diff --git a/docs/my-website/docs/proxy/configs.md b/docs/my-website/docs/proxy/configs.md
index 1060db5e7..19c1f7902 100644
--- a/docs/my-website/docs/proxy/configs.md
+++ b/docs/my-website/docs/proxy/configs.md
@@ -728,6 +728,7 @@ general_settings:
     "disable_spend_logs": "boolean", # turn off writing each transaction to the db
     "disable_master_key_return": "boolean", # turn off returning master key on UI (checked on '/user/info' endpoint)
     "disable_reset_budget": "boolean", # turn off reset budget scheduled task
+    "disable_adding_master_key_hash_to_db": "boolean", # turn off storing master key hash in db, for spend tracking
     "enable_jwt_auth": "boolean", # allow proxy admin to auth in via jwt tokens with 'litellm_proxy_admin' in claims
     "enforce_user_param": "boolean", # requires all openai endpoint requests to have a 'user' param
     "allowed_routes": "list", # list of allowed proxy API routes - a user can access. (currently JWT-Auth only)
diff --git a/litellm/proxy/_new_secret_config.yaml b/litellm/proxy/_new_secret_config.yaml
index f72e37278..db9e5c69a 100644
--- a/litellm/proxy/_new_secret_config.yaml
+++ b/litellm/proxy/_new_secret_config.yaml
@@ -1,4 +1,7 @@
 model_list:
-  - model_name: ollama/mistral
+  - model_name: "*"
     litellm_params:
-      model: ollama/mistral
+      model: "*"
+
+general_settings:
+  disable_adding_master_key_hash_to_db: True
\ No newline at end of file
diff --git a/litellm/proxy/proxy_server.py b/litellm/proxy/proxy_server.py
index 12069d5e8..b596b8c88 100644
--- a/litellm/proxy/proxy_server.py
+++ b/litellm/proxy/proxy_server.py
@@ -2784,26 +2784,29 @@ async def startup_event():
         await custom_db_client.connect()
 
     if prisma_client is not None and master_key is not None:
-        # add master key to db
         if os.getenv("PROXY_ADMIN_ID", None) is not None:
             litellm_proxy_admin_name = os.getenv(
                 "PROXY_ADMIN_ID", litellm_proxy_admin_name
             )
-        asyncio.create_task(
-            generate_key_helper_fn(
-                request_type="user",
-                duration=None,
-                models=[],
-                aliases={},
-                config={},
-                spend=0,
-                token=master_key,
-                user_id=litellm_proxy_admin_name,
-                user_role=LitellmUserRoles.PROXY_ADMIN,
-                query_type="update_data",
-                update_key_values={"user_role": LitellmUserRoles.PROXY_ADMIN},
+        if general_settings.get("disable_adding_master_key_hash_to_db") is True:
+            verbose_proxy_logger.info("Skipping writing master key hash to db")
+        else:
+            # add master key to db
+            asyncio.create_task(
+                generate_key_helper_fn(
+                    request_type="user",
+                    duration=None,
+                    models=[],
+                    aliases={},
+                    config={},
+                    spend=0,
+                    token=master_key,
+                    user_id=litellm_proxy_admin_name,
+                    user_role=LitellmUserRoles.PROXY_ADMIN,
+                    query_type="update_data",
+                    update_key_values={"user_role": LitellmUserRoles.PROXY_ADMIN},
+                )
             )
-        )
 
     if prisma_client is not None and litellm.max_budget > 0:
         if litellm.budget_duration is None:
diff --git a/litellm/proxy/spend_tracking/spend_tracking_utils.py b/litellm/proxy/spend_tracking/spend_tracking_utils.py
index df4a2edfc..a1a0b9733 100644
--- a/litellm/proxy/spend_tracking/spend_tracking_utils.py
+++ b/litellm/proxy/spend_tracking/spend_tracking_utils.py
@@ -1,4 +1,6 @@
 import json
+import os
+import secrets
 import traceback
 from typing import Optional
 
@@ -8,12 +10,30 @@ from litellm.proxy._types import SpendLogsMetadata, SpendLogsPayload
 from litellm.proxy.utils import hash_token
 
 
+def _is_master_key(api_key: str, _master_key: Optional[str]) -> bool:
+    if _master_key is None:
+        return False
+
+    ## string comparison
+    is_master_key = secrets.compare_digest(api_key, _master_key)
+    if is_master_key:
+        return True
+
+    ## hash comparison
+    is_master_key = secrets.compare_digest(api_key, hash_token(_master_key))
+    if is_master_key:
+        return True
+
+    return False
+
+
 def get_logging_payload(
     kwargs, response_obj, start_time, end_time, end_user_id: Optional[str]
 ) -> SpendLogsPayload:
     from pydantic import Json
 
     from litellm.proxy._types import LiteLLM_SpendLogs
+    from litellm.proxy.proxy_server import general_settings, master_key
 
     verbose_proxy_logger.debug(
         f"SpendTable: get_logging_payload - kwargs: {kwargs}\n\n"
@@ -36,9 +56,15 @@ def get_logging_payload(
         usage = dict(usage)
     id = response_obj.get("id", kwargs.get("litellm_call_id"))
     api_key = metadata.get("user_api_key", "")
-    if api_key is not None and isinstance(api_key, str) and api_key.startswith("sk-"):
-        # hash the api_key
-        api_key = hash_token(api_key)
+    if api_key is not None and isinstance(api_key, str):
+        if api_key.startswith("sk-"):
+            # hash the api_key
+            api_key = hash_token(api_key)
+        if (
+            _is_master_key(api_key=api_key, _master_key=master_key)
+            and general_settings.get("disable_adding_master_key_hash_to_db") is True
+        ):
+            api_key = "litellm_proxy_master_key"  # use a known alias, if the user disabled storing master key in db
 
     _model_id = metadata.get("model_info", {}).get("id", "")
     _model_group = metadata.get("model_group", "")