U.S. Secretary of Defense Pete Hegseth has disclosed substantial financial details in his recently released 2025 annual financial disclosure. This filing comes amidst ongoing political challenges regarding his management of the Iran conflict.

Key Financial Highlights

The financial disclosure, submitted to the Office of Government Ethics, indicates that Hegseth possesses a minimum of $3.1 million in cash, retirement investments, and cryptocurrency. Notably, more than $1 million is stored in a single bank account.

• Five retirement accounts estimated between $2.05 million and $4.35 million
• Significant cash holdings in three accounts, including one exceeding $1 million
• Bitcoin valued between $16,000 and $65,000

Changes in Financial Status

While it remains unclear if Hegseth’s wealth has increased since last year, his prior financial disclosure from December 2024 indicated a range of $1.4 million to $3.4 million. The current filing suggests a minimum of $3.1 million, with substantial movements particularly observed in his cash accounts.

For instance, a previously reported account labeled “U.S. bank #2” showed holdings of between $15,001 and $50,000 in 2024, but now reflects a value exceeding $1 million.

Portfolio Adjustments

Hegseth’s financial shifts reflect a restructuring typical for new Cabinet members, aimed at mitigating potential conflicts of interest. In 2025, he and his family engaged in 16 purchases of exchange-traded funds valued between $1.41 million and $3.05 million. These transactions followed the sale of numerous individual stocks, including defense contractors such as Lockheed Martin and Northrop Grumman, both sold in February 2025 at values between $1,001 and $15,000.

Real Estate Commitments

The disclosure also mentions two mortgages, each valued between $1 million and $5 million. One of these mortgages was taken out in 2025 for his personal residence, which carries an interest rate of 8.5%.

As the political landscape evolves, Hegseth’s financial dealings will likely continue to come under scrutiny, especially from critics within his party amid concerns over his handling of defense policies.

This article has been corrected to clarify the number of retirement accounts held by Pete Hegseth.