My understanding is that a xpub only keeps track of a single chain of keys. Therefore, you would need keep track of multiple xpubs to reconstruct the addresses of a multisig wallet.

You should look into output descriptors, they can keep track of complex output scripts and a single output descriptor can express a full multisig wallet.

Murch

bitcoin

AMA: Ask Murch Anything Vol. 2

I have a question from somebody else, that you may help.
I didn't have enough practice and knowledge on this scenario so I take the advantage of this AMA.

How you could extract a proper xpub from a multi-sig wallet using 2 different hardware wallet devices? I know that each HW will have a different derivation path.

Let's say I want to setup that multisig, but using a watch-only xpub only for depositing into that wallet, without "opening" the multisig.

So how I could be sure I will deposit to the right address from that wallet without "open" it?
For a single sig I know it's easy and simple, but how is going in a multi-sig scenario?