Soak the bread: Remove crusts from bread slice, hold briefly under cold water for 1-2 seconds, then squeeze firmly to remove excess moisture. Set aside.
Prep and divide produce: Cube watermelon, reserving 2 cups for texture and a few small pieces for garnish. Core and seed tomatoes, chop and reserve 1/4 cup. Chop cucumber, reserving 1/3 cup. Chop bell pepper, reserving 1/4 cup. Mince red onion, reserving 1-2 tablespoons.
Blend the gazpacho base: Add remaining 4 cups watermelon, remaining tomatoes, cucumber, bell pepper, onion, garlic, jalapeño (if using), soaked bread, mint, olive oil, sherry vinegar, cumin, salt, and pepper to the blender. Blend on low for 10 seconds, then high for 60-90 seconds until completely smooth.
Taste and adjust seasoning: Add more salt, sherry vinegar, or cumin as needed. If too sweet, add a squeeze of lemon juice to balance.
Combine and add texture: Stir the reserved diced watermelon, tomato, cucumber, bell pepper, and red onion into the blended base.
Chill the gazpacho: Transfer to an airtight container and refrigerate for at least 3 hours or overnight for best flavor.
Serve and garnish: Stir well, ladle into chilled bowls, and garnish with olive oil, fresh mint, reserved diced vegetables, and croutons if desired.