diff --git a/x/staking/keeper/msg_server.go b/x/staking/keeper/msg_server.go
index e331f57079df..01272557be20 100644
--- a/x/staking/keeper/msg_server.go
+++ b/x/staking/keeper/msg_server.go
@@ -610,11 +610,20 @@ func (k msgServer) CancelUnbondingDelegation(goCtx context.Context, msg *types.M
 	}
 
 	// delegate back the unbonding delegation amount to the validator
-	_, err = k.Keeper.Delegate(ctx, delegatorAddress, msg.Amount.Amount, types.Unbonding, validator, false)
+	newShares, err := k.Keeper.Delegate(ctx, delegatorAddress, msg.Amount.Amount, types.Unbonding, validator, false)
 	if err != nil {
 		return nil, err
 	}
 
+	// If the delegation is a validator bond, increment the validator bond shares
+	delegation, found := k.Keeper.GetDelegation(ctx, delegatorAddress, valAddr)
+	if !found {
+		return nil, types.ErrNoDelegation
+	}
+	if delegation.ValidatorBond {
+		k.IncreaseValidatorBondShares(ctx, validator, newShares)
+	}
+
 	amount := unbondEntry.Balance.Sub(msg.Amount.Amount)
 	if amount.IsZero() {
 		ubd.RemoveEntry(unbondEntryIndex)