SoftBank Divests from Uber, Circle, and Lemonade in Q1 Portfolio Restructuring

TLDR

• SoftBank exited its holdings in Uber (UBER), Circle Internet Group (CRCL), and Lemonade (LMND) during Q1 2025.
• The Japanese investment firm significantly reduced its stake in T-Mobile (TMUS), decreasing from 28.5 million to 10 million shares.
• SoftBank also slightly decreased its position in Neumora Therapeutics (NMRA), moving from 6.43 million to 6.09 million shares.
• A new investment was made in insurance broker Ethos Technologies (LIFE), acquiring 3.13 million class A shares.
• These changes were disclosed in SoftBank’s latest 13F filing for the quarter ending March 31, 2025.

(SeaPRwire) –   SoftBank Group’s most recent 13F filing reveals a substantial restructuring of its U.S. equity portfolio for the quarter ending March 31, 2025.

The Japanese conglomerate completely divested from three companies: ride-sharing leader Uber (UBER), cryptocurrency infrastructure provider Circle Internet Group (CRCL), and insurtech company Lemonade (LMND). This represents a full withdrawal from several of its more prominent U.S. investments.

Circle Internet Group, CRCL

Meanwhile, SoftBank made a strategic entry into Ethos Technologies (LIFE), acquiring 3.13 million class A shares in the life insurance brokerage. While this represents a relatively small investment in dollar terms, it signals the company’s focus on emerging opportunities.

The largest shift by share volume involved T-Mobile (TMUS). SoftBank dramatically reduced its holding from 28.5 million shares to 10 million — a decrease of over 64%. This significant reduction marks a substantial adjustment to a company that SoftBank has maintained through its history with Sprint.

T-Mobile Position Reduction Stands Out

The T-Mobile sale represents the most notable change in this filing. The move from 28.5 million to 10 million shares indicates a deliberate and substantial reduction rather than routine portfolio rebalancing.

SoftBank’s relationship with T-Mobile dates back to the Sprint acquisition period, making this aggressive divestiture particularly noteworthy. It suggests the company may be reallocating capital toward other priorities, likely including AI initiatives or early-stage technology investments, which remain central to its investment strategy.

Neumora Therapeutics (NMRA), the neuroscience-focused biotechnology company, experienced only a minor reduction in position, decreasing from 6.43 million to 6.09 million shares. This modest adjustment appears more like a passive portfolio management decision than a strategic exit.

Strategic Entry into Ethos Technologies

The establishment of a new position in Ethos Technologies (LIFE) represents the most forward-looking aspect of this portfolio update. By acquiring 3.13 million class A shares, SoftBank has become an investor in this digital life insurance platform.

This investment aligns with SoftBank’s established pattern of supporting technology-driven disruptors in traditional industries — similar to its previous support for companies like Lemonade, which it has now exited.

SoftBank Group maintains a market capitalization of approximately $208.53 billion, with a price-to-earnings ratio of 8.61x, which is below the broader market average.

What the 13F Reveals About SoftBank

With a GF Score of 71 out of 100, SoftBank demonstrates solid growth characteristics — ranking 8th out of 10 in growth metrics. However, its financial strength scores just 4 out of 10, reflecting elevated debt levels and limited interest coverage capacity.

No insider trading activity has been reported within the past 12 months.

The information in this filing covers positions as of March 31, 2025, and was disclosed on May 15, 2025.