Retail investors who chased Michael Saylor’s Bitcoin vision are now confronting heavy losses, as the turmoil around Strategy Inc.’s stock intensifies and leveraged products tied to it unwind sharply. The rout has erased gains built during the crypto mania and left funds tracking the company’s volatile bets struggling to retain assets. The developments were reported by Bloomberg.Strategy — once seen as a simple route to hold Bitcoin through a listed stock — has dived more than 60% from recent highs. The company said on Monday that it had created a $1.4 billion reserve to manage dividend and interest payouts, a step meant to ease concerns it might be forced to sell Bitcoin if prices fall further.Leveraged bets unravelFor many investors, that reassurance came too late. MSTX and MSTU, two funds offering double the daily return on Strategy’s stock, have each fallen more than 80% this year, placing them among the 10 worst performers in a US ETF universe of more than 4,700 products. A third fund, MSTP, launched in June, has dropped by a similar amount. Together, the trio has shed about $1.5 billion in assets since early October.Retail interest had originally surged when firms such as Defiance and Tuttle Capital Management rolled out these high-octane products to mirror one of Wall Street’s most visible Bitcoin-proxy trades.Strategy shares slid 34% in November. Bitcoin, down roughly 30% from its October peak, trades near $87,000, while the stock closed Monday 3.3% lower after falling as much as 12% during the day. Bitcoin advanced 0.5% as of 6.20am in London on Tuesday.“The recent pullback in Bitcoin has hit Strategy’s stock hard, and 2x leveraged plays like MSTX and MSTU turn that into even larger losses,” said Roxanna Islam, head of sector and industry research at ETF shop TMX VettaFi. “It’s a reminder that leveraged single-stock ETFs can look great on the way up, but can erase gains very quickly when the underlying trade goes the other way.”Defiance declined to comment. Tuttle Capital and GraniteShares, which is behind MSTP, did not immediately respond to requests for comment.Funding strain and index threatAt the centre of the market’s worries is mNAV, a metric comparing Strategy’s enterprise value with its Bitcoin holdings. The premium embedded in that ratio has largely evaporated, pulling it to about 1.15, a level executives have described as a caution zone. CEO Phong Le said on a podcast that slipping below 1.0 could force the firm to sell Bitcoin to meet payout obligations, though only as a last resort.The new reserve, financed through recent equity sales, covers at least 21 months of dividend and interest payments. But it has not quelled concerns over Strategy’s dependence on leverage, its reliance on retail flows, and the strain on its capital model.To keep buying Bitcoin, Strategy has repeatedly issued common stock — a move that dilutes existing shareholders. With its valuation premium narrowing, the company has shifted towards preferred shares and other costlier capital to sustain its crypto strategy.The ETF ecosystem linked to Strategy is also struggling. At least 15 products tied to the stock are currently trading, many down double digits this year. Combined assets for MSTX, MSTU and MSTP have fallen from more than $2.3 billion in early October to about $830 million, Bloomberg data show.The broader crypto slump — despite increased institutional participation and political support from the Trump White House — has dragged down miners, altcoins and firms with token-heavy treasuries. Leveraged ETFs, popular with at-home traders earlier this year, are among the hardest hit.These funds aim to deliver double Strategy’s daily move. In volatile markets, compounding returns — known as volatility decay — can steadily erode performance even if the underlying stock ends flat. When Strategy’s shares dropped and whipsawed, the ETFs amplified the losses.“Leveraged ETFs are generally a dangerous investment. A leveraged ETF on shares of a stock that levers up to buy a highly speculative asset is a risk profile of its own,” said Michael O’Rourke, chief market strategist at Jonestrading.Strategy may now face removal from key benchmarks. Analysts at JPMorgan warned that the stock could be excluded from indices such as the MSCI USA and the Nasdaq 100, a shift that could unleash billions in passive outflows. The reversal is striking for a firm once viewed as a potential S&P 500 entrant.

The government on Monday confirmed that there are no ongoing discussions or plans regarding the restructuring or combining of public sector banks.Pankaj Chaudhary, minister of state for finance, in a written reply to the Lok Sabha ruled out any such consideration and clarified, “presently, no proposal on merger or consolidation of Public Sector Banks (PSBs) is under consideration of the Government.“ In response to a separate question, the minister also detailed the limits on Foreign Direct Investment (FDI) in the banking sector. As per the Foreign Exchange Management (Non-Debt Instruments) Rules 2019, FDI in PSBs is capped at 20%, while private sector banks are permitted up to 74 %.Highlighting the function of overseas investment, he pointed out that “FDI is considered as a major source of non-debt financial resource for the economic development, leading to long-term sustainable capital in the economy and contributes towards technology transfer, development of strategic sectors, greater innovation, competition and employment creation and supplement domestic capital, technology and skills for accelerated economic growth and development.” Chaudhary, as cited by PTI, also provided an update on the sale process of IDBI Bank, confirming that the disinvestment will go ahead in line with the decision of the Cabinet Committee on Economic Affairs (CCEA). The CCEA, at its meeting on May 5 2021, granted ‘in principle’ approval for a strategic disinvestment accompanied by a transfer of management control. The approval covered the sale of the government and LIC’s stake, subject to consultation with LIC and within the framework decided by the RBI. According to the minister, 60.72% of IDBI Bank’s shareholding has been put up for strategic sale along with management control. The government will divest 30.48% of its ownership, which will leave it with 15% equity afterwards. LIC will reduce its holding by 30.24%, retaining 19% equity after the sale. As of March 2025, the bank’s outstanding capital and liabilities were approximately Rs 4.11 lakh crore, backed by tangible and intangible assets of an equal amount.The minister also informed about continued improvements in the financial performance of Regional Rural Banks (RRBs), which delivered their highest-ever consolidated net profit of Rs 7,571 crore in FY24, followed by Rs 6,825 crore in FY25, marking their second-highest result. He also explained the reason behind the dip, linking it to the implementation of the pension scheme with retrospective effect from November 1, 1993, along with payments towards computer increment liability. Chaudhary also highlighted the performance of RRBs, which have been strengthening across various key metrics. These measures includes Capital to Risk Weighted Assets Ratio (CRAR), deposits, advances, non-performing assets (NPA) and credit–deposit (CD) ratio.

NEW DELHI: Karnataka chief minister Siddaramaiah and D K Shivakumar on Tuesday projected a strong display of unity after their second breakfast meeting at Deputy CM’s residence, declaring that they would “run the government together,” amid escalating leadership tussle within the Congress.Addressing the joint press briefing, Siddaramaiah said a meeting with the party high command was also likely soon. When asked about the possibility of Shivakumar becoming chief minister, he responded, “When the High Command says.”“There are no differences. Me and DK Shivakumar are united. We will run the government together in the future as well. All our MLAs are united, and unitedly we will face the opposition. We are in the same party, we follow the same ideology, and we work together. In the future, too, both of us will work together and bring the party back to power,” he said, setting a confident tone of unity, downplaying the speculated leadership conflict.“This unity is not something new today; we have always been united. Whatever decision Rahul Gandhi makes, we will act accordingly; that is what I have said,” he added, reiterating that their partnership was not new.Siddaramaiah’s breakfast visit was the second in three days. It was seen as another attempt to ease tensions. On Saturday, Shivakumar had joined the CM at his Cauvery residence for a traditional idli–vada–sambar spread. On Tuesday, Shivakumar hosted him with Nati chicken and idlis.The outreach comes after the Congress high command nudged both leaders to present a united front ahead of the Belagavi legislature session starting December 8.

Discussions on MSP, assembly session and party issues

Siddaramaiah said the two discussed issues affecting farmers, including MSP for maize and sugarcane. “After breakfast, we discussed the assembly session. It was decided that we should call a meeting of the MLAs on December 8. We will discuss farmers’ issues and other issues of the state,” he said.Reaffirming loyalty to the leadership, he added, “Both of us will accept the decision taken by the high command, especially Rahul Gandhi, Sonia Gandhi, Priyanka Gandhi Vadra and Mallikarjun Kharge.”The CM also said the opposition was preparing to bring a no-confidence motion, “BJP and JD(S) are planning to oppose whatever decisions we take. Our government is pro-farmer.”Shivakumar echoed this messaging, posting on X, “Honoured to welcome the Hon’ble Chief Minister to my residence today. We stand committed to the development of Karnataka and the progress of our people.”

BJP hits out at Breakfast diplomacy 2.0

Taking a swipe at the Congress leaders, BJP MP Basavaraj Bommai said the state had become a stage for political theatrics. “This is just a teaser, the full picture showing Congress’s condition will release soon… If the CM and Dy CM are engaged in breakfast meetings, then when will they work for the welfare of the people? ‘Karnataka ka natak’ should finish soon,” he said.The display of unity comes amid intense speculation of a leadership change after the government completed half of its five-year term on November 20. Talk of a 2023 “power-sharing” formula, where Siddaramaiah would serve 2.5 years before handing over the CM post to Shivakumar has fueled tensions, though neither leader has acknowledged such an agreement and the party has never confirmed it.While Siddaramaiah insists he will serve the full term, Shivakumar’s camp has pushed for the alleged rotational arrangement. The high command is now attempting to keep both leaders aligned as it works to prevent instability in the state.

Bajaj Housing Finance shares tumbled on Tuesday, hitting 52-week low amid buzz of a block deal.The firm’s stock price tumbled 9% to reach Rs 94.90 on the BSE following reports of a large block deal in which the firm’s promoter, Bajaj Finance, is believed to have offloaded 2.35% equity stake, valued at around Rs 1,890 crore.The firm traded at Rs 97.77, down 6.48%, on the National Stock Exchange, at 11:30. On BSE too, the firm traded at a loss of 6.36%, at Rs 97.85.According to reports cited by ET, roughly 19.5 crore shares of the company were exchanged in the block deal at Rs 97 per share. Earlier speculations suggested that the floor price for the transaction was likely set at Rs 95 per share, implying a 9% discount to the stock’s previous close of Rs 104.59 on the National Stock Exchange (NSE). The proposed deal size would involve around 16.6 crore equity shares.At present, Bajaj Finance retains a significant holding in Bajaj Housing Finance, owning 88.70% of the firm, amounting to more than 739 crore equity shares.Meanwhile, the lender has been reporting steady financial performance. For the July–September quarter of FY26, Bajaj Housing Finance posted a net profit of Rs 643 crore, marking an 18% rise from Rs 546 crore in the same period last year. Quarterly revenue climbed to Rs 2,755 crore, up 14% from Rs 2,410 crore a year earlier. Sequentially, profit after tax grew 10% from Rs 583 crore in Q1FY26, while revenue increased 5.3% from Rs 2,616 crore recorded in the April–June quarter, as reported by ET.Bajaj Housing Finance listed on the stock market on September 16, 2024. Since then, the stock has fallen 23% over the past 12 months and is currently trading below both its 50-day and 200-day simple moving averages of Rs 109 and Rs 116, respectively. Technical indicators also show the counter in deep oversold territory, with the Money Flow Index standing near 23, well below the 30 level generally used to flag oversold conditions.The company’s Rs 6,560 crore IPO had attracted significant demand, with the public issue subscribed 67.43 times. Retail investors had placed bids amounting to 7.4 times their allotted quota, against an IPO price band of Rs 66–70 per share.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

Jaxson Dart’s necklace (Getty Images)

Jaxson Dart’s necklace sparkles during every New York Giants game, but beneath the bright stadium lights, it stands for something far more personal. This small piece of jewelry has been with him through bowl games, draft day expectations, and now the roaring NFL stage. It is never just part of his outfit. It is a ritual, a reminder, a heartbeat from home woven into every snap and every throw.He takes the field with confidence, toughness, and real emotion. It is a demanding job to step into the spotlight as a rookie quarterback in New York, but Dart brings a piece of family faith to steady him in every moment. That little chain carries a lot of heart.

Jaxson Dart‘s necklace: The deeper meaning behind a Giants good luck charm

When asked about the necklace, Dart explains it openly. “I haven’t missed a game with it. I make sure it’s one of the first things that I pack,” Dart said. For him, it is not crafted from diamonds or forged by luxury jewelers. It is something much more meaningful. It came from his sister.He still remembers the moment he first picked it up. “I remember I was walking out the door, and I was just grabbing my headphones, whatever it may be on the table, and I saw this necklace,” he said. “I looked at it and I was like, dang, I like that necklace. I asked my mom, I said, ‘Whose is it?’ And she’s like it’s your sister’s.”That day, he wore it into a college bowl game and threw four touchdowns. From then on, it became tradition. “It started out because I felt like it looked cool, you know, during the games. And that was kind of a swag piece that I’d put together each game day,” he said. “It’s a good luck charm for sure. But at the same time, it’s a cool thing between me and my sister.”Through every rough tackle and every triumphant first down, it stays with him. “I try to do my best to adjust it if it’s kind of messed up when I come back on the sideline,” Dart said. “It’s definitely held its own because I’ve taken a lot of hits.”The hearts on the chain are not real gemstones, but they might as well be priceless. “It’s definitely very valuable to me, because like I said, it’s a relationship thing between me and my sister,” Dart said. Then he shared the meaning that goes beyond football. “I’ve kind of thought of it as a deeper meaning to love all that you’re around … a special reminder that we live in a world where maybe not everybody agrees with everybody’s opinion. I think that’s kind of the beauty of our identity as people. But at the same time, I think it’s important to share love and bring people together. So that’s just kind of like the emoji of a heart, bringing people together and kind of spreading joy and love to all.”In a league full of glare and glitter, Jaxson Dart reminds us that the most powerful symbols are not worn for show. They are carried from home, from family, and from the people who held belief long before the world ever did.Also Read: While Drake Maye prepares for Giants, his wife Ann’s Patriots-themed cookies become unexpected pre-game sensation

An IIT professor said the institutes have also decided to emphasise more on participation by start-ups promoted by Centre under Viksit Bharat scheme

MUMBAI: Even as the placement season began across the premier IITs on Monday, more than 20 companies were banned from participating this year. These firms had rescinded job offers made to students in the last academic year, some even as late as June or July this year, at the time of joining. Since many IITs do not allow students with existing offers to sit for further interviews, such late withdrawals not only jeopardised career prospects but also affected students’ mental well-being, said officials. IITs, therefore, unanimously decided to ban these companies from the current placement cycle. IITs tried helping the concerned students despite the time lapse.The list of banned companies was finalised after these firms revoked offers at more than one IIT. Some of them are data analytics and software-based firms. They, however, are allowed to place students through off-campus process.An IIT professor involved in the placement process said the names of the companies were cross-verified by placement coordinators at 15 IITs recently. “We looked at their past records too. Some of these companies had a history of revoking offers and six to seven IITs had already banned them from participation. Offers have been revoked by some companies where some alumni are working. There were also a few companies that reduced salary packages offered in the letter. The placement cells are trying to speak to higher authorities in these companies,” said the professor.Speaking about such cancellations, a computer science graduate from IIT-Bombay’s batch of 2025, said he was hired by a trading platform last December and his joining date was June 1, 2025. “My offer was revoked on May 29. The company made me an offer of nearly Rs 30 lakh and I was more than happy to join. They revoked my offer just two days before I was supposed to join, but fortunately, I got a better offer through an alumnus in some time. Though IIT-Bombay extended help, I did not need it at that time,” said the graduate. He said some of his friends’ offers were revoked too, but a few of them landed other offers. “By June and July it becomes difficult for the institutes too to help with placements as phase-II of the process concludes by the end of the academic year,” he said.The professor added that the IITs this year have also decided to emphasise more on participation by start-ups promoted by the Centre under the Viksit Bharat programme. “The job market is slow, but we are trying to reach out to many more companies and encourage start-ups incubated on prominent campuses to reach the best targets,” he said, adding that so far the placement season looks good.