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Dragonfly’s Qureshi says Ethereum should be valued like Amazon, P/E near 380 versus Amazon’s >600
On 9 December 2025, Dragonfly managing partner Haseeb Qureshi said on the Milk Road Show that Ethereum should be assessed like early-stage Amazon, with protocol fees treated as profit. He pushed back on price-to-sales critiques, noting ETH’s multiples near 300–380 and citing Amazon’s history of very high earnings ratios. ETH traded at $3,325 at press time.