Pete Hegseth reports at least $3.1 million in cash, investments and Bitcoin

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 held in a single bank account. The Office of Government Ethics filings 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 currently facing calls to be impeached from members of his own party related to his handling of the war in Iran. Hegseth reported five retirement-fund holdings worth between roughly $500,000 and $1.25 million. His wife, Jennifer Hegseth, reported retirement investments worth roughly $1.55 million to $3.1 million, including broad U.S. stock and small-cap funds. 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. That's a substantial increase in cash from Hegseth's nominee disclosure from December 2024. At the time, 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 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 one taken out in 2025 carrying an 8.5% interest rate.