BILL Holdings

BILL • NYSE

BILL Holdings is a software - application company in the technology sector on NYSE, led by Bora Chung, with a market cap of $5.3B. As of Q3 2025, 101% of shares are held by 356 institutional investors, with VANGUARD GROUP INC as the largest holder at 10.67%.

Bora Chung

Market Cap$5.3B

Software - Application

Technology

Employees2.5K

Websitebill.com

Country

United States of America

Overview

Overview of institutional ownership in BILL as of Q3 2025 with a market cap of $5.4B

All Institutions

Institutions: 356
Value Held: $5.5B
Shares Held: 102.8M
Avg Position: $15.3M
Median Position: $960.1K

Hedge Funds

Hedge Funds: 59
Value Held: $1.7B
Shares Held: 32.6M
Avg Position: $29.4M
Median Position: $5.0M

Ownership Breakdown

Institutional (non-HF)

69.19%

$3.7B

Hedge Funds

32.19%

$1.7B

Retail & Other

Based on market cap of $5.4B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BILL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$574.4M 0.01% of portfolio	10.67% 10.8M shares	Q4 2019 Held for 5y 11m	$6.69T
B BlackRock, Inc. Institution	-	$454.3M 0.01% of portfolio	8.44% 8.6M shares	Q4 2019 Held for 5y 11m	$5.67T
Starboard Value LP Hedge Fund•Activist	Jeffrey Chad Smith CEO	$372.1M 7.00% of portfolio	6.91% 7.0M shares	Q3 2025 Held for 2 months	$5.3B
UBS Group AG Institution	Sergio P. Ermotti CEO	$316.3M 0.06% of portfolio	5.88% 6.0M shares	Q4 2019 Held for 5y 11m	$511.54B
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Edmund Wellington Iii President	$181.7M 0.03% of portfolio	3.38% 3.4M shares	Q1 2021 Held for 4y 8m	$571.21B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	Gerard Kieran O'Reilly CEO	$177.4M 0.04% of portfolio	3.30% 3.3M shares	Q3 2020 Held for 5y 2m	$466.32B
Contour Asset Management LLC Hedge Fund•Long/Short	Alpa Shailesh Rana CFO	$171.5M 4.30% of portfolio	3.19% 3.2M shares	Q1 2025 Held for 8 months	$4.0B
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$164.1M 0.02% of portfolio	3.05% 3.1M shares	Q4 2019 Held for 5y 11m	$912.31B
G Greenhouse Funds LLLP Hedge Fund•Long/Short	Scott Alexander Mafale Partner	$160.3M 6.23% of portfolio	2.98% 3.0M shares	Q4 2022 Held for 2y 11m	$2.6B
Elliott Investment Management L.P. Hedge Fund•Multi-Strategy	Jonathan D Pollock CEO	$158.9M 1.17% of portfolio	2.95% 3.0M shares	Q3 2025 Held for 2 months	$13.6B

Net Capital Flow

Institutional buying and selling activity for BILL in Q3 2025

Net Flow: −$604.9M
Buyers: 117
Sellers: 217
Total Bought: +$761.5M
Total Sold: −$1.4B
Avg Position: $11.6M

Biggest Buyers

Institution	Net Bought	Current Position
UBS Group AG Institution	+$168.2M +3.2M shares	$316.3M 6.0M shares
R ROYAL BANK OF CANADA Institution	+$89.6M +1.7M shares	$104.6M 2.0M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$89.1M +1.7M shares	$181.7M 3.4M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$86.8M +1.6M shares	$133.0M 2.5M shares
Marshall Wace LLP Institution	+$75.3M +1.4M shares	$114.8M 2.2M shares
PARNASSUS INVESTMENTS /CA Long Only Manager	+$31.5M +594.9K shares	$48.0M 905.6K shares
BANK OF AMERICA CORP /DE/ Institution	+$28.1M +501.9K shares	$83.5M 1.5M shares
VANGUARD GROUP INC Institution	+$19.7M +371.3K shares	$574.4M 10.8M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$18.8M +329.3K shares	$38.0M 666.8K shares
L LIGHT STREET CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	+$17.1M +322.7K shares	$51.0M 962.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$403.5M −7.6M shares	$164.1M 3.1M shares
Abdiel Capital Advisors, LP Hedge Fund•Long/Short	−$119.3M −2.6M shares	Sold Off 0 shares
N NOMURA HOLDINGS INC Institution	−$61.1M −1.2M shares	$17.6M 332.5K shares
FEDERATED INVESTORS INC /PA/ Long Only Manager	−$56.7M −1.1M shares	$12.3M 232.5K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$56.6M −1.2M shares	Sold Off 0 shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$55.4M −968.7K shares	$21.0M 367.4K shares
RIMA SENVEST MANAGEMENT, L.L.C. Hedge Fund•Multi-Strategy	−$43.5M −821.8K shares	$53.3M 1.0M shares
T TEMASEK HOLDINGS LTD Institution	−$42.6M −919.8K shares	Sold Off 0 shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$25.6M −483.7K shares	$2.9K 54.0 shares
R Railway Pension Investments Ltd Institution	−$25.4M −549.9K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BILL in Q3 2025

New Positions: 24
New Value: $669.8M
Exited Positions: 83
Exited Value: $437.6M

New Positions

Institution	Position Value
Starboard Value LP Hedge Fund•Activist	$372.1M 7.0M shares
Elliott Investment Management L.P. Hedge Fund•Multi-Strategy	$158.9M 3.0M shares
T TOMS Capital Investment Management LP Hedge Fund•Long/Short	$71.7M 1.4M shares
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	$31.1M 588.0K shares
O One Fin Capital Management LP Hedge Fund•Event Driven	$11.7M 220.0K shares
P potrero capital research llc Hedge Fund•Long/Short	$10.6M 200.0K shares
13D Management LLC Hedge Fund•Long/Short	$4.8M 90.0K shares
B BARINGTON CAPITAL GROUP, L.P. Institution	$3.4M 65.0K shares
WESTERLY CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	$1.6M 30.0K shares
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	$848.7K 16.0K shares

Exited Positions

Institution	Previous Position
Abdiel Capital Advisors, LP Hedge Fund•Long/Short	$119.3M 2.6M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$56.6M 1.2M shares
T TEMASEK HOLDINGS LTD Institution	$42.6M 919.8K shares
R Railway Pension Investments Ltd Institution	$25.4M 549.9K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$23.5M 507.6K shares
WCM INVESTMENT MANAGEMENT/CA Long Only Manager	$21.2M 464.2K shares
C Cubist Systematic Strategies, LLC Institution	$17.9M 386.0K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$10.7M 231.4K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$10.4M 223.8K shares
T Telemark Asset Management, LLC Hedge Fund•Long/Short	$9.3M 200.0K shares

Options Activity

Institutions with the largest Call and Put options positions in BILL as of Q3 2025

Call Positions: 29
Call Value: $575.0M
Put Positions: 26
Put Value: $179.1M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$121.5M 22.9K contracts
UBS Group AG Institution	$107.8M 20.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$61.6M 11.6K contracts
T TOMS Capital Investment Management LP Hedge Fund•Long/Short	$53.0M 10.0K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$49.0M 9.2K contracts
J JANE STREET GROUP, LLC Institution	$35.4M 6.7K contracts
GOLDMAN SACHS GROUP INC Institution	$31.2M 5.9K contracts
G Greenhouse Funds LLLP Hedge Fund•Long/Short	$26.5M 5.0K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$19.5M 3.7K contracts
Walleye Trading LLC RIA/Wealth	$15.5M 2.9K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$48.2M 9.1K contracts
J JANE STREET GROUP, LLC Institution	$33.3M 6.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$29.0M 5.5K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$20.5M 3.9K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$7.0M 1.3K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$6.5M 1.2K contracts
D D. E. Shaw & Co., Inc. Institution	$5.0M 939.0 contracts
W WOLVERINE TRADING, LLC Institution	$4.9M 891.0 contracts
Walleye Trading LLC RIA/Wealth	$4.5M 844.0 contracts
C Cubist Systematic Strategies, LLC Institution	$4.2M 797.0 contracts

Most Committed Institutions

Institutions with BILL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
P Pelion, Inc. Real Assets	Philip Nordell Carey CEO	27.94% $10.1M	0.19% 191.2K shares	Q4 2021 Held for 3y 11m	$36.3M
L LIGHT STREET CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Glen Thomas Kacher Founder	8.58% $51.0M	0.95% 962.5K shares	Q4 2023 Held for 1y 11m	$594.5M
IVY LANE CAPITAL MANAGEMENT, LLC Hedge Fund•Value	Robert Waldemar Koehn Managing Partner	7.11% $6.4M	0.12% 120.0K shares	Q3 2024 Held for 1y 2m	$89.4M
Starboard Value LP Hedge Fund•Activist	Jeffrey Chad Smith CEO	7.00% $372.1M	6.91% 7.0M shares	Q3 2025 Held for 2 months	$5.3B
T TOMS Capital Investment Management LP Hedge Fund•Long/Short	Benjamin Pass CIO	6.46% $71.7M	1.33% 1.4M shares	Q3 2025 Held for 2 months	$1.1B
G Greenhouse Funds LLLP Hedge Fund•Long/Short	Scott Alexander Mafale Partner	6.23% $160.3M	2.98% 3.0M shares	Q4 2022 Held for 2y 11m	$2.6B
13D Management LLC Hedge Fund•Long/Short	Kenneth Bradley Squire CIO	4.57% $4.8M	0.09% 90.0K shares	Q3 2025 Held for 2 months	$104.3M
O One Fin Capital Management LP Hedge Fund•Event Driven	Maykao Yang Manisone CFO	4.42% $11.7M	0.22% 220.0K shares	Q3 2025 Held for 2 months	$263.5M
E Engle Capital Management, L.P. Hedge Fund•Long/Short	Jeffrey Mark Helman Managing Partner	4.31% $12.2M	0.23% 230.5K shares	Q3 2025 Held for 2 months	$283.5M
Contour Asset Management LLC Hedge Fund•Long/Short	Alpa Shailesh Rana CFO	4.30% $171.5M	3.19% 3.2M shares	Q1 2025 Held for 8 months	$4.0B

Hedge Fund Spotlight

Discover hedge funds investing in BILL

TOMS Capital Investment Management LP

Hedge Fund • Long/Short

Portfolio ManagerBenjamin Pass

Portfolio Value: $1.1B
Positions: 10
Last Reported: Q3 2025

Sector Allocation

Position in BILL Holdings

Market Value: $71.7M
Shares Held: 1.4M
Portfolio Weight: 6.46%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Kenvue KVUE	Household & Personal Products Consumer Defensive	$282.4M	25.42%
2 Union Pacific UNP	Railroads Industrials	$214.3M	19.29%
3 Carpenter Technology CRS	Manufacturing - Metal Fabrication Industrials	$113.4M	10.21%