Defense Secretary Pete Hegseth has reported at least $3.1 million in cash, retirement investments, and Bitcoin in his newly released 2025 annual financial disclosure, which includes more than $1 million held in a single bank account [1]. The Office of Government Ethics filings provide a detailed look at Hegseth's finances following his confirmation as defense secretary in January 2025 [1]. Hegseth is currently facing calls for impeachment from members of his own party related to his handling of the war in Iran [1].
The disclosure details five retirement-fund holdings valued between approximately $500,000 and $1.25 million. Jennifer Hegseth, his wife, reported retirement investments worth between $1.55 million and $3.1 million, including broad U.S. stock and small-cap funds [1]. The household reported three cash accounts, one of which is valued at more than $1 million, and Bitcoin holdings valued between roughly $16,000 and $65,000 [1].
This represents a substantial increase in cash compared to Hegseth's nominee disclosure from December 2024, when an account labeled 'U.S. bank #2' held between $15,001 and $50,000. The new filing lists the same account at over $1 million [1]. The disclosure also shows a broad reshuffling of the family's investments after Hegseth joined the administration, a move typical for new cabinet secretaries to avoid the appearance of conflicts of interest [1].
In 2025, Hegseth and his family made 16 purchases of exchange-traded funds (ETFs) worth between about $1.41 million and $3.05 million, following the sale of dozens of individual stocks, including shares of defense contractors Lockheed Martin (LMT) and Northrop Grumman (NOC), each sold in February for between $1,001 and $15,000 [1]. Hegseth's ethics agreement required him to consult with ethics officials over potential conflicts but did not specifically direct him to sell those holdings [1]. Additionally, Hegseth reported two mortgages valued at between $1 million and $5 million each, including one taken out in 2025 with an 8.5% interest rate [1].
CONCLUSION
Pete Hegseth's 2025 financial disclosure reveals significant increases in cash holdings and a major reshuffling of investments, including sales of defense contractor stocks and new ETF purchases. The disclosure comes amid political scrutiny and highlights efforts to address potential conflicts of interest as defense secretary.