Ethereum Should Be Valued Like Amazon: Dragonfly’s Qureshi

Dragonfly managing companion Haseeb Qureshi has sharpened his protection of Ethereum’s valuation, arguing that critics are utilizing the unsuitable monetary framework and that ETH ought to be analyzed extra like an early-stage Amazon than a mature “worth” inventory.

Talking on the Milk Street Present on 9 December 2025, Qureshi revisited his now-viral valuation conflict with investor Santiago “Santi” Santos, hosted by ThreadGuy, which reignited the controversy over the way to worth layer 1 blockchains. On the core of Qureshi’s thesis is an easy however controversial declare: charge income on Ethereum is successfully pure margin and ought to be handled as revenue, not as “income” within the conventional company sense.

“Blockchains don’t have income. They’ve revenue,” he mentioned. “When chains cost charges, that’s revenue. There’s no bills for a sequence. Chains don’t pay bills, proper? There’s no AWS internet hosting price for Ethereum.”

Qureshi Pushes Again On Claims Ethereum Is Overvalued

Santos had argued that Ethereum is buying and selling at “300 plus” instances gross sales, calling these price-to-sales (P/S) ranges “embarrassing” relative to conventional firms and suggesting valuations are “approach forward of their skis.” Qureshi didn’t contest the magnitude of the multiples however rejected P/S as the fitting lens.

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“He was insisting within the debate that the fitting approach to have a look at this stuff is worth of gross sales. So should you have a look at worth gross sales for Ethereum, it’s one thing like 380. Should you have a look at Amazon, I believe Amazon topped out at worth of gross sales of 42. And this was in the course of the bubble,” Qureshi mentioned.

He countered that for a blockchain, what fairness traders would name “gross sales” is nearer to the GDP or GMV of the on-chain financial system, which isn’t straight measured on the protocol stage. The one clear, observable line is charge earnings, which he treats as web earnings.

“The gross sales in some sense is just like the GDP of the blockchain which we’re not measuring,” he argued. “The best factor to know for a sequence is the revenue… The best factor to know is what’s the revenue of Ethereum relative to the revenue of Amazon.”

That opens the door to the Amazon analogy. Qureshi emphasised that Amazon delayed profitability for nearly twenty years to prioritize development, but public markets nonetheless assigned it extraordinarily excessive earnings multiples.

“Amazon actually made no revenue, no revenue till mainly about 20 years in as a enterprise,” he mentioned. “Within the 12 months I believe it was 2013… Amazon had a PE ratio… over 600 whereas right this moment the PE ratio of Ethereum in fact is one thing like 380.”

As a result of Ethereum’s P/S and P/E converge underneath his “charges = revenue” assumption, Qureshi’s argument is that traders ought to examine ETH’s 300–380x a number of to Amazon’s P/E historical past, to not its a lot decrease P/S, if they’ll use a single headline ratio in any respect.

The broader context, he burdened, is that Ethereum and different L1s are nonetheless in an exponential build-out section, extra akin to early web or e-commerce infrastructure than to late-cycle dividend payers.

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“This expertise has been getting greater and greater over time. It’s gobbling up all the world of finance from the place it began,” he mentioned, referencing his essay “In Protection of Exponentials.” “None of [these technologies] began printing a bunch of revenue instantly within the first 5 and even 10 years.”

Regardless of uneven worth motion and underperformance of altcoins versus AI equities and gold, Qureshi mentioned his conviction within the long-dated Ethereum thesis has elevated, not weakened, by the general public debate.

“If something, I’ve grow to be extra assured in my opinion,” he mentioned, including that nothing materials had modified within the final months to justify a significant portfolio rethink. “What precisely has modified within the final 2 months between, you understand, ETH going to love $4,800 and ETH being at $3,000? The reply is mainly nothing.”

Shared some post-debate reflections on my L1 debate with @santiagoroel, my rebuttal in opposition to the “crypto is all an enormous on line casino” doomers, and the place I believe we’re within the crypto macro cycle 👇 https://t.co/9uMJFuLVrX

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

For Qureshi, a real repositioning would require a transparent invalidation of core assumptions—akin to a quantum break of cryptography or a structural collapse in on-chain stablecoin demand. Brief-term swings, in his view, are merely the pendulum of sentiment shifting round a still-fixed elementary anchor.

His message to skeptics is that if markets tolerated Amazon at 600x earnings whereas it scaled right into a dominant platform, dismissing Ethereum at roughly 300–380x on a “too excessive on P/S” argument alone is analytically inconsistent.

At press time, ETH traded at $3,325.

Featured picture created with DALL.E, chart from TradingView.com