SoftBank fully exited its Uber stake in the first quarter of 2026, according to a latest 13F filing that shows a sweeping reshuffle of the company’s U.S. equity holdings in the quarter ended March 31, 2026. The move came alongside a full exit from Lemonade, a sale of 95,659 Circle shares and a sharp cut in T-Mobile, which fell from 28.5 million shares to 10 million shares.
The filing points to a deliberate reset rather than a one-off sale. SoftBank also trimmed its Neumora Therapeutics position slightly and opened a new stake in Ethos Technologies with 3.13 million Class A shares, signaling that capital was being moved around the portfolio even as some names were being left behind.
For Uber, the exit is notable because SoftBank had been one of the more visible long-term backers of the ride-hailing company. The filing did not assign a reason for the sale, but the scale of the changes suggests the decision was part of a broader repositioning across U.S. equities rather than a judgment on any single company.
That wider context matters because Uber stock has been watched as a proxy for how investors are reading the company’s growth path, pricing power and path to durable profitability. SoftBank’s departure removes one major holder from the register at a time when the market is still sorting out which companies deserve fresh capital and which ones no longer do.
Circle’s trading backdrop underscores how sharply sentiment can swing around these names. The stock is down more than 62% from its 52-week high of $298.99, even though the company ended Q1 2026 with $77 billion of USDC in circulation, on-chain transaction volume surged 263% year-over-year to $21.5 trillion and total revenue and reserve income reached $694 million.
Chief financial officer Jeremy Fox-Geen said the company expects Arc token activity to feed directly into another revenue line, with effects on adjusted EBITDA that it plans to quantify on its next update. That kind of forward-looking promise helps explain why some investors still treat the name as a growth story, even after the pullback.
The harder question now is not whether SoftBank can keep shifting money around its portfolio. It already has. The question is whether the new bets it is building, including Ethos Technologies, can replace the scale and visibility of the names it has now walked away from. For Uber stock, the answer is simpler: one of its best-known supporters is out.
