Bitcoin‘s (BTC -3.07%) price has risen more than 20% over the past month. The geopolitical conflicts and fears of the debt-driven devaluation of the U.S. dollar fueled that rally.

Shares of Strategy (MSTR -5.36%), which holds 4.02% of Bitcoin’s total lifetime supply, have also rallied 35% over the past month. Those gains aren’t surprising, since Strategy’s 845,050 Bitcoins are worth $63.5 billion — compared to its enterprise value of $50 billion.

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Investors who are bullish on Strategy believe it’s undervalued relative to its Bitcoin holdings, and that its stock will eventually trade at a premium to those assets. However, the bears argue that it deserves that discount because it needs to sell its Bitcoins…