SoftBank (SFTBY) Dumps Uber and Lemonade, Slashes T-Mobile Holdings in Q1 Portfolio Overhaul

Key Takeaways

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

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

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

Circle Internet Group, CRCL

Concurrently, SoftBank initiated a new investment in Ethos Technologies (LIFE), acquiring 3.13 million class A shares of the life insurance technology company. While modest in scale, this addition indicates the firm’s evolving investment priorities.

The most substantial portfolio adjustment involved T-Mobile (TMUS). SoftBank drastically reduced its position from 28.5 million shares down to 10 million—representing a decline exceeding 64%. This marks a significant pullback from a company SoftBank has maintained ties with dating back to the Sprint merger era.

Major T-Mobile Holdings Reduction Takes Center Stage

The T-Mobile divestment represents the most significant change disclosed in the filing. Reducing holdings from 28.5M to 10M shares reflects a strategic decision rather than routine portfolio maintenance.

T-Mobile has been part of SoftBank’s portfolio legacy since the Sprint combination, making this aggressive reduction particularly noteworthy. The move likely signals capital reallocation toward new opportunities—potentially in artificial intelligence or emerging technology ventures, which align with the firm’s current investment thesis.

Naumora Therapeutics (NMRA), specializing in neuroscience drug development, experienced a minor position adjustment, declining from 6.43M to 6.09M shares. This modest trim appears more tactical than strategic in nature.

Fresh Investment in Insurance Technology Platform

The newly established position in Ethos Technologies (LIFE) represents the most interesting forward-looking element of this filing. Ethos operates a digital-first life insurance distribution platform, and SoftBank’s acquisition of 3.13 million class A shares establishes it as a shareholder.

This investment aligns with SoftBank’s historical approach of supporting technology-driven innovators challenging traditional sectors—similar reasoning that originally drove investments like Lemonade, which the firm has now completely exited.

SoftBank Group maintains a market capitalization of roughly $208.53 billion. The company trades at a P/E ratio of 8.61x, positioned below broader market averages.

Regulatory Filing Details

The firm’s GF Score stands at 71/100, indicating respectable growth characteristics—specifically earning a growth rank of 8/10. However, financial strength receives a modest 4/10 rating, reflecting significant leverage and limited interest coverage capacity.

No insider transaction activity has been recorded during the previous 12-month period.

This regulatory filing captures holdings as of March 31, 2026 and was publicly filed May 15, 2026.

The post SoftBank (SFTBY) Dumps Uber and Lemonade, Slashes T-Mobile Holdings in Q1 Portfolio Overhaul appeared first on Blockonomi.