U.S. Defense Secretary Pete Hegseth holds Bitcoin valued between approximately $16,000 and $65,000 in a Coinbase wallet, according to his annual financial disclosure covering 2025. The report, certified by the Office of Government Ethics on September 18, also records capital gains from the holdings ranging from $2,702 to $6,000 for the year.

Bitcoin Position Details

The disclosure lists the Bitcoin under two separate entries within a single Coinbase wallet. One position falls in the $15,001 to $50,000 range and generated capital gains of $2,501 to $5,000. The second sits between $1,001 and $15,000 and produced gains of $201 to $1,000. Combined, these place the total stake somewhere between roughly $16,000 and $65,000.

No Bitcoin purchases or sales exceeding $1,000 appear in the transactions section of the filing. Trades below that threshold do not require itemization, so the document provides no evidence of active trading in the asset during the reporting period.

Stock Sales After Taking Office

Hegseth assumed the role of Defense Secretary in January 2025. Within weeks, he sold individual equity positions. On February 7, he disposed of shares in Lockheed Martin, Northrop Grumman, and Honeywell, each valued between $1,001 and $15,000, along with holdings in KKR and Blackstone valued between $15,001 and $50,000.

On March 24, he sold additional positions in Apple, Alphabet, Amazon, Microsoft, and Oracle. In place of the individual stocks, he directed new capital into broad market index funds. On February 24, he purchased between $100,001 and $250,000 each in the SPY and QQQ funds.

The filing does not indicate that ethics rules specifically mandated the sale of the defense contractor shares.

Cash, Retirement Accounts, and Liabilities

Beyond Bitcoin, the disclosure reports substantial traditional assets. One U.S. bank account holds more than $1 million. Combined cash, retirement investments, and Bitcoin total at least $3.1 million. Hegseth and his wife, Jennifer, maintain five retirement accounts invested in index funds and Avantis products, with overall retirement holdings estimated between roughly $2.05 million and $4.35 million in related reporting.

On the liability side, the filing lists two mortgages secured against a personal residence. Each falls in the $1,000,001 to $5,000,000 range. One mortgage originated in 2022; the other was taken out in 2025 and carries an interest rate of 8.5 percent.

Filing Timeline and Broader Context

Hegseth signed the disclosure on May 14. A Defense Department ethics official reviewed and cleared it in August, after which the Office of Government Ethics issued final certification on September 18.

The Bitcoin position represents a modest portion of Hegseth's overall portfolio. The filing places him within an administration that has pursued significant digital asset policy initiatives, though his personal crypto exposure remains limited relative to the scale of other reported holdings.