Summary
- In his most recent financial disclosure, Pete Hegseth indicates that he owns Bitcoin stored in a Coinbase wallet, reported in two separate entries.
- The estimated value of these holdings ranges from approximately $16,000 to $65,000.
- No transactions involving Bitcoin purchases or sales are included in the filing, which only records trades exceeding $1,000.
Pete Hegseth, the U.S. Secretary of Defense, has disclosed that he possesses Bitcoin in a Coinbase wallet, as detailed in his latest annual financial disclosure for 2025, released by the Office of Government Ethics.
The disclosure categorizes the Bitcoin under "other assets and income," with two distinct entries from a single Coinbase wallet. One entry is valued between $15,001 and $50,000, while the other ranges from $1,001 to $15,000. Since the filing reports ranges instead of exact amounts, the total Bitcoin holding is estimated to be between $16,000 and $65,000, with both entries classified as capital gains.
Notably, the filing does not include any Bitcoin transactions, suggesting that Hegseth did not engage in any purchases or sales above $1,000 during the reporting period.
Hegseth's Bitcoin holdings represent a minor aspect of his overall financial picture. The disclosure reveals he has at least $3.1 million in cash, retirement accounts, and Bitcoin. He and his wife Jennifer maintain five retirement accounts that include index and Avantis funds, alongside three cash accounts at U.S. banks, one of which exceeds $1 million.
Significantly, there is a notable increase in one of these cash accounts compared to previous disclosures. In December 2024, that account was reported to hold between $15,001 and $50,000, but the current filing does not specify an upper limit, making direct comparisons challenging.
The transactions section of the filing reflects a significant divestment from individual stocks shortly after Hegseth assumed office in January 2025. On February 7, he sold shares in Lockheed Martin, Northrop Grumman, and Honeywell, along with KKR and Blackstone, with each Lockheed and Northrop stake valued between $1,001 and $15,000. His ethics agreement did not mandate the sale of these stocks. Six weeks later, he sold a wider array of stocks, including Apple, Alphabet, Amazon, Microsoft, Oracle, and Visa, and throughout 2025, he focused on buying index funds instead.
On the liabilities side, the filing lists two mortgages for his personal residence, both valued between $1,000,001 and $5,000,000, one originating in 2022 and the other in 2025, with an interest rate of 8.5%.
Hegseth signed off on this report in May, and it received certification from an agency ethics official in August, followed by the Office of Government Ethics on September 18.
Compared to the administration's most notable crypto investor, President Donald Trump's June disclosure revealed holdings of over $50 million in Bitcoin and more than $1.2 billion in earnings from various crypto ventures, including $635 million from a meme coin.