Dragonfly managing partner Haseeb Qureshi has sharpened his defense of Ethereum’s valuation, arguing that critics are using the wrong financial framework and that ETH should be analyzed more like an early-stage Amazon than a mature “value” stock.
Speaking on the Milk Road Show on 9 December 2025, Qureshi revisited his now-viral valuation clash with investor Santiago “Santi” Santos, hosted by ThreadGuy, which reignited the debate over how to price layer 1 blockchains. At the core of Qureshi’s thesis is a simple but controversial claim: fee revenue on Ethereum is effectively pure margin and should be treated as profit, not as “revenue” in the traditional corporate sense.
“Blockchains don’t have revenue. They have profit,” he said. “When chains charge fees, that’s profit. There’s no expenses for
Trending: Man plunges to his death during pickleball match in ‘tragic incident’
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!