U.S. Defense Secretary Pete Hegseth holds Bitcoin in a Coinbase wallet, according to his latest annual financial disclosure covering 2025, released by the Office of Government Ethics.

The Bitcoin appears under "other assets and income" as two separate entries inside a single Coinbase wallet: one valued at between $15,001 and $50,000, and the other at between $1,001 and $15,000. Because disclosure forms report ranges rather than exact figures, the combined holding sits somewhere between roughly $16,000 and $65,000. The filing records the income type for both entries as capital gains.

Neither entry appears in the report's transactions section, which captures purchases and sales above $1,000 during the reporting period. On the face of the filing, Hegseth did not buy or sell Bitcoin above that threshold across the year. Any purchase or sale above that level in other years would appear only in those periods' own filings, so the current record establishes ownership across 2025 without dating the original acquisition.

The holding is a small part of the picture. The filing shows at least $3.1 million in cash, retirement investments and Bitcoin, with five retirement accounts held between Hegseth and his wife Jennifer containing index and Avantis funds. Three U.S. bank cash accounts are listed, one of which is worth more than $1 million.

That account represents the filing's sharpest change. An account under the same description held between $15,001 and $50,000 in his December 2024 nominee disclosure, CNBC noted. Because disclosures use ranges, and the new filing gives no upper bound for that account, the two cannot be compared as totals.

The transactions section is dominated by a wholesale exit from individual stocks in the weeks after Hegseth took office in January 2025. On February 7 that year, he sold holdings in Lockheed Martin, Northrop Grumman and Honeywell—all defense contractors—along with KKR and Blackstone. The Lockheed and Northrop stakes were each in the $1,001 to $15,000, and his ethics agreement did not specifically require him to sell them. Six weeks later, he sold a broader list of holdings including Apple, Alphabet, Amazon, Microsoft, Oracle and Visa. Across 2025, he bought index funds instead. Broad-market funds are a common destination in suchorganizations, since diversified holdings do not hinge on any single company's fortunes.

On the liabilities side, the filing lists two mortgages on a personal residence, each in the $1,000,001 to $5,000,000 range: one taken out in 2022 and one in 2025 at an interest rate of 8.5%.

Hegseth signed the report in May. An agency ethics official certified it in August, and the Office of Government Ethics certified it on September 18, completing the review chain that puts a Cabinet-level filing into the public record.

The sums are modest next to the administration's most prominent crypto holder. President Donald Trump's own disclosure in June reported more than $50 million in Bitcoin and over $1.2 billion in earnings from crypto ventures, including $635 million from his meme coin. Like the ranges in Hegseth's filing, those figures function as floors rather than audited totals.

Any changes to the Coinbase entries would surface in future annual filings through the same mechanics: values reported in ranges and an itemized transactions section capturing moves above $1,000.