U.S. Defense Secretary Pete Hegseth's latest annual financial disclosure lists Bitcoin held in a Coinbase wallet under two separate entries. The combined holding falls somewhere between roughly $16,000 and $65,000, and the filing shows no Bitcoin purchases or sales above the $1,000 reporting threshold during the year.
Pete Hegseth's annual financial disclosure, covering 2025 and released by the Office of Government Ethics, shows the Defense Secretary holding Bitcoin in a Coinbase wallet. The filing lists the Bitcoin under "other assets and income" as two separate entries inside that single wallet.
Two entries, one wallet
One entry is valued at between $15,001 and $50,000, and the other at between $1,001 and $15,000. Because disclosure forms report ranges rather than exact figures, the combined holding sits somewhere between about $16,000 and $65,000. The filing records the income type for both entries as capital gains.
Neither entry appears in the report's transactions section, which captures purchases and sales above $1,000 during the reporting period. On the face of the filing, Hegseth did not buy or sell Bitcoin above that threshold across the year.
A small piece of a larger picture
The Bitcoin holding is a small part of the picture. The filing shows at least $3.1 million in cash, retirement investments and Bitcoin, with five retirement accounts between Hegseth and his wife Jennifer holding index and Avantis funds. Three U.S. bank cash accounts are listed, one of them worth more than $1 million.
That cash account marks the filing's sharpest change. An account under the same description held between $15,001 and $50,000 in his December 2024 nominee disclosure, CNBC noted. However, because disclosures use ranges and the new filing gives no upper bound for that account, the two figures cannot be compared as totals.
The transactions section is dominated by a wholesale exit from individual stocks in the weeks after Hegseth took office in January 2025. On February 7 that year he sold holdings in Lockheed Martin, Northrop Grumman and Honeywell, along with KKR and Blackstone. Six weeks later he sold a broader list including Apple, Alphabet, Amazon, Microsoft, Oracle and Visa, and across 2025 he bought index funds instead.
On the liabilities side, the filing lists two mortgages on a personal residence, each in the $1,000,001 to $5,000,000 range, one taken out in 2022 and one in 2025 at an interest rate of 8.5%.
Modest next to Trump's disclosure
Hegseth's holdings are modest next to the administration's most prominent crypto holder. President Donald Trump's own disclosure in June reported more than $50 million in Bitcoin and over $1.2 billion in earnings from crypto ventures, including $635 million from his meme coin.
Hegseth signed the report in May. An agency ethics official certified it in August, and the Office of Government Ethics certified it on September 18.
Source: U.S. Office of Government Ethics
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