US Defense Secretary Pete Hegseth reported at least $3.1 million in family cash, retirement investments and bitcoin in his 2025 annual financial disclosure. One bank account held more than $1 million, compared with a balance of $15,001 to $50,000 in the disclosure he filed when nominated as secretary in 2024.
The filing, released by the US Office of Government Ethics, also shows that Hegseth and his family reshaped their investment portfolio after entering government service. The family bought 16 exchange-traded funds in 2025, with disclosed values totaling roughly $1.41 million to $3.05 million, after selling dozens of individual stocks.
One bank account rises above $1 million
Hegseth listed three cash accounts in his annual filing, including one with a balance exceeding $1 million. In his December 2024 nomination disclosure, the account identified as “U.S. bank #2” held between $15,001 and $50,000.
The filing does not explain the specific source of the account’s sharp increase. In addition to cash, the family reported bitcoin worth approximately $16,000 to $65,000. The disclosure uses value ranges and does not specify the number of coins held or the price of bitcoin at the time of filing.
Retirement holdings span several asset ranges
Hegseth reported five retirement fund holdings, each valued at approximately $500,000 to $1.25 million. His wife, Jennifer Hegseth, reported retirement investments worth about $1.55 million to $3.1 million, including US stock funds and small-cap funds.
The disclosed ranges indicate that much of the family’s reported wealth was held in cash, retirement accounts and fund products. The filing does not provide returns for the reporting period or a transaction-by-transaction timetable for the bitcoin and fund holdings.
Individual stocks sold as ETF exposure increased
In 2025, Hegseth and his family sold several individual stocks, including defense contractors Lockheed Martin and Northrop Grumman. Both positions were sold in February, with each transaction reported in the $1,001 to $15,000 range.
The portfolio changes are consistent with an approach often used by incoming cabinet officials: reducing individual-stock holdings and increasing diversified fund exposure to limit potential conflict-of-interest concerns. Hegseth’s ethics agreement requires him to consult ethics officials when a potential conflict arises, but the filing does not say that he was required to sell these holdings.
Two mortgages carry an 8.5% rate
Hegseth also reported two mortgages, each in the $1 million to $5 million range. One was taken out in 2025 and carries an interest rate of 8.5%. Because the disclosure reports values in ranges, it does not establish the family’s precise net worth or total debt.
The annual filing has also prompted comparisons with Hegseth’s earlier nomination disclosure. The two documents show notable changes in the family’s cash accounts, retirement investments and securities allocations across the reporting periods, but neither filing provides a complete account of the cash flows behind each asset change.