Quick Summary
- SoftBank completely divested its holdings in Uber (UBER), Circle Internet Group (CRCL), and Lemonade (LMND) during Q1 2025.
- The investment conglomerate dramatically reduced its T-Mobile (TMUS) holdings, dropping from 28.5M shares to just 10M shares.
- SoftBank made a modest reduction to its Neumora Therapeutics (NMRA) holdings, decreasing from 6.43M to 6.09M shares.
- The firm initiated a fresh position in digital insurance platform Ethos Technologies (LIFE), acquiring 3.13M class A shares.
- These portfolio adjustments were disclosed in SoftBank’s most recent 13F filing covering the period ending March 31.
SoftBank Group’s most recent 13F disclosure reveals a sweeping reorganization of its American equity holdings during the first quarter ending March 31, 2026.
The Tokyo-based investment powerhouse completely liquidated three notable positions: transportation network company Uber (UBER), cryptocurrency payment infrastructure provider Circle Internet Group (CRCL), and digital insurance upstart Lemonade (LMND). These exits represent a wholesale departure from some of its higher-profile American investments.
Concurrently, SoftBank established a new holding in Ethos Technologies (LIFE), accumulating 3.13 million class A shares of the life insurance technology platform. While modest in absolute value, this acquisition reveals the firm’s evolving investment thesis.
The most dramatic adjustment involved T-Mobile (TMUS). SoftBank drastically cut its position from 28.5 million shares down to 10 million — representing a substantial 64% reduction. This marks a significant pullback from a company SoftBank has maintained ties with for years following its historic Sprint ownership.
T-Mobile Reduction Signals Strategic Shift
The T-Mobile divestment represents the most substantial move in this quarterly filing. Reducing holdings from 28.5M to 10M shares indicates intentional strategic repositioning rather than routine portfolio maintenance.
SoftBank’s relationship with T-Mobile dates back to its Sprint ownership days, making this aggressive reduction particularly noteworthy. The move likely signals capital reallocation toward other opportunities — potentially artificial intelligence initiatives or emerging technology ventures, consistent with the firm’s current strategic priorities.
Neuroscience-focused biotech company Neumora Therapeutics (NMRA) experienced a smaller adjustment, declining from 6.43M to 6.09M shares. This modest reduction appears more aligned with standard portfolio management than a meaningful strategic shift.
Ethos Technologies Entry Marks New Direction
The newly established position in Ethos Technologies (LIFE) represents the most forward-thinking element of this filing. Ethos operates as a technology-driven life insurance marketplace, and SoftBank’s acquisition of 3.13 million class A shares establishes it as a stakeholder.
This investment aligns with SoftBank’s established strategy of supporting technology companies disrupting traditional sectors — similar reasoning that originally drove investments like Lemonade, which has now been divested.
SoftBank Group maintains a market capitalization around $208.53 billion. Its price-to-earnings ratio stands at 8.61x, positioned below broader market averages.
Filing Metrics and Financial Standing
The firm’s GF Score registers at 71/100, indicating respectable growth fundamentals — its growth ranking achieves 8/10. Conversely, financial strength scores only 4/10, highlighting concerns around debt levels and limited interest coverage capacity.
No insider transaction activity has been documented during the previous 12-month period.
This regulatory filing reflects holdings as of March 31, 2026 and was publicly filed on May 15, 2026.
