Defense Secretary Pete Hegseth's 2025 annual financial disclosure reveals he holds at least $3.1 million in cash, retirement investments, and bitcoin. Notably, one of his bank accounts contains over $1 million, a significant increase from the $15,001 to $50,000 range reported in his 2024 nominee filing. Additionally, Hegseth and his family purchased between $1.41 million and $3.05 million in exchange-traded funds (ETFs) after selling more than two dozen individual stocks in 2025, reflecting a strategic reshuffling of assets since joining the administration.

The disclosure sheds light on Hegseth’s retirement accounts, listing five in total with investments valued between roughly $2.05 million and $4.35 million. Of these, Hegseth personally holds three accounts totaling about $500,000 to $1.25 million, while his wife Jennifer has two rollover individual retirement accounts valued at $1.55 million to $3.1 million. Bitcoin holdings are reported between $16,000 and $65,000, and three cash accounts are listed, including the one with over $1 million.

Since his confirmation as Defense Secretary in January 2025, Hegseth has managed his finances amid growing political pressure, including impeachment calls from some members of his own party over his handling of the war with Iran. His financial moves—especially the large sale of individual stocks including shares in defense contractors Lockheed Martin and Northrop Grumman—align with the ethical obligations of cabinet members to avoid conflicts of interest. His ethics agreements required consultations with ethics officials but did not mandate the sales.

Additional details in the disclosure include two mortgages valued between $1 million and $5 million, one of which was taken on his personal residence in 2025 with an 8.5% interest rate. Overall, while Hegseth’s total wealth appears to have increased based on reported minimums, the broad ranges in disclosure filings make exact comparisons to previous years difficult. The reshuffling of assets and significant cash holdings signal a cautious stance as Hegseth navigates his role amid ongoing scrutiny.