Key points

  • Hegseth's 2026 annual public financial disclosure lists two Bitcoin entries inside one Coinbase wallet.
  • The reported value bands total $16,002 to $65,000, while reported capital-gain bands total $2,702 to $6,000.
  • The filing's transaction section lists no Bitcoin trade above its reporting threshold during 2025.

U.S. Defense Secretary Pete Hegseth reported two Bitcoin positions held through a Coinbase wallet in his latest annual public financial disclosure, adding a modest digital-asset holding to a portfolio otherwise dominated by cash, retirement accounts and funds. The Office of Government Ethics filing covers calendar year 2025 and was certified by OGE on September 18, 2026. Independent reports from Decrypt and Quartz highlighted the crypto entries after the document became public.

Two Bitcoin entries in one wallet

Part 6 of the filing lists a Coinbase wallet followed by two separate Bitcoin lines. One position is reported in the $15,001-to-$50,000 value band and the other in the $1,001-to-$15,000 band. Added together, the ranges place the disclosed Bitcoin value between $16,002 and $65,000. Federal disclosure forms use broad bands rather than exact balances, so the document does not reveal the number of bitcoins, purchase prices or the wallet's precise value on any particular day.

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Capital gains disclosed, but no reportable Bitcoin trade

The same two entries identify capital gains as the income type. The larger position reports gains of $2,501 to $5,000, while the smaller reports $201 to $1,000, producing a combined disclosed gain range of $2,702 to $6,000. Bitcoin does not appear in Part 7, where the form records purchases, sales or exchanges that meet its transaction-reporting requirements. That supports the narrower conclusion that no Bitcoin transaction above the applicable reporting threshold was listed for 2025; it does not establish that no smaller transfer or other activity occurred.

The wider portfolio shifted toward funds

The disclosure also records a series of sales of individual stocks after Hegseth entered office. On February 7, 2025, he reported selling positions in defense contractors Northrop Grumman, Honeywell and Lockheed Martin, each within prescribed value bands. Later entries show purchases of diversified exchange-traded funds, including broad U.S. equity products. Quartz reported that the household's five retirement accounts contained roughly $2.05 million to $4.35 million across their disclosed ranges.

What the filing does and does not show

Public financial disclosures are designed to identify assets, income categories, transactions and potential conflicts, not to provide a real-time net-worth statement. Values are reported in ranges, and some entries may be jointly held or attributed to a spouse. The two Bitcoin lines therefore confirm a reportable holding in a Coinbase wallet and the ranges attached to it, but they do not provide an onchain address or enough information to independently calculate the position.

Certification followed a multi-step review

Hegseth electronically signed the report on May 14. A Defense Department certifying official signed it on August 24, and an OGE certifying official completed the federal review on September 18. Those dates matter because the disclosure describes a completed reporting period rather than a live portfolio. Changes after the covered year, including market-driven changes in Bitcoin's dollar value, would not necessarily appear in this filing.

A limited but notable crypto disclosure

The filing is relevant to digital-asset policy because it shows a sitting cabinet official retaining a personally disclosed Bitcoin position while serving in government. It does not indicate that the Defense Department has adopted a new cryptocurrency policy, nor does it connect the holding to any official decision. The most concrete takeaway is narrower: Hegseth's certified annual report lists Bitcoin among his household assets, identifies Coinbase as the wallet provider and discloses value and capital-gain ranges under federal ethics rules.

Sources

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