U.S. Secretary of Defense Pete Hegseth speaks during a press conference at the Pentagon on May 5, 2026 in Arlington, Virginia.
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Secretary of Defense Pete Hegseth has at least $3.1 million in cash, retirement investments, Bitcoin His newly released annual financial disclosure for 2025 includes more than $1 million held in a single bank account.
The Office of Government Ethics filing provides an update on the former Fox News host’s finances, which he confirmed to the Secretary of Defense in January 2025. Hegseth is currently facing calls for impeachment from members of his own party over his handling of the Iran war.
Mr. Hegseth reported holding five retirement funds worth approximately $500,000 to $1.25 million. His wife, Jennifer Hegseth, reported approximately $1.55 million to $3.1 million worth of retirement investments, including a wide range of U.S. stocks and small-cap funds.
The household also reported three cash accounts, including one worth more than $1 million, and roughly $16,000 to $65,000 worth of Bitcoin.
This is a significant increase in cash due to the disclosure of Mr. Hegseth’s appointment from December 2024. At the time, the account listed as “U.S. Bank #2” held between $15,001 and $50,000. His new application lists accounts with more than $1 million under the same description.
The disclosure also marks a major restructuring of the family’s investments after Mr. Hegseth joined the government, typical of new cabinet ministers to avoid the appearance of conflicts of interest.
Hegseth and his family made 16 purchases of exchange-traded funds worth about $1.41 million to $3.05 million in 2025, according to a CNBC coverage analysis.
These purchases followed the sale of dozens of individual stocks, including those in defense contractors. lockheed martin and Northrop Grummaneach sold for $1,001 to $15,000 in February. Mr. Hegseth’s ethics agreement required him to discuss potential conflicts with ethics authorities, but did not specifically direct him to sell his shares.
Hegseth also reported two mortgage loans worth between $1 million and $5 million each, including one taken out in 2025 at an 8.5% interest rate.
