TLDR
- SoftBank exited its positions in Uber (UBER), Circle Internet Group (CRCL), and Lemonade (LMND) in Q1 2025.
- The Japanese investment giant cut its T-Mobile (TMUS) stake sharply, from 28.5M to 10M shares.
- SoftBank also trimmed its Neumora Therapeutics (NMRA) position slightly, from 6.43M to 6.09M shares.
- A new position was opened in insurance broker Ethos Technologies (LIFE), with 3.13M class A shares acquired.
- The moves were revealed in SoftBank’s latest 13F filing for the quarter ended March 31.
SoftBank Group’s latest 13F filing has laid out a major reshuffling of its U.S. equity portfolio for the quarter ended March 31, 2026.
The Japanese conglomerate fully exited three positions: ride-sharing giant Uber (UBER), crypto infrastructure firm Circle Internet Group (CRCL), and insurtech company Lemonade (LMND). That’s a clean sweep of some of its more publicly visible U.S. bets.
At the same time, SoftBank made a fresh bet on Ethos Technologies (LIFE), picking up 3.13 million class A shares in the life insurance broker. It’s a relatively small move in dollar terms, but a clear signal of where the firm is looking.
The biggest shift in terms of raw share count was in T-Mobile (TMUS). SoftBank slashed its holding from 28.5 million shares to 10 million — a reduction of more than 64%. That’s a notable trim in a company SoftBank has held for years through its long ownership history with Sprint.
T-Mobile Stake Cut Stands Out
The T-Mobile sale is the headline number here. Going from 28.5M to 10M shares is a deliberate and sizeable reduction, not a routine rebalancing.
SoftBank’s connection to T-Mobile stretches back to the Sprint era, so cutting that position this aggressively suggests the firm may be freeing up capital for deployment elsewhere — likely in AI or early-stage tech, which remains its stated focus.
Neumora Therapeutics (NMRA), the neuroscience-focused biotech, also saw a minor reduction, from 6.43M to 6.09M shares. That’s a much smaller cut, more in the territory of a passive adjustment than a strategic exit.
New Bet on Ethos Technologies
The new position in Ethos Technologies (LIFE) is the most forward-looking move in the filing. Ethos is a digital life insurance platform, and SoftBank acquiring 3.13 million class A shares puts it on the board as a backer.
It fits SoftBank’s broader pattern of backing tech-enabled disruptors in legacy industries — the same logic that drove early bets on companies like Lemonade, which it has now exited.
SoftBank Group carries a market cap of approximately $208.53 billion. Its P/E ratio sits at 8.61x, below the broader market average.
What the 13F Shows
The company’s GF Score of 71/100 reflects solid growth metrics — its growth rank is 8/10. Financial strength, however, is rated at just 4/10, reflecting elevated debt levels and low interest coverage.
There has been no insider buying or selling reported over the past 12 months.
The filing covers positions as of March 31, 2026 and was disclosed May 15, 2026.
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