U.S. Defense Secretary Pete Hegseth’s Financial Disclosure
According to his annual financial disclosure for 2025, U.S. Defense Secretary Pete Hegseth has Bitcoin holdings stored in a Coinbase wallet, as detailed by the Office of Government Ethics. The disclosure identifies two separate entries under the category of “other assets and income”. One of these entries is valued between $15,001 and $50,000, while the other falls within the range of $1,001 to $15,000. As a result, his total Bitcoin holdings are estimated to be between $16,000 and $65,000.
Importantly, both entries are recorded as capital gains, but neither appears in the transactions section of the report, which tracks purchases and sales exceeding $1,000. This indicates that Hegseth did not engage in any substantial Bitcoin transactions during the year.
Overview of Hegseth’s Financial State
The financial disclosure provides a broader glimpse into Hegseth’s financial state, revealing a total of over $3.1 million when including cash reserves, retirement investments, and his Bitcoin assets. His retirement accounts, which he shares with his wife Jennifer, consist of index funds and Avantis funds, alongside three different cash accounts at U.S. banks, one of which exceeds the $1 million mark. Notably, the cash account has shown significant growth compared to the prior year: it held between $15,001 and $50,000 in his December 2024 report.
Investment Changes and Divestments
In the context of his investments, a substantial divestment from individual stocks is noteworthy. Following his appointment in January 2025, Hegseth sold shares in major defense contractors such as Lockheed Martin and Northrop Grumman, as well as in notable firms like KKR and Blackstone, on February 7. The values of these stocks were categorized between $1,001 and $15,000. Notably, while his ethics agreement requires transparency in financial dealings, it did not demand the sale of these specific stakes. In subsequent weeks, he further liquidated holdings in tech giants including Apple, Amazon, Microsoft, and others, reallocating his investments into index funds later in the year.
Liabilities and Mortgages
On the liabilities side, Hegseth’s report reveals two mortgages on his primary residence, each ranging from $1,000,001 to $5,000,000, with one mortgage established in 2022 and another in 2025 at an interest rate of 8.5%. After signing the disclosure in May, the document received certification from an agency ethics official in August, followed by the Office of Government Ethics in mid-September.
Comparison with Other High-Profile Figures
In comparison to other high-profile figures in the government, Hegseth’s Bitcoin assets appear modest. For context, a disclosure from President Donald Trump, made public in June, indicated he holds over $50 million in Bitcoin and has amassed over $1.2 billion in earnings from various crypto ventures, including a staggering $635 million attributed to his meme coin investments.
