In the SEC’s Fails-to-Deliver report for March 2025, MSTR showed unusually high FTD levels, with multiple days exceeding tens of thousands of failed shares — a significant spike compared to typical levels. March 17: 101,235 shares — ~30.1 million March 21: 67,602 shares — ~20.4 million This likely reflects increased trading pressure and hedging activity tied to Bitcoin ETF flows. Fails-to-Deliver happen when a trade is made, but the seller doesn’t deliver the shares by the settlement date — it’s a sign that something went wrong or got delayed in the process, often due to short selling or liquidity issues. @JoshMandell6 @saylor @dotkrueger