Stephen Miran is rejoining Hudson Bay Capital Management as a senior strategist, the firm confirmed Tuesday. Miran, who previously served as a senior adviser at the U.S. Treasury Department and as a top economist on the White House Council of Economic Advisers under President Trump, will help shape the hedge fund's macro and policy-driven bets. His return is a sign that Hudson Bay, which manages roughly $10 billion, is leaning into the intersection of fiscal policy and digital assets — two areas where Miran built a public profile.
What Miran brings
Miran spent the past year at the Treasury, where he worked on sanctions and financial stability issues. Before that, he was a vocal proponent of crypto-friendly regulation, arguing publicly that the U.S. should treat digital assets as a strategic reserve and streamline oversight. At Hudson Bay, he'll sit on the strategy desk and advise portfolio managers on geopolitical and regulatory shifts.
The firm didn't disclose a specific mandate, but people familiar with the hire said Miran will focus on how Washington's evolving stance on crypto — and on trade policy — could move markets.
The timing isn't accidental. Hudson Bay has been quietly building a crypto trading desk over the past 18 months, and its macro fund has underperformed peers this year. Having a former Treasury aide who understands both the mechanics of sanctions and the politics of digital assets gives the firm a data point its competitors — giants like Citadel and DE Shaw — don't have in-house.
Miran also keeps close ties to several U.S. senators who have introduced crypto market structure bills. That access could prove useful if Congress pushes legislation forward this fall.
Hudson Bay's crypto bet
Hudson Bay isn't new to crypto. It was an early investor in several infrastructure startups and runs a small prop trading operation in Bitcoin and Ethereum options. But the broader macro fund has avoided direct token exposure. That may change.
Miran has argued that holding a bitcoin position as a hedge against dollar debasement makes sense for large allocators. Whether he convinces his new colleagues to put that thesis into practice is the open question.
He starts at Hudson Bay next week.
