In his 2025 annual financial disclosure, Defense Secretary Pete Hegseth reported assets including over $3.1 million in cash, retirement investments, and Bitcoin. This includes more than $1 million in a single bank account, a substantial increase from his previous disclosures. Hegseth's wife reported additional retirement investments valued between $1.55 million and $3.1 million.
The disclosure indicates a strategic reshuffling of investments, typical for new cabinet members, to mitigate conflicts of interest. Notably, Hegseth made 16 purchases of exchange-traded funds worth between $1.41 million and $3.05 million in 2025, following the sale of individual stocks, including shares of defense contractors Lockheed Martin and Northrop Grumman.
Hegseth's ethics agreement required him to consult with ethics officials regarding potential conflicts but did not mandate the sale of specific holdings. Additionally, he reported two mortgages valued between $1 million and $5 million each, one of which was taken out in 2025 at an 8.5% interest rate.
This financial activity occurs against the backdrop of political turmoil, as Hegseth faces impeachment calls related to his management of the war in Iran, which could further complicate his position and influence on defense-related investments