Hegseth Reports $1M+ in Bank Account Previously Listed Under $50K
Pete Hegseth's new financial disclosure shows a bank account worth more than $1 million that was previously listed at $15,001 to $50,000, with the filings offering no explanation for the change.
Defense Secretary Pete Hegseth's new annual financial disclosure shows a bank account worth more than $1 million that was previously reported at under $50,000, alongside a broader portfolio reshuffle out of individual stocks and into ETFs.
The account in question
Defense Secretary Pete Hegseth has reported more than $1 million in an account that he previously listed as holding no more than $50,000, according to his newly released annual financial disclosure.
In Hegseth's 2024 filing, 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 filings do not explain the change.
The bigger picture on net worth
Defense Secretary Pete Hegseth reported at least $3.1 million in cash, retirement investments and bitcoin in his newly released 2025 annual financial disclosure. Their retirement investments alone are listed at roughly $2.05 million to $4.35 million. That is a combined household range: Pete Hegseth's listed retirement investments total roughly $500,000 to $1.25 million, while Jennifer Hegseth's total roughly $1.55 million to $3.1 million.
Because financial disclosures report assets in broad ranges rather than exact amounts, it is not possible to determine whether Hegseth's total wealth increased or decreased from a year earlier. His December 2024 nominee disclosure listed roughly $1.4 million to $3.4 million in financial assets. His new filing shows at least $3.1 million, but no comparable upper limit because one bank account is reported only as “worth more than $1 million.”
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Stocks sold, ETFs bought
His family bought $1.41 million to $3.05 million in ETFs in 2025 after selling more than two dozen individual stocks. On February 7, he sold shares in defense contractors Lockheed Martin, Northrop Grumman and Honeywell, along with holdings in KKR and Blackstone. The Lockheed and Northrop sales each fell in the $1,001 to $15,000 range. His ethics agreement required him to consult ethics officials over potential conflicts but did not specifically mandate divesting those holdings.
Six weeks later, he sold a broader batch of stocks that included Apple, Amazon, Microsoft, Alphabet, Oracle and Visa. In their place, the family bought exchange-traded funds throughout the year. The filing records 16 such ETF purchases in 2025, totaling between roughly $1.41 million and $3.05 million.
Crypto exposure
Defense Secretary Pete Hegseth holds Bitcoin in a Coinbase wallet, according to his newly released annual financial disclosure covering 2025, Decrypt reported. The filing was submitted to the Office of Government Ethics. The document lists the Bitcoin under “other assets and income” in two separate entries within one wallet, one worth $15,001 to $50,000 and the other $1,001 to $15,000. Combined, the holding falls between roughly $16,000 and $65,000. Neither entry shows up in the filing's transaction section, meaning Hegseth reported no Bitcoin purchases or sales above $1,000 during the year.
Options market and stocks to watch
Traders can watch a few names tied directly to Hegseth's disclosed sales and the broader defense complex:
LMT: Lockheed Martin appeared among the early 2025 divestments. Watch for any renewed political attention on defense contractor holdings by senior Pentagon officials.
NOC: Northrop Grumman was also sold in the same February batch. Watch flow around defense primes as budget headlines continue.
HON: Honeywell was in the same disclosed sale window. Watch for options positioning tied to defense and industrial exposure.
SPY: The disclosure highlights heavy ETF buying, including S&P 500 exposure. Watch broad-market ETF flow as the story circulates.
COIN: With bitcoin held in a Coinbase wallet, watch sentiment flow around the exchange whenever high-profile officials disclose crypto exposure.
For more on political disclosures and market-moving headlines, see other news.
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