Jonathan KnowlesSQ's Bitcoin Thesis Dilutes Its Fintech Performance We previously covered Block (NYSE:SQ) in July 2024, discussing the stock's underperformance despite the double beat FQ1'24 earnings results and raised FY2024 guidance, with the stock's FWD valuations also consistently moderated compared to their 1Y and pre-pandemic means. Perhaps part of the headwinds might be attributed to the management's intensified investments in bitcoins, a development that might trigger its further underperformanc ...