By Mackenzie Tatananni

Shares of Bill Holdings rose sharply on Wednesday following a report that said the payments firm was exploring a potential sale.

Bill is working with a financial advisor to solicit interest from both industry peers and private-equity firms, Bloomberg reported, citing people familiar with the matter. No decision has been made, and Bill could choose to remain independent, the report added.

The company hasn't responded to a request for comment from Barron's.

Bill Holdings climbed 14% to $53.12 on Wednesday, putting it on pace for its best day since an 18% jump in August, according to Dow Jones Market Data. The benchmark S&P 500 index was up 0.3%.

Shares peaked in 2021 following a string of solid earnings reports, but fell from those highs at the end of the year as Bill and other high-price growth stocks came under pressure.

Counting Wednesday's gains, Bill has slumped more than 37% this year. It is trading markedly below its all-time intraday high of $348.50, reached on Nov. 8, 2021.

Recent losses have been compounded by the involvement of activist investors, which appears to have stoked concerns about the company's performance.

Starboard Value is one firm that has been pushing for changes. Bill said in October that four new, independent directors were joining its board as part of a "cooperation agreement" with the hedge fund.

Bill went public at the end of 2019, when its shares began trading on the New York Stock Exchange, soaring 61% in their first day of trading.

As for Starboard, the activist investor has taken stakes in several other companies in the past year. On July 3, the company disclosed its stake in Tripadvisor through a filing with the Securities and Exchange Commission. Since then, shares have tumbled 11%.

Qorvo, meanwhile, is up 3.9% since Starboard disclosed its stake in the semiconductor company on Jan. 17. The Apple supplier said last month that it plans to merge with larger rival Skyworks Solutions, creating a $22 billion radio-chip giant. The deal is expected to close in 2027.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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November 12, 2025 10:06 ET (15:06 GMT)

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