SoftBank (SFTBY) Stock Dumps Uber, Circle, and Lemonade While Slashing T-Mobile Holdings in Q1

Key Takeaways

Table of Contents

SoftBank completely divested from Uber (UBER), Circle Internet Group (CRCL), and Lemonade (LMND) during the first quarter of 2025.
The Tokyo-based investment powerhouse drastically reduced its T-Mobile (TMUS) holdings, dropping from 28.5M shares to 10M shares.
SoftBank modestly decreased its Neumora Therapeutics (NMRA) holdings, reducing from 6.43M to 6.09M shares.
The firm initiated a fresh investment in life insurance platform Ethos Technologies (LIFE), acquiring 3.13M class A shares.
These portfolio adjustments were disclosed in SoftBank’s 13F filing covering the period ending March 31.

SoftBank Group’s recent 13F disclosure has unveiled a significant reorganization of its American equity holdings during the quarter concluding March 31, 2026.

The Tokyo-based investment powerhouse completely liquidated three notable positions: transportation network company Uber (UBER), cryptocurrency infrastructure provider Circle Internet Group (CRCL), and digital insurance startup Lemonade (LMND). These exits represent a departure from several high-profile American technology investments.

Circle Internet Group, CRCL

Simultaneously, SoftBank established a new position in Ethos Technologies (LIFE), accumulating 3.13 million class A shares of the digital life insurance platform. While modest in absolute value, this investment indicates the company’s evolving strategic priorities.

The most substantial adjustment involved T-Mobile (TMUS), where SoftBank dramatically reduced its stake from 28.5 million shares down to 10 million — representing a greater than 64% decrease. This marks a significant pullback from a company SoftBank maintained ties with throughout its extended Sprint ownership period.

Dramatic T-Mobile Reduction Takes Center Stage

The T-Mobile divestment represents the most significant numerical change in the filing. Reducing holdings from 28.5M to 10M shares signals a purposeful and substantial strategic shift rather than routine portfolio maintenance.

SoftBank’s relationship with T-Mobile dates back to its Sprint acquisition, making this aggressive position reduction particularly noteworthy. The move likely indicates capital reallocation toward other opportunities — presumably artificial intelligence ventures or emerging technology investments, which align with the company’s current strategic priorities.

Neuroscience-focused biotechnology company Neumora Therapeutics (NMRA) experienced a modest position trim, declining from 6.43M to 6.09M shares. This marginal adjustment appears more aligned with portfolio optimization rather than a meaningful strategic retreat.

Fresh Investment in Digital Insurance Platform

The newly established position in Ethos Technologies (LIFE) represents the most future-oriented decision within the filing. Ethos operates as a technology-driven life insurance distribution platform, and SoftBank’s acquisition of 3.13 million class A shares establishes it as a significant stakeholder.

This investment aligns with SoftBank’s established approach of supporting technology-driven companies disrupting traditional sectors — similar reasoning that originally motivated investments like Lemonade, which has now been completely exited.

SoftBank Group maintains an approximate market capitalization of $208.53 billion. The company’s P/E ratio stands at 8.61x, positioning it below broader market valuations.

13F Filing Breakdown

The investment firm’s GF Score registers at 71/100, demonstrating strong growth characteristics — its growth ranking reaches 8/10. However, financial strength receives only a 4/10 rating, reflecting substantial debt obligations and limited interest coverage capacity.

No insider transactions (purchases or sales) have been documented during the preceding 12-month period.

The regulatory filing encompasses holdings as of March 31, 2026 and received public disclosure on May 15, 2026.