Starboard Discloses 10.1% Stake in BILL Holdings, Including $381M in Purchases
BILL sits 53% above its 52-week low of $31.41.
Summary
Starboard Value disclosed a 10.1% stake in BILL Holdings worth approximately $381 million, including forward purchase contracts for 1.61 million shares. The percentage increase reflects share count reduction, not new purchases.
Key Events · Ownership and Investor Activity · BILL
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Starboard Discloses 10.1% Stake
Starboard Value LP and affiliated funds beneficially own 8,639,900 shares of BILL Holdings, representing 10.1% of the outstanding common stock.
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Aggregate Purchase Price $381M
Starboard's funds spent approximately $381 million building the position: $205.7M (V&O Fund), $30.5M (S LLC), $10.7M (L Master), $71.9M (X Master), and $62.2M (LP Account).
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Forward Purchase Contracts
The stake includes 1,614,152 shares underlying forward purchase contracts exercisable within 60 days, for which Starboard paid $69.1 million in consideration.
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Percentage Increase from Buyback
The ownership percentage rose to 10.1% solely due to a reduction in shares outstanding to 85,276,782 as of August 13, 2026, per the 10-K filed August 20, 2026.
Analysis · BILL · Technology
Activist investor Starboard Value has disclosed a 10.1% beneficial ownership stake in BILL Holdings, representing approximately 8.64 million shares. The filing reveals that Starboard's funds have spent roughly $381 million building this position, including $69.1 million paid for forward purchase contracts covering 1.61 million shares. The stake increase to 10.1% from a previously lower percentage is attributed solely to a reduction in BILL's outstanding share count, not new buying. This disclosure comes just days after BILL reported a Q4 FY26 net loss of $18.5 million and announced a $1 billion buyback authorization, suggesting Starboard may be positioning for an activist campaign or supporting the company's capital return strategy.
How filings like this one have moved
In the 30 days to Aug 24, 2026, 29.4% of the 2796 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BILL was trading at $48.16 on NYSE in the Technology sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $31.41 to $57.21. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.