Key facts
- Defense Secretary Pete Hegseth holds Bitcoin in a Coinbase wallet.
- The combined value of Hegseth's Bitcoin holdings is estimated between $16,000 and $65,000.
- The filing covers the 2025 calendar year and was released by the Office of Government Ethics.
- No Bitcoin purchases or sales exceeding $1,000 were reported in the transaction section.
- Hegseth's total assets, including cash and retirement investments, exceed $3.1 million.
- President Donald Trump's disclosure reported over $50 million in Bitcoin.
U.S. Defense Secretary Pete Hegseth holds Bitcoin in a Coinbase wallet, according to his latest annual financial disclosure covering 2025 and released by the Office of Government Ethics. The Bitcoin holdings are listed under 'other assets and income' as two separate entries within a single Coinbase wallet. One entry is valued between $15,001 and $50,000, and the other between $1,001 and $15,000, placing the combined holding in a range of approximately $16,000 to $65,000. The filing records the income type for both as capital gains.
Neither Bitcoin holding appears in the report's transactions section, which details purchases and sales above $1,000 during the reporting period. This suggests Hegseth did not buy or sell Bitcoin above that threshold throughout the year. The disclosure also reveals at least $3.1 million in cash and retirement investments, including five retirement accounts held jointly with his wife, Jennifer, which contain index and Avantis funds. Three U.S. bank cash accounts are also listed, with one exceeding $1 million in value.
This large cash account represents a significant change from Hegseth's December 2024 nominee disclosure, where a similarly described account held between $15,001 and $50,000. However, due to the use of value ranges and the absence of an upper bound in the new filing, a direct comparison of total cash is not possible.
The transaction section of the filing is primarily characterized by Hegseth's exit from individual stocks in the weeks following his January 2025 office entry. On February 7, 2025, he sold holdings in defense contractors Lockheed Martin and Northrop Grumman, as well as KKR and Blackstone. The Lockheed and Northrop stakes were each valued between $1,001 and $15,000. Six weeks later, he divested a wider array of stocks, including those in Apple, Alphabet, Amazon, Microsoft, Oracle, and Visa, opting instead to invest in index funds throughout 2025.
On the liabilities side, the filing notes two mortgages on a personal residence. One mortgage was taken out in 2022, and the other in 2025 with an 8.5% interest rate. Both are valued in the $1,000,001 to $5,000,000 range.
Hegseth signed the report in May, with an agency ethics official certifying it in August and the Office of Government Ethics on September 18. These figures are modest compared to those of President Donald Trump, whose June disclosure reported over $50 million in Bitcoin and more than $1.2 billion in earnings from crypto ventures.