SoftBank Just Dumped Circle Stock. Don’t Panic and Keep Adding CRCL Here.

Circle Internet Group (CRCL) stock is a buy even after SoftBank (SFTBY) walked away. According to a recent 13F filing, the Tokyo, Japan-based investment firm quietly dumped its entire stake in the stablecoin leader during the first quarter of 2026.

If you dig into Circle’s Q1 earnings, however, the business looks stronger than ever. That makes SoftBank's recent exit look a lot more like a portfolio housekeeping move than a verdict on the future of the company.

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SoftBank's Q1 Portfolio Reshuffle Was Sweeping

The latest 13F filing for the quarter ended March 31, 2026, revealed a major reshuffling of SoftBank's U.S. equity positions. The Japanese conglomerate fully exited other high-profile names, including ride-share company Uber (UBER) and insurtech firm Lemonade (LMND).

SoftBank sold 95,659 shares of Circle, which are currently worth almost $10.8 million. Valued at a market capitalization of about $27.5 billion, CRCL stock is down more than 62% from its 52-week high of $298.99.

Softbank also slashed its T-Mobile (TMUS) stake from 28.5 million shares to 10 million shares, and trimmed its Neumora Therapeutics (NMRA) position slightly. On the buy side, the firm opened a new position in Ethos Technologies (LIFE), taking a 3.13 million Class A share stake. These moves paint a picture of a firm actively rotating capital, not necessarily souring on any one industry.

Circle's Business Is Firing on All Cylinders

Circle ended Q1 2026 with $77 billion of USDC (USDCUSD) in circulation, up 28% year-over-year (YOY). Moreover, on-chain transaction volume surged 263% YOY to $21.5 trillion in the quarter. According to third-party data cited by the company, USDC now accounts for roughly 80% of all dollar-denominated on-chain transactions.

Total revenue and reserve income came in at $694 million, up 20% YOY. Adjusted EBITDA grew 24% YOY to $151 million, and the company maintained a 53% adjusted EBITDA margin.

CEO Jeremy Allaire pointed to major new enterprise adoptions during the quarter. Meta Platforms (META) began using USDC for creator payouts, while DoorDash (DASH) is paying drivers in USDC. Treasury management platform Kyriba — which serves thousands of enterprises, including Fortune 100 companies — struck a broad partnership with Circle to make USDC payment flows a standard part of its system.