Space Force Capt. Gordon McCulloh was flying high over New Mexico when his squadron’s group chat lit up. Colleagues on the ground and in the air were tracking electromagnetic warfare data — and the skyrocketing after-hours price of Google stock. Landing back on the tarmac, McCulloh saw the messages: “To the moon,” one officer typed. For him and his fellow servicemembers, the market was more than just numbers — it was profit.
Across the U.S. military, troops are turning into serious investors. Tech stocks, bitcoin, and even obscure cryptocurrencies are making servicemembers wealthier, faster than ever. Base parking lots are dotted with new Porsches and Humvees, while TikTok and Instagram influencers in fatigues give financial advice to their peers.
McCulloh, a flight-test engineer, has focused on nuclear-energy companies, betting that the AI-driven demand for electricity will continue to surge. So far, his portfolio has doubled or more since spring, though he admits he is unsure how long the rally can last.
A Generational Shift in Military Investing
The rise in troop wealth traces back to the late 2010s and early 2020s, when a surge in crypto prices and meme-stock mania captivated younger servicemembers. IRS data shows that in 2021, 16.3% of Holloman Air Force Base residents reported buying or selling cryptocurrencies, compared to just 4.1% nationally. Some bases, such as Luke Air Force Base in Arizona and Vandenberg Space Force Base in California, reported even higher participation.
While crypto and meme stocks brought big gains — and some big losses — the culture of trading took hold. Many servicemembers are long-term investors in index funds, but the appetite for high-risk bets is significant. “If there’s a big correction, they’re in for some hurt,” said Brian O’Neill, an Air Force veteran and financial adviser.
Petty Officer Bryson Saunders of the Coast Guard embodies this new breed of military investor. After buying Dogecoin and other crypto during the 2021 craze, he suffered losses exceeding $10,000 in a single day on leveraged bets. Now, he focuses on index funds, while earning five figures a month as a military finance influencer.
Why the Military Is a Fertile Ground for Trading
Bases offer an unusual combination of factors that fuel investment activity: young people, disposable income, plenty of downtime, and transparency about salaries based on rank. Servicemembers also benefit from guaranteed pensions after 20 years of service, giving them confidence to take risks others might avoid.
Historically, military members have always invested — from gold and diamonds in the 1980s to tech stocks in the 1990s. But two developments accelerated the culture: online trading platforms like Robinhood and the financial benefits of deployments during the War on Terror, including hazard and family-separation pay, tax exemptions, and access to extra income.
From F-16 Cockpits to Investment Books
F-16 pilot Shawn Walsh opened his first brokerage account while stationed in Iraq in 2008. Between missions, he and fellow pilots discussed mutual funds, rental properties, and later, crypto and stock options. By the time Walsh retired in 2024, he was a multimillionaire.
Similarly, Air Force transport pilot Spencer Reese spent flights between Kyrgyzstan and Afghanistan learning about gas stations, convenience stores, covered calls, and bitcoin from fellow troops — a crash course in alternative investments.
The Risks Behind the Rewards
The market has made some servicemembers wealthy, but it hasn’t been without losses. Helicopter pilot Moises Gonzalez, 25, lost $20,000 day-trading gold and stocks while earning $38,000 as a Marine. Others have lost six-figure sums in crypto scams.
Yet the culture persists. Officers routinely show their account balances, share trading tips, and compete in a camaraderie-driven investment environment. The market boom has brought luxury goods, high-end cars, and new wealth to bases, but some worry the high valuations of tech stocks and cryptocurrencies could lead to a correction.
“Price-to-earnings ratios are near record highs,” said retired Army officer David Ashcraft. “If someone’s invested everything in crypto or a few stocks, there’s always that worry.”
Even so, many servicemembers embrace the risk. The security of military pay and pensions provides a safety net that encourages bold bets, while market exposure from a young age has made investing a part of military life.
A Culture That’s Here to Stay
From Space Force officers trading stocks mid-flight to Coast Guard influencers giving financial tips, military investing has become a defining feature of service life. The combination of disposable income, downtime, camaraderie, and tech-enabled trading has created one of the most lucrative — and unique — investment communities in the world.
As the markets continue their roller-coaster ride, U.S. servicemembers are proving that sometimes the battlefield extends beyond training grounds and airstrips — straight into the heart of Wall Street.