U.S. Defense Secretary Pete Hegseth reported at least $3.1 million in cash, retirement investments and bitcoin in his newly released 2025 annual financial disclosure. The filing also shows that more than $1 million was held in a single bank account.
The disclosure, filed with the Office of Government Ethics, offers the latest snapshot of the finances of the former Fox News host, who was confirmed as defense secretary in January 2025. CNBC notes that the filing is drawing added scrutiny as Hegseth faces impeachment calls from members of his own party over his handling of the war with Iran.
The document lists five retirement accounts with investments valued at roughly $2.05 million to $4.35 million. Of that total, Hegseth’s three accounts represented about $500,000 to $1.25 million, while his wife, Jennifer Hegseth, reported roughly $1.55 million to $3.1 million in two rollover individual retirement accounts.
The household also disclosed three cash accounts, including one worth more than $1 million, as well as bitcoin valued at roughly $16,000 to $65,000.
Because financial disclosures report assets in broad ranges rather than exact figures, it is not possible to determine whether Hegseth’s overall wealth increased or decreased from a year earlier. His December 2024 nominee disclosure listed roughly $1.4 million to $3.4 million in financial assets. The new filing shows at least $3.1 million, but there is no comparable upper limit because one bank account is reported only as “worth more than $1 million.”
The clearest shift is in cash holdings. In Hegseth’s 2024 filing, an account described as “U.S. bank #2” held between $15,001 and $50,000. In the new disclosure, an account under the same description is listed at more than $1 million.
Investment portfolio reshaped
The filing also points to a broad restructuring of the family’s investments after Hegseth joined the administration. Such moves are common for new Cabinet secretaries seeking to avoid the appearance of conflicts of interest.
According to CNBC’s analysis, Hegseth and his family made 16 purchases of exchange-traded funds in 2025 worth about $1.41 million to $3.05 million in total. Those purchases came after the sale of more than two dozen individual stocks.
The divestments included shares in defense contractors Lockheed Martin and Northrop Grumman, each sold in February 2025 for between $1,001 and $15,000. Hegseth’s ethics agreement required him to consult ethics officials over potential conflicts, but it did not specifically direct him to sell those holdings.
Hegseth also reported two mortgages valued at between $1 million and $5 million each. One of them was taken out in 2025 on his personal residence and carries an 8.5% interest rate.
The story was later corrected to clarify the number of retirement accounts held by Pete Hegseth.
