diff --git a/crates/api/src/instance.rs b/crates/api/src/instance.rs
index e28d6e8b28..b5d433fe2d 100644
--- a/crates/api/src/instance.rs
+++ b/crates/api/src/instance.rs
@@ -121,10 +121,7 @@ impl Instance {
         Some(&self.exports()[i])
     }
 
-    pub fn from_handle(
-        store: &HostRef<Store>,
-        instance_handle: InstanceHandle,
-    ) -> Result<Instance> {
+    pub fn from_handle(store: &HostRef<Store>, instance_handle: InstanceHandle) -> Instance {
         let contexts = HashSet::new();
 
         let mut exports = Vec::new();
@@ -152,12 +149,12 @@ impl Instance {
             exports_types.into_boxed_slice(),
         ));
 
-        Ok(Instance {
+        Instance {
             instance_handle,
             module,
             contexts,
             exports: exports.into_boxed_slice(),
-        })
+        }
     }
 
     pub fn handle(&self) -> &InstanceHandle {
diff --git a/crates/misc/py/src/lib.rs b/crates/misc/py/src/lib.rs
index c250acd37c..6d71a2dfe4 100644
--- a/crates/misc/py/src/lib.rs
+++ b/crates/misc/py/src/lib.rs
@@ -103,11 +103,8 @@ pub fn instantiate(
     // If this module expects to be able to use wasi then go ahead and hook
     // that up into the imported crates.
     let wasi = if let Some(module_name) = data.find_wasi_module_name() {
-        let global_exports = store.borrow().global_exports().clone();
-        let wasi_handle = wasmtime_wasi::instantiate_wasi("", global_exports, &[], &[], &[])
+        let instance = wasmtime_wasi::create_wasi_instance(&store, &[], &[], &[])
             .map_err(|e| err2py(e.into()))?;
-        let instance =
-            api::Instance::from_handle(&store, wasi_handle).map_err(|e| err2py(e.into()))?;
         Some((module_name, instance))
     } else {
         None
diff --git a/crates/misc/rust/macro/src/lib.rs b/crates/misc/rust/macro/src/lib.rs
index e94deb6b0d..be1c1b4783 100644
--- a/crates/misc/rust/macro/src/lib.rs
+++ b/crates/misc/rust/macro/src/lib.rs
@@ -66,14 +66,8 @@ fn generate_load(item: &syn::ItemTrait) -> syn::Result<TokenStream> {
 
             let mut imports: Vec<Extern> = Vec::new();
             if let Some(module_name) = data.find_wasi_module_name() {
-                let wasi_handle = wasmtime_wasi::instantiate_wasi(
-                    "",
-                    global_exports,
-                    &[],
-                    &[],
-                    &[],
-                )?;
-                let wasi_instance = Instance::from_handle(&store, wasi_handle)?;
+                let wasi_instance = wasmtime_wasi::create_wasi_instance(&store, &[], &[], &[])
+                    .map_err(|e| format_err!("wasm instantiation error: {:?}", e))?;
                 for i in module.borrow().imports().iter() {
                     if i.module().as_str() != module_name {
                         bail!("unknown import module {}", i.module().as_str());
diff --git a/crates/test-programs/tests/wasm_tests/runtime.rs b/crates/test-programs/tests/wasm_tests/runtime.rs
index 3d06b6cfbb..8b27ecd2ae 100644
--- a/crates/test-programs/tests/wasm_tests/runtime.rs
+++ b/crates/test-programs/tests/wasm_tests/runtime.rs
@@ -58,8 +58,7 @@ pub fn instantiate(data: &[u8], bin_name: &str, workspace: Option<&Path>) -> any
                 builder.build().context("failed to build wasi context")?,
             )
             .context("failed to instantiate wasi")?,
-        )
-        .context("failed to create instance from handle")?,
+        ),
     );
 
     let module = HostRef::new(Module::new(&store, &data).context("failed to create wasm module")?);
diff --git a/crates/wasi/Cargo.toml b/crates/wasi/Cargo.toml
index 7592a6b351..d35b6994ac 100644
--- a/crates/wasi/Cargo.toml
+++ b/crates/wasi/Cargo.toml
@@ -11,6 +11,7 @@ readme = "README.md"
 edition = "2018"
 
 [dependencies]
+wasmtime = { path = "../api" }
 wasmtime-runtime = { path = "../runtime" }
 wasmtime-environ = { path = "../environ" }
 wasmtime-jit = { path = "../jit" }
diff --git a/crates/wasi/src/instantiate.rs b/crates/wasi/src/instantiate.rs
index 003f2f0cdc..e66ce88c52 100644
--- a/crates/wasi/src/instantiate.rs
+++ b/crates/wasi/src/instantiate.rs
@@ -9,9 +9,23 @@ use std::collections::HashMap;
 use std::fs::File;
 use target_lexicon::HOST;
 use wasi_common::{WasiCtx, WasiCtxBuilder};
+use wasmtime_api as api;
 use wasmtime_environ::{translate_signature, Export, Module};
 use wasmtime_runtime::{Imports, InstanceHandle, InstantiationError, VMFunctionBody};
 
+/// Creates `api::Instance` object implementing the "wasi" interface.
+pub fn create_wasi_instance(
+    store: &api::HostRef<api::Store>,
+    preopened_dirs: &[(String, File)],
+    argv: &[String],
+    environ: &[(String, String)],
+) -> Result<api::Instance, InstantiationError> {
+    let global_exports = store.borrow().global_exports().clone();
+    let wasi = instantiate_wasi("", global_exports, preopened_dirs, argv, environ)?;
+    let instance = api::Instance::from_handle(&store, wasi);
+    Ok(instance)
+}
+
 /// Return an instance implementing the "wasi" interface.
 pub fn instantiate_wasi(
     prefix: &str,
diff --git a/crates/wasi/src/lib.rs b/crates/wasi/src/lib.rs
index 7ef37df6b7..ef699ce0b6 100644
--- a/crates/wasi/src/lib.rs
+++ b/crates/wasi/src/lib.rs
@@ -5,7 +5,7 @@ extern crate alloc;
 mod instantiate;
 mod syscalls;
 
-pub use instantiate::{instantiate_wasi, instantiate_wasi_with_context};
+pub use instantiate::{create_wasi_instance, instantiate_wasi, instantiate_wasi_with_context};
 
 pub fn is_wasi_module(name: &str) -> bool {
     // FIXME: this should be more conservative, but while WASI is in flux and
diff --git a/src/bin/wasmtime.rs b/src/bin/wasmtime.rs
index 0539f3c322..e19dbd67f3 100644
--- a/src/bin/wasmtime.rs
+++ b/src/bin/wasmtime.rs
@@ -46,7 +46,7 @@ use wasmtime_cli::pick_compilation_strategy;
 use wasmtime_environ::{cache_create_new_config, cache_init};
 use wasmtime_interface_types::ModuleData;
 use wasmtime_jit::Features;
-use wasmtime_wasi::instantiate_wasi;
+use wasmtime_wasi::create_wasi_instance;
 #[cfg(feature = "wasi-c")]
 use wasmtime_wasi_c::instantiate_wasi_c;
 use wasmtime_wast::instantiate_spectest;
@@ -281,36 +281,31 @@ fn main() -> Result<()> {
     // Make spectest available by default.
     module_registry.insert(
         "spectest".to_owned(),
-        Instance::from_handle(&store, instantiate_spectest()?)?,
+        HostRef::new(Instance::from_handle(&store, instantiate_spectest()?)),
     );
 
     // Make wasi available by default.
-    let global_exports = store.borrow().global_exports().clone();
     let preopen_dirs = compute_preopen_dirs(&args.flag_dir, &args.flag_mapdir);
     let argv = compute_argv(&args.arg_file, &args.arg_arg);
     let environ = compute_environ(&args.flag_env);
 
-    let wasi = if args.flag_wasi_c {
+    let wasi = HostRef::new(if args.flag_wasi_c {
         #[cfg(feature = "wasi-c")]
         {
-            instantiate_wasi_c("", global_exports.clone(), &preopen_dirs, &argv, &environ)?
+            let global_exports = store.borrow().global_exports().clone();
+            let handle = instantiate_wasi_c("", global_exports, &preopen_dirs, &argv, &environ)?;
+            Instance::from_handle(&store, handle)
         }
         #[cfg(not(feature = "wasi-c"))]
         {
             bail!("wasi-c feature not enabled at build time")
         }
     } else {
-        instantiate_wasi("", global_exports.clone(), &preopen_dirs, &argv, &environ)?
-    };
+        create_wasi_instance(&store, &preopen_dirs, &argv, &environ)?
+    });
 
-    module_registry.insert(
-        "wasi_unstable".to_owned(),
-        Instance::from_handle(&store, wasi.clone())?,
-    );
-    module_registry.insert(
-        "wasi_unstable_preview0".to_owned(),
-        Instance::from_handle(&store, wasi)?,
-    );
+    module_registry.insert("wasi_unstable".to_owned(), wasi.clone());
+    module_registry.insert("wasi_unstable_preview0".to_owned(), wasi);
 
     // Load the preload wasm modules.
     for filename in &args.flag_preload {
@@ -328,7 +323,7 @@ fn main() -> Result<()> {
 
 fn instantiate_module(
     store: &HostRef<Store>,
-    module_registry: &HashMap<String, Instance>,
+    module_registry: &HashMap<String, HostRef<Instance>>,
     path: &Path,
 ) -> Result<(HostRef<Instance>, HostRef<Module>, Vec<u8>)> {
     // Read the wasm module binary either as `*.wat` or a raw binary
@@ -345,7 +340,7 @@ fn instantiate_module(
             let module_name = i.module().as_str();
             if let Some(instance) = module_registry.get(module_name) {
                 let field_name = i.name().as_str();
-                if let Some(export) = instance.find_export_by_name(field_name) {
+                if let Some(export) = instance.borrow().find_export_by_name(field_name) {
                     Ok(export.clone())
                 } else {
                     bail!(
@@ -367,7 +362,7 @@ fn instantiate_module(
 
 fn handle_module(
     store: &HostRef<Store>,
-    module_registry: &HashMap<String, Instance>,
+    module_registry: &HashMap<String, HostRef<Instance>>,
     args: &Args,
     path: &Path,
 ) -> Result<()> {