Schedule 13G: ER Collective Discloses 7,668,300 Shares (7.4%) of BILL

Rhea-AI Filing Summary

ER Collective Holdings, LLC disclosed ownership of 7,668,300 shares of BILL Holdings common stock, representing 7.4% of the class. The filing shows the Reporting Person has sole voting power and sole dispositive power over these shares, meaning ER Collective can vote and sell the shares without shared control.

The statement notes the shares are managed on behalf of accounts for which ER Collective has authority to receive dividends or sale proceeds, and the Reporting Person certifies the stake was not acquired to change or influence control of the issuer. No group affiliation or subsidiary acquisition is reported.

Positive

• Material disclosure of a 7.4% stake (7,668,300 shares) providing transparency to investors
• Sole voting and dispositive power simplifies the ownership structure and clarifies who controls voting rights
• Certification that the shares were not acquired to change or influence control reduces immediate governance concern

Negative

• None.

Insights

Financial Analyst

TL;DR: A Delaware reporting entity holds a material >5% stake (7.4%) with sole voting and dispositive control; filing denies any intent to seek control.

The 7,668,300-share position is material under disclosure rules and could attract market attention due to its size. Sole voting and dispositive power indicate concentrated control within ER Collective, which may simplify decision-making about those shares. However, the explicit certification that the position was not acquired to influence control reduces immediate governance risk. This filing supplies clear ownership metrics but contains no operational or transactional detail beyond ownership and stewardship.

Corporate Governance Expert

TL;DR: Holder reports a significant passive stake with unilateral voting/dispositive authority but affirms no intent to change control.

The report confirms ER Collective is a single, Delaware-organized holder with sole voting and sole dispositive authority over a 7.4% block. From a governance perspective, that level of concentrated ownership can influence shareholder votes if the holder chooses to act, yet the certification reduces the likelihood of immediate activism. Absence of shared power or group affiliation simplifies the ownership profile for investors and the company’s governance review.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

BILL Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.00001 per share

(Title of Class of Securities)

090043100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 090043100

1

Names of Reporting Persons

ER Collective Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,668,300.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,668,300.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,668,300.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.4 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BILL Holdings, Inc.
(b)	Address of issuer's principal executive offices: 6220 America Center Drive, Suite 100, San Jose, California, 95002
Item 2.
(a)	Name of person filing: ER Collective Holdings, LLC (the "Reporting Person")
(b)	Address or principal business office or, if none, residence: 5301 Wisconsin Avenue N.W. Suite 550, Washington, D.C. 20015
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock, par value $0.00001 per share
(e)	CUSIP No.: 090043100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,668,300
(b)	Percent of class: 7.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7,668,300
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7,668,300
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Reporting Person manages the shares of Common Stock ("Shares") covered by this Statement on behalf of accounts owned by other persons who have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Person.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ER Collective Holdings, LLC

Signature:	/s/ Dana Kilburn
Name/Title:	Dana Kilburn, Vice President
Date:	08/12/2025

FAQ

Who filed the Schedule 13G/A for BILL (BILL)?

ER Collective Holdings, LLC, a Delaware entity, is the reporting person listed in the filing.

How many BILL shares does ER Collective report owning?

7,668,300 shares, representing 7.4% of BILL common stock as stated in the filing.

Does ER Collective have voting control over the reported shares of BILL?

Yes. The filing indicates sole voting power and sole dispositive power over the 7,668,300 shares.

Is the reported stake held on behalf of others?

The filing states the Reporting Person manages the shares on behalf of accounts whose owners have rights to dividends or sale proceeds.

Did ER Collective acquire the shares to influence control of BILL?

The Reporting Person certified the shares were not acquired to change or influence control of the issuer.