SoftBank Group’s 13F filing for the quarter ended March 31, 2026, disclosed May 15, 2026, shows the firm fully exited its positions in Uber, Circle Internet Group and Lemonade, removing those names from its reported U.S. equity holdings.
The filing also details a broader reshuffle: SoftBank cut its T‑Mobile stake from 28.5 million shares to 10 million shares, opened a new position in Ethos Technologies with 3.13 million Class A shares, and slightly trimmed its holding in Neumora Therapeutics. On the Circle position specifically, the filing shows SoftBank sold 95,659 shares — a block worth almost $10.8 million.
Those moves are the hard numbers behind the filing. The exit from Uber is particularly notable for anyone tracking uber stock: as of March 31, 2026, SoftBank reported no remaining shares. The reduction in T‑Mobile from 28.5 million to 10 million shares is a material cut in a single-quarter disclosure, and the new Ethos stake marks a clear redeployment of capital into a fresh public holding.
Context for those transactions comes from how the filing has been read: the activity looks like portfolio rotation rather than a single-company verdict. SoftBank’s disclosure sits alongside public operating results from one of the companies it exited. Circle reported $77 billion of USDC in circulation at the end of Q1 2026, said on‑chain transaction volume surged 263% year over year to $21.5 trillion for the quarter, and reported total revenue and reserve income of $694 million. Circle also disclosed adjusted EBITDA of $151 million and maintained a 53% adjusted EBITDA margin for the period.
That juxtaposition — a sizeable sale of 95,659 Circle shares worth almost $10.8 million while Circle posted rapid top‑line and on‑chain growth — creates the central tension in the filing. If the numbers from Circle’s quarter suggest momentum in its business, the SoftBank filing shows the investor opted to remove its public equity exposure anyway. At the same time, SoftBank did not simply liquidate; it trimmed certain positions, deepened others and erected a new stake in Ethos, implying a reallocation strategy.
The filing’s timing matters. The positions are reported as of March 31, 2026, and were disclosed on May 15, 2026, which means the changes were executed inside the quarter and only became public with the 13F release. For markets watching shifts in institutional ownership, the snapshots in such filings can change the calculus for a stock’s supply base — and for uber stock, SoftBank’s exit is the clearest immediate change in that base shown by the filing.
Read as a whole, the 13F describes a deliberate repositioning: SoftBank reduced exposure to a major telecom holding, fully exited several public consumer and fintech names, slightly trimmed other bets and opened a sizeable new stake in Ethos Technologies. That pattern — reduce, trim, redeploy — is what qualifies as portfolio rotation in the filing itself.
The conclusion the facts support is straightforward: SoftBank’s filing is not a tidy thumbs‑down on any single company but a visible rebalancing of its U.S. equity portfolio. The direct result is that SoftBank no longer appears among holders of Uber, Circle or Lemonade as of March 31, 2026, and it shifted capital into other listed opportunities such as Ethos while cutting back on T‑Mobile. For investors and watchers of institutional flows, the filing’s clear takeaway is rotation, not a narrow verdict — and the absence of SoftBank from the shareholder lists is the immediate, concrete change.
