Third Point Management highlights Block (XYZ) in Q2 2026 letter, sees new earnings phase driven by Cash App monetization and Square lending
The investment advisor believes Block, Inc. is transitioning to deeper monetization of its Cash App, which now has nearly 60 million monthly transacting actives. Third Point views Square Financial Services' 2025 approval to originate Cash App Borrow nationwide as a key catalyst, fundamentally changing the business economics by allowing Block to originate loans through its own licensed banking subsidiary and retain a greater share of product economics.
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