Defense Secretary Pete Hegseth Discloses at Least $3.1 Million in 2025 Ethics Filing

U.S. Defense Secretary Pete Hegseth reported at least $3.1 million in cash, retirement investments, and bitcoin in his 2025 annual Office of Government Ethics financial disclosure. The filing shows a substantial increase in cash holdings, with one bank account previously valued at up to $50,000 now exceeding $1 million. Following his January 2025 confirmation, Hegseth and his family reshuffled their investment portfolio by divesting dozens of individual stocks—including shares in defense contractors Lockheed Martin and Northrop Grumman—and purchasing 16 exchange-traded funds worth between $1.41 million and $3.05 million. The disclosure comes amid heightened political pressure as Hegseth faces calls for impeachment from members of his own party over his management of the war with Iran.

// Background

Pete Hegseth, a former Fox News host, was confirmed as Secretary of Defense in January 2025. Federal disclosure rules require executive branch nominees and officials to report asset values in broad financial ranges, preventing exact net-worth comparisons between years but providing visibility into divestments, debt liabilities, and cash flow shifts.

// Key Developments

• Hegseth reported at least $3.1 million across cash, retirement funds, and bitcoin valued between $16,000 and $65,000.
• A cash account labeled 'U.S. bank #2' surged to more than $1 million from a range of $15,001 to $50,000 in his December 2024 nominee filing.
• The family purchased $1.41 million to $3.05 million in ETFs after selling dozens of individual stocks, including defense contractors Lockheed Martin and Northrop Grumman in February 2025.
• Retirement investments across five accounts total between $2.05 million and $4.35 million, with Jennifer Hegseth holding between $1.55 million and $3.1 million in two rollover IRAs.
• Liabilities include two mortgages valued between $1 million and $5 million each, including a 2025 mortgage at an 8.5% interest rate.