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

Dragonfly's managing partner, Haseeb Qureshi, defends Ethereum's valuation by suggesting it should be analyzed like an early-stage Amazon rather than a mature value stock. He argues that:

Ethereum's fee revenue should be viewed as profit, not traditional corporate revenue.
The price-to-sales (P/S) ratio used for traditional companies is not appropriate for Ethereum and other blockchains.
Earnings from blockchain fees are akin to net income, not sales.

Comparison with Amazon

Qureshi notes that Amazon, despite delaying profitability, received high earnings multiples from public markets.
For Ethereum, the P/S and P/E ratios converge under his "fees = profit" model.
He suggests comparing Ethereum’s multiple to Amazon’s historical P/E ratio.

Qureshi emphasizes that Ethereum is in an exponential growth phase similar to early internet infrastructure, not like late-cycle dividend payers. Despite recent market fluctuations, he maintains confidence in Ethereum's long-term potential, noting no fundamental changes to justify altering his outlook.

At the time of reporting, ETH traded at $3,325.

Ethereum price