US Defense Secretary Pete Hegseth declares assets from $3.1 million — CNBC Top News

US Defense Secretary Pete Hegseth listed at least $3.1 million in cash, retirement investments and bitcoin in his 2025 annual disclosure. The document also lists more than $1 million in one bank account.

CNBC Top News reports. Hegseth declared five retirement investments worth approximately between $500,000 and $1.25 million. His wife, Jennifer Hegseth, listed retirement investments worth an estimated $1.55 million to $3.1 million, including funds tracking the broad US stock market and small-cap equity funds.

Cash accounts and bitcoin

The Hegseth household also listed three cash accounts, one of which was worth more than $1 million. The value of the declared bitcoin was approximately between $16,000 and $65,000.

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CNBC notes that the amount in the account described as “U.S. bank #2” increased significantly compared with Hegseth’s disclosure during his nomination for the post in December 2024. At that time, the account with that description listed between $15,001 and $50,000, while the new disclosure lists more than $1 million.

Change in investment structure

In 2025, Hegseth and his family made 16 purchases of exchange-traded funds worth between $1.41 million and $3.05 million. These transactions were preceded by the sale of dozens of individual stocks, including securities of defense companies Lockheed Martin and Northrop Grumman. Shares in each of these companies were sold in February for between $1,001 and $15,000.

The disclosure also lists two mortgages worth between $1 million and $5 million each. One of them was taken out in 2025 at an annual rate of 8.5%. Hegseth’s ethics agreement required him to consult ethics officials about potential conflicts of interest, but did not explicitly require him to sell these shares.