TruGolf Completes Acquisition of Polymath, Bringing Regulated Tokenization Infrastructure to Nasdaq

News

TruGolf Holdings, Inc. (NASDAQ: TRUG) has closed its acquisition of Polymath Research Inc., the Canadian company behind Polymesh, a Layer-1 blockchain purpose-built for regulated assets. Polymath now operates as a wholly owned subsidiary of TruGolf, bringing a team with deep experience in institutional tokenization into a Nasdaq-listed company as banks, asset managers, and issuers increasingly explore blockchain-based applications for real-world assets.

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One digitization company, two revenue streams

The combined company brings together two complementary businesses: TruGolf's established golf simulation and software business, including its simulators and the E6 platform, and Polymath's institutional tokenization infrastructure. TruGolf will continue to run its golf technology business, while Polymath gains access to the public capital markets to fund the next stage of Polymesh adoption among financial institutions, issuers, and other market participants.

Polymath brings an established platform to the combined company. As of December 31, 2025, it had issued more than $132 million in tokenized assets for more than 65 active issuers, and is supported by more than 50 ecosystem partners. Brenner Adams, TruGolf's interim CEO and Chairman of the Board, said:

"TruGolf was built on the idea that technology can open up something that used to feel exclusive. We did it for golf, and Polymath is doing it for capital markets. Polymath's team has been building regulated tokenization infrastructure for many years, and today that work sits inside a Nasdaq-listed company with the transparency and accountability that comes with it. We're proud to give this team a public-market platform at a moment when institutions are finally ready to move."

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A growing market for tokenized assets

Tokenized real-world assets now total more than $38 billion on public blockchains, held by more than 5 million investors, according to RWA.xyz data as of October 1, 2026. Core market infrastructure is moving in the same direction: in July, the Depository Trust & Clearing Corporation (DTCC) completed its first live production trades of tokenized U.S. Treasuries, equities, and ETFs with about 40 participating firms, ahead of the full launch of its tokenization service this month.

Polymath's infrastructure is designed for this kind of institutional, compliance-first issuance. Launched in 2021, Polymesh is a public, permissioned Layer-1 blockchain where identity, compliance, and settlement are built into the chain itself. Polymesh achieved SOC 2 Type 1 compliance in 2025, is secured by licensed financial institutions acting as node operators, and is supported by an ecosystem of more than 50 companies, including AlphaPoint, Dfns, and Zodia.

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Leadership

Upon closing, Natalie Hirsch, who led Polymath as CFO and interim CEO through the transaction, was appointed Chief Financial Officer and Chief Operating Officer of TruGolf. David Hackett joined TruGolf's Board of Directors. Natalie Hirsch, Chief Financial Officer of TruGolf and Interim CEO of Polymath, said:

"Tokenization is moving out of the pilot stage, and the institutions leading that shift need infrastructure they can trust with regulated assets. That is what Polymath has spent the past nine years building, and it is why Polymesh was designed with compliance at the protocol level. Joining a Nasdaq-listed company gives us the capital access and public-market discipline to scale with our clients. My focus now is execution: bringing more issuers and more assets onto Polymesh."

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Early collaboration across the business

The two businesses are already working together. TruGolf Links and Polymath are developing an equipment leasing program funded through tokenized securities, along with fractional franchise ownership opportunities for qualified franchisees, targeted for the first quarter of 2027. TruGolf Links' Regional Developers in New Jersey, New York, and Illinois represent commitments for more than 100 future locations.

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Strengthened cash position

On October 8, 2026, TruGolf entered into a Third Amendment, Waiver and Exercise Agreement, under which holders exercised Series B preferred warrants for 3,278 shares of Series B preferred stock, resulting in aggregate net proceeds to TruGolf of $2.95 million ($3.278 million in stated value). Additional information will be included in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.

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About Polymath's track record

Founded in 2017, Polymath introduced the ST-20 security token standard and has spent more than nine years building the issuance, compliance, and lifecycle tools that regulated securities need on a blockchain. Polymath also contributed the ERC-1400 security token standard and has supported issuers and institutions across private equity, credit, real estate, funds, and other asset classes. Trevor Koverko, Co-Founder of Polymath, said:

"Polymath was among the early pioneers of the tokenized securities market in 2018, and it is exciting to see the rapid growth of real-world asset tokenization today. Polymath invested early in building a purpose-built blockchain and a platform for issuing and managing tokenized assets to act as infrastructure for future industry growth. It's been an exciting journey, but we are still early on the road to tokenizing global stocks, bonds, and real estate with the mission to make capital markets more accessible to businesses and investors around the world."

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Forward-looking statements: This post contains forward-looking statements, including statements regarding the anticipated benefits of the transaction, the integration of Polymath's business with TruGolf, the development and timing of TruGolf Links' equipment leasing program and fractional franchise ownership opportunities, and the combined company's growth plans. Actual results may differ materially. Please refer to TruGolf's filings with the Securities and Exchange Commission for a discussion of risk factors.

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Polymath is a blockchain technology provider. Polymath is not a broker-dealer, funding portal, trading platform or otherwise engaged in the business of trading in securities or providing advisory services regarding the issuance, buying or selling of securities. Polymath is not making any recommendation or giving any advice with respect to any company or proposal discussed in this communication.
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