Defense Secretary Pete Hegseth disclosed that his holdings in Bitcoin on Coinbase produced capital gains ranging from $2,702 to $6,000 during 2025, as detailed in his annual financial report.
Details of Bitcoin holdings and transactions
The annual disclosure, certified on September 18 by the Office of Government Ethics, outlines two separate Bitcoin stakes in a single Coinbase wallet. The first stake, valued between $15,001 and $50,000, registered capital gains between $2,501 and $5,000. The second stake, worth $1,001 to $15,000, resulted in gains of $201 to $1,000.
Combined, these entries place the total value of Hegseth’s Bitcoin between approximately $16,000 and $65,000. The form separates holdings by value brackets, but does not specify individual trade dates or precise amounts.
For transactions exceeding $1,000, Part 7 of the report provides further detail. However, no Bitcoin trades are listed in this section, as only sales valued above $1,000 require itemization. Any transactions below this threshold do not appear in the breakdown.
The breakdown of holdings in the report places Pete Hegseth’s Bitcoin at between $16,000 and $65,000, with gains for 2025 in the range of $2,702 to $6,000, based on separate wallet entries.
Hegseth completed and signed the financial report on May 14. The Defense Department’s ethics office approved the disclosure in August, followed by the Office of Government Ethics’ final certification in September.
Stock holdings and sales after assuming office
The disclosure form covers additional investment activities beyond cryptocurrency. Several weeks into his appointment, Hegseth sold shares of Lockheed Martin, Northrop Grumman, and Honeywell, each valued between $1,001 and $15,000. On February 7, he also sold holdings in KKR and Blackstone, both in the $15,001 to $50,000 range.
Further divestments occurred on March 24, when Hegseth sold stock in major technology firms Apple, Alphabet, Amazon, Microsoft, and Oracle. His largest individual acquisitions were in index funds, with between $100,001 and $250,000 each invested in SPY and QQQ on February 24.
The report also notes more than $1 million held in a single U.S. bank account, emphasizing Hegseth’s substantial traditional financial holdings alongside his digital assets.
Mortgages, mortgage rates, and property details
Hegseth’s financial disclosure lists two mortgages on his primary residence, with each loan falling between $1,000,001 and $5,000,000. A new mortgage obtained in 2025 carries an interest rate of 8.5 percent.
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Broader context: Trump’s digital asset income
President Trump reported making $1.4 billion from digital assets through 2025. Separate filings in May revealed that Trump made repeated purchases of Coinbase and Strategy shares, reflecting continued exposure to cryptocurrency-related investments.
President Trump has reported $1.4 billion in digital asset gains, with filings showing ongoing accumulation of both Coinbase and Strategy shares.
