TLDR
- SoftBank will exit its positions in Uber (UBER), Circle Internet Group (CRCL), and Lemonade (LMND) in the first quarter of 2025.
- The Japanese investment giant has cut its stake in T-Mobile (TMUS) sharply, from 28.5 million to 10 million shares.
- SoftBank also trimmed its position in Nemora Therapeutics (NMRA) slightly, from 6.43 million to 6.09 million shares.
- A new position has been opened in insurance broker Ethos Technologies (LIFE), with 3.13 million Class A shares acquired.
- The moves were revealed in SoftBank’s most recent 13F filing for the quarter ended March 31.
SoftBank Group’s latest 13F filing sets out a major revision to its U.S. equity portfolio for the quarter ending March 31, 2026.
The Japanese conglomerate has completely exited three positions: ride-sharing giant Uber (UBER), cryptocurrency infrastructure company Circle Internet Group (CRCL), and insurtech company Lemonade (LMND). This is a clean survey of some of the more obvious US bets.
At the same time, Softbank It made a new bet on Ethos Technologies (LIFE), acquiring 3.13 million Class A shares in the life insurance brokerage. It’s a relatively small move in dollar terms, but it’s a clear signal of the direction the company is looking at.
The biggest shift in terms of raw shares was in T-Mobile (TMUS). SoftBank reduced its stake from 28.5 million shares to 10 million – a decline of more than 64%. This is a notable trim in a company that SoftBank has held for years over its long ownership history with Sprint.
The T-Mobile Stake story stands out
T-Mobile’s sale is the key number here. Going from 28.5 million shares to 10 million shares is a deliberate and significant drawdown, not a routine rebalancing.
SoftBank connection to T-Mobile It dates back to the Sprint era, so aggressively reducing this position suggests the company may be freeing up capital to deploy elsewhere — likely in AI or early-stage technology, which remains its stated focus.
Neumora Therapeutics (NMRA), a biotechnology company focused on neuroscience, also saw a slight decline from 6.43 million to 6.09 million shares. This is a much smaller cut, and falls more into the realm of a negative adjustment than a strategic exit.
A new bet on Ethos technologies
The new position at Ethos Technologies (LIFE) is the most forward-looking step in the application process. Ethos is a digital life insurance platform, and SoftBank’s acquisition of 3.13 million Class A shares puts it on the board as a backer.
It fits SoftBank’s broader pattern of backing technology disruptive companies in legacy industries — the same logic that drove early bets on companies like Lemonade, from which it has now exited.
SoftBank Group has a market capitalization of approximately $208.53 billion. Its P/E ratio is 8.61 times, below the broader market average.
What 13F shows
The company’s GF score of 71/100 reflects its strong growth metrics – its growth rank is 8/10. However, financial strength is rated at just 4/10, reflecting high debt levels and low interest coverage.
There have been no reported insider buying or selling in the last 12 months.
The registration covers positions as of March 31, 2026 and was disclosed on May 15, 2026.
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