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

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

Speaking on the Milk Road Show on 9 December 2025, Qureshi revisited his now-viral valuation conflict with investor Santiago “Santi” Santos, hosted by ThreadGuy, which reignited the controversy over methods to value layer 1 blockchains. At the core of Qureshi’s thesis is an easy however controversial declare: payment income on Ethereum is successfully pure margin and needs to be handled as revenue, not as “income” within the conventional company sense.

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

Qureshi Pushes Back On Claims Ethereum Is Overvalued

Santos had argued that Ethereum is buying and selling at “300 plus” occasions 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 appropriate lens.

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

He countered that for a blockchain, what fairness buyers would name “gross sales” is nearer to the GDP or GMV of the on-chain financial system, which isn’t instantly measured on the protocol degree. The solely clear, observable line is payment 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 proper factor to know for a sequence is the revenue… The proper 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 20 years to prioritize progress, but public markets nonetheless assigned it extraordinarily high earnings multiples.

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

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

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

“This know-how has been getting larger and larger over time. It’s gobbling up your entire world of finance from the place it began,” he stated, referencing his essay “In Defense of Exponentials.” “None of [these technologies] began printing a bunch of revenue instantly within the first 5 and even 10 years.”

Despite uneven value motion and underperformance of altcoins versus AI equities and gold, Qureshi stated 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 stated, including that nothing materials had modified within the final months to justify a serious portfolio rethink. “What precisely has modified within the final 2 months between, you realize, ETH going to love $4,800 and ETH being at $3,000? The reply is mainly nothing.”

For Qureshi, a real repositioning would require a transparent invalidation of core assumptions—corresponding to a quantum break of cryptography or a structural collapse in on-chain stablecoin demand. Short-term swings, in his view, are merely the pendulum of sentiment shifting round a still-fixed basic 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 high on P/S” argument alone is analytically inconsistent.

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

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