff --git a/ipldpinner/set.go b/ipldpinner/set.go
index 2fb931f..51951a2 100644
--- a/ipldpinner/set.go
+++ b/ipldpinner/set.go
@@ -219,13 +219,15 @@ func walkItems(ctx context.Context, dag ipld.DAGService, n *merkledag.ProtoNode,
 	// readHdr guarantees fanout is a safe value
 	fanout := hdr.GetFanout()
 	for i, l := range n.Links()[fanout:] {
-		if err := fn(i, l); err != nil {
+		if err = fn(i, l); err != nil {
 			return err
 		}
 	}
 	for _, l := range n.Links()[:fanout] {
 		c := l.Cid
-		children(c)
+		if children != nil {
+			children(c)
+		}
 		if c.Equals(emptyKey) {
 			continue
 		}
@@ -239,7 +241,7 @@ func walkItems(ctx context.Context, dag ipld.DAGService, n *merkledag.ProtoNode,
 			return merkledag.ErrNotProtobuf
 		}
 
-		if err := walkItems(ctx, dag, stpb, fn, children); err != nil {
+		if err = walkItems(ctx, dag, stpb, fn, children); err != nil {
 			return err
 		}
 	}
@@ -277,6 +279,33 @@ func loadSet(ctx context.Context, dag ipld.DAGService, root *merkledag.ProtoNode
 	return res, nil
 }
 
+func loadSetChan(ctx context.Context, dag ipld.DAGService, root *merkledag.ProtoNode, name string, keyChan chan<- cid.Cid) error {
+	l, err := root.GetNodeLink(name)
+	if err != nil {
+		return err
+	}
+
+	n, err := l.GetNode(ctx, dag)
+	if err != nil {
+		return err
+	}
+
+	pbn, ok := n.(*merkledag.ProtoNode)
+	if !ok {
+		return merkledag.ErrNotProtobuf
+	}
+
+	walk := func(idx int, link *ipld.Link) error {
+		keyChan <- link.Cid
+		return nil
+	}
+
+	if err = walkItems(ctx, dag, pbn, walk, nil); err != nil {
+		return err
+	}
+	return nil
+}
+
 func getCidListIterator(cids []cid.Cid) itemIterator {
 	return func() (c cid.Cid, ok bool) {
 		if len(cids) == 0 {
diff --git a/pinconv/pinconv.go b/pinconv/pinconv.go
index 9aee703..df21f85 100644
--- a/pinconv/pinconv.go
+++ b/pinconv/pinconv.go
@@ -7,7 +7,7 @@ import (
 	"context"
 	"fmt"
 
-	"github.com/ipfs/go-cid"
+	cid "github.com/ipfs/go-cid"
 	ds "github.com/ipfs/go-datastore"
 	ipfspinner "github.com/ipfs/go-ipfs-pinner"
 	"github.com/ipfs/go-ipfs-pinner/dspinner"
@@ -24,39 +24,38 @@ import (
 func ConvertPinsFromIPLDToDS(ctx context.Context, dstore ds.Datastore, dserv ipld.DAGService, internal ipld.DAGService) (ipfspinner.Pinner, int, error) {
 	const ipldPinPath = "/local/pins"
 
-	ipldPinner, err := ipldpinner.New(dstore, dserv, internal)
-	if err != nil {
-		return nil, 0, err
-	}
-
 	dsPinner, err := dspinner.New(ctx, dstore, dserv)
 	if err != nil {
 		return nil, 0, err
 	}
 
-	seen := cid.NewSet()
-	cids, err := ipldPinner.RecursiveKeys(ctx)
-	if err != nil {
-		return nil, 0, err
+	var convCount int
+	keyChan := make(chan cid.Cid)
+
+	go func() {
+		err = ipldpinner.LoadKeys(ctx, dstore, dserv, internal, true, keyChan)
+		close(keyChan)
+	}()
+	for key := range keyChan {
+		dsPinner.PinWithMode(key, ipfspinner.Recursive)
+		convCount++
 	}
-	for i := range cids {
-		seen.Add(cids[i])
-		dsPinner.PinWithMode(cids[i], ipfspinner.Recursive)
+	if err != nil {
+		return nil, 0, fmt.Errorf("cannot load recursive keys: %s", err)
 	}
-	convCount := len(cids)
 
-	cids, err = ipldPinner.DirectKeys(ctx)
-	if err != nil {
-		return nil, 0, err
+	keyChan = make(chan cid.Cid)
+	go func() {
+		err = ipldpinner.LoadKeys(ctx, dstore, dserv, internal, false, keyChan)
+		close(keyChan)
+	}()
+	for key := range keyChan {
+		dsPinner.PinWithMode(key, ipfspinner.Direct)
+		convCount++
 	}
-	for i := range cids {
-		if seen.Has(cids[i]) {
-			// Pin was already pinned recursively
-			continue
-		}
-		dsPinner.PinWithMode(cids[i], ipfspinner.Direct)
+	if err != nil {
+		return nil, 0, fmt.Errorf("cannot load direct keys: %s", err)
 	}
-	convCount += len(cids)
 
 	err = dsPinner.Flush(ctx)
 	if err != nil {
diff --git a/pinconv/pinconv_test.go b/pinconv/pinconv_test.go
index ac7f8ff..02abca6 100644
--- a/pinconv/pinconv_test.go
+++ b/pinconv/pinconv_test.go
@@ -4,6 +4,7 @@ import (
 	"context"
 	"errors"
 	"io"
+	"strings"
 	"testing"
 
 	bs "github.com/ipfs/go-blockservice"
@@ -55,7 +56,8 @@ func makeStore() (ds.Datastore, ipld.DAGService) {
 }
 
 func TestConversions(t *testing.T) {
-	ctx := context.Background()
+	ctx, cancel := context.WithCancel(context.Background())
+	defer cancel()
 	dstore, dserv := makeStore()
 
 	dsPinner, err := dspinner.New(ctx, dstore, dserv)
@@ -151,3 +153,27 @@ func TestConversions(t *testing.T) {
 		t.Fatal(err)
 	}
 }
+
+func TestConvertLoadError(t *testing.T) {
+	ctx, cancel := context.WithCancel(context.Background())
+	defer cancel()
+
+	dstore, dserv := makeStore()
+	// Point /local/pins to empty node to cause failure loading pins.
+	pinDatastoreKey := ds.NewKey("/local/pins")
+	emptyKey, err := cid.Decode("QmdfTbBqBPQ7VNxZEYEj14VmRuZBkqFbiwReogJgS1zR1n")
+	if err != nil {
+		panic(err)
+	}
+	if err = dstore.Put(pinDatastoreKey, emptyKey.Bytes()); err != nil {
+		panic(err)
+	}
+	if err = dstore.Sync(pinDatastoreKey); err != nil {
+		panic(err)
+	}
+
+	_, _, err = ConvertPinsFromIPLDToDS(ctx, dstore, dserv, dserv)
+	if err == nil || !strings.HasPrefix(err.Error(), "cannot load recursive keys") {
+		t.Fatal("did not get expected error")
+	}
+}