Shares of Forward Industries rose after the company disclosed that it had boosted its Solana and Solana equivalent holdings by 13% during the fiscal fourth quarter.

The stock gained 6.4% to $8.33 in Friday morning trading. Shares are up 26% this year.

The company said Thursday that its holdings of the cryptocurrency were up to around 8.5 million from 7.6 million in the previous quarter. The new holdings had an average cost of $83 per Solana, and were purchased in part through the sale of new shares.

Forward said it now holds around 1.4% of the total circulating supply of Solana.

Solana per share rose to 0.0806 from 0.0730 in the prior quarter.

"Our accelerating growth in both total SOL and SOL per share demonstrates the power of our disciplined capital allocation and differentiated 'SOL++' strategy," Chief Investment Officer Ryan Navi said.