Ethereum Should Be Valued Like Amazon, Says Dragonfly’s Qureshi

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Dragonfly managing spouse Haseeb Qureshi has sharpened his defence of Ethereum’s valuation, arguing that critics are utilizing the incorrect fiscal model and that ETH should beryllium analyzed much similar an early-stage Amazon than a mature “value” stock.

Speaking connected the Milk Road Show connected 9 December 2025, Qureshi revisited his now-viral valuation clash with capitalist Santiago “Santi” Santos, hosted by ThreadGuy, which reignited the statement implicit however to terms furniture 1 blockchains. At the halfway of Qureshi’s thesis is simply a elemental but arguable claim: interest gross connected Ethereum is efficaciously axenic borderline and should beryllium treated arsenic profit, not arsenic “revenue” successful the accepted firm sense.

“Blockchains don’t person revenue. They person profit,” helium said. “When chains complaint fees, that’s profit. There’s nary expenses for a chain. Chains don’t wage expenses, right? There’s nary AWS hosting outgo for Ethereum.”

Qureshi Pushes Back On Claims Ethereum Is Overvalued

Santos had argued that Ethereum is trading astatine “300 plus” times sales, calling these price-to-sales (P/S) levels “embarrassing” comparative to accepted companies and suggesting valuations are “way up of their skis.” Qureshi did not contention the magnitude of the multiples but rejected P/S arsenic the close lens.

“He was insisting successful the statement that the close mode to look astatine these things is terms of sales. So if you look astatine terms income for Ethereum, it’s thing similar 380. If you look astatine Amazon, I deliberation Amazon topped retired astatine terms of income of 42. And this was during the bubble,” Qureshi said.

He countered that for a blockchain, what equity investors would telephone “sales” is person to the GDP oregon GMV of the on-chain economy, which is not straight measured astatine the protocol level. The lone clean, observable enactment is interest income, which helium treats arsenic nett income.

“The income successful immoderate consciousness is similar the GDP of the blockchain which we’re not measuring,” helium argued. “The close happening to recognize for a concatenation is the profit… The close happening to recognize is what is the nett of Ethereum comparative to the nett of Amazon.”

That opens the doorway to the Amazon analogy. Qureshi emphasized that Amazon delayed profitability for astir 2 decades to prioritize growth, yet nationalist markets inactive assigned it highly precocious net multiples.

“Amazon virtually made nary profit, nary nett until fundamentally astir 20 years successful arsenic a business,” helium said. “In the twelvemonth I deliberation it was 2013… Amazon had a PE ratio… implicit 600 whereas contiguous the PE ratio of Ethereum of people is thing similar 380.”

Because Ethereum’s P/S and P/E converge nether his “fees = profit” assumption, Qureshi’s statement is that investors should comparison ETH’s 300–380x aggregate to Amazon’s P/E history, not to its overmuch little P/S, if they are going to usage a azygous header ratio astatine all.

The broader context, helium stressed, is that Ethereum and different L1s are inactive successful an exponential build-out phase, much akin to aboriginal net oregon e-commerce infrastructure than to late-cycle dividend payers.

“This exertion has been getting bigger and bigger implicit time. It’s gobbling up the full satellite of concern from wherever it started,” helium said, referencing his effort “In Defense of Exponentials.” “None of [these technologies] started printing a clump of nett instantly successful the archetypal 5 oregon adjacent 10 years.”

Despite choppy terms enactment and underperformance of altcoins versus AI equities and gold, Qureshi said his condemnation successful the long-dated Ethereum thesis has increased, not weakened, done the nationalist debate.

“If anything, I person go much assured successful my view,” helium said, adding that thing worldly had changed successful the past months to warrant a large portfolio rethink. “What precisely has changed successful the past 2 months between, you know, ETH going to similar $4,800 and ETH being astatine $3,000? The reply is fundamentally nothing.”

Shared immoderate post-debate reflections connected my L1 statement with @santiagoroel, my rebuttal against the “crypto is each a large casino” doomers, and wherever I deliberation we are successful the crypto macro rhythm 👇 https://t.co/9uMJFuLVrX

— Haseeb ＞|＜ (@hosseeb) December 9, 2025

For Qureshi, a genuine repositioning would necessitate a wide invalidation of halfway assumptions—such arsenic a quantum break of cryptography oregon a structural illness successful on-chain stablecoin demand. Short-term swings, successful his view, are simply the pendulum of sentiment moving astir a still-fixed cardinal anchor.

His connection to skeptics is that if markets tolerated Amazon astatine 600x net portion it scaled into a ascendant platform, dismissing Ethereum astatine astir 300–380x connected a “too precocious connected P/S” statement unsocial is analytically inconsistent.

At property time, ETH traded astatine $3,325.