Dragonfly managing partner Haseeb Qureshi has defended Ethereum's valuation, likening it to Amazon's early growth rather than traditional value stocks. Speaking on the Milk Road Show on December 9, 2025, Qureshi criticized the use of price-to-sales metrics for Ethereum, arguing that its fee revenue should be considered profit since blockchains lack traditional expenses. He highlighted Ethereum's valuation multiple of 380x, comparing it to Amazon's historical P/E ratio of over 600x during its early expansion, suggesting that Ethereum's growth phase is similar to Amazon's past trajectory. Qureshi emphasized that Ethereum and other layer 1 blockchains are in an exponential build-out phase, warranting a different valuation approach than conventional financial metrics.