Defense Secretary Pete Hegseth reported at least $3.1 million in cash, retirement investments and bitcoin in his newly released 2025 annual financial disclosure, including more than $1 million in cash held in a single bank account.
The Office of Government Ethics filing provides the latest look at the finances of the former firebrand Fox News host, who was confirmed as Defense secretary in January 2025. Hegseth is facing calls to be impeached from members of his own party related to his handling of the war with Iran.
The disclosure lists five retirement accounts containing investments worth roughly $2.05 million to $4.35 million. Hegseth's three accounts accounted for about $500,000 to $1.25 million of that total, while his wife, Jennifer Hegseth, reported roughly $1.55 million to $3.1 million in two rollover individual retirement accounts.
The household also reported three cash accounts, including one worth more than $1 million, and bitcoin valued at between roughly $16,000 and $65,000.
Because financial disclosures report assets in broad ranges rather than exact amounts, it is not possible to determine whether Hegseth’s total 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. His new filing shows at least $3.1 million, but no comparable upper limit because one bank account is reported only as "worth more than $1 million."
The clearest change is in cash. In Hegseth's 2024 filing, an account listed as "U.S. bank #2" held between $15,001 and $50,000. His new filing lists an account under the same description at more than $1 million.
The disclosure also shows a broad reshuffling of the family's investments after Hegseth joined the administration, typical of new Cabinet secretaries to avoid the appearance of conflicts of interest.
Hegseth and his family made 16 purchases of exchange-traded funds in 2025 worth between about $1.41 million and $3.05 million, according to a CNBC analysis of the reported ranges.
Those purchases followed sales of dozens of individual stocks, including shares of 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 with ethics officials over potential conflicts but did not specifically direct him to sell those holdings.
Hegseth also reported two mortgages valued at between $1 million and $5 million each, including a mortgage taken out in 2025 on his personal residence carrying an 8.5% interest rate.
Correction: This story has been corrected to clarify the number of retirement accounts held by Pete Hegseth.
