TruGolf Holdings Inc. (NASDAQ: TRUG) is a technology company expanding its presence in digital asset infrastructure following its October 8, 2026, acquisition of Polymath Research Inc., a developer of enterprise-grade infrastructure for regulated digital securities and tokenized real-world assets. Polymath now operates as a wholly owned subsidiary of TruGolf, bringing its institutional tokenization platform together with TruGolf’s established, revenue-generating golf technology business under a single Nasdaq-listed company.
Polymath develops technology supporting the issuance, settlement, and lifecycle management of institutionally compliant tokenized financial instruments. Its vertically integrated infrastructure is designed to support regulated real-world assets across private and institutional markets. Polymath reported $4.2 million in 2025 revenue and has established a global ecosystem spanning issuers, financial institutions, and technology partners.
Following the acquisition, TruGolf operates as a digitization company with two complementary lines of business, pairing Polymath’s institutional financial infrastructure with TruGolf’s longstanding virtual golf operations. TruGolf continues developing its golf simulation software and hardware, connected golf experiences, and TruGolf Links franchise model while pursuing greater operating efficiency and strategic global partnerships.
The company is headquartered in Centerville, Utah.
Tokenization Infrastructure
Polymath provides infrastructure designed to bring regulated real-world assets onto blockchain-based capital markets. Its proprietary technology supports creating and administering digital securities while incorporating identity, compliance, settlement, and confidentiality capabilities into the fabric of tokenized assets.
The Polymath Capital Platform supports the issuance and administration of regulated assets, and its Layer-1 blockchain, Polymesh, provides infrastructure purpose-built for regulated financial instruments. The technology stack also includes Confidential Assets, which leverage zero-knowledge proofs to enable private, compliant settlement, as well as protocol staking and treasury capabilities.
As of December 31, 2025, Polymath reported having issued more than $132 million in tokenized assets, more than 65 active issuers, over 50 ecosystem partners, and a backlog exceeding $1 billion expected to convert within 12 months. The company notes that its backlog consists of identified opportunities at various stages and does not guarantee future revenue.
Polymath has also identified approximately $2.1 billion in tangible potential opportunities across commercial real estate, energy, mining, entertainment, technology, private companies and financial institutions. Its infrastructure is designed to support tokenized representations of assets including real estate equity and debt, private investments, intellectual property, commodities and other regulated financial instruments.
In October 2026, Polymath announced a collaboration with CineCity Studios to explore the development of a tokenized film investment platform. The proposed initiative would leverage Polymath’s digital securities infrastructure to support investment issuance, investor onboarding, compliance workflows and ongoing administration, extending the potential applications of its technology into film financing and entertainment-related assets.
Golf Technology
TruGolf maintains an established commercial golf technology business, generating $5.0 million in revenue during the first quarter of 2026, primarily through golf simulator sales and software contracts.
The company’s technology portfolio includes E6 CONNECT, E6 APEX, APOGEE and TruGolf RANGE. In October 2026, TruGolf announced that its E6 course library had surpassed 15,000 real-world courses available on demand, representing 50% growth in less than a year. Powered by Cesium for Unreal, the platform supports 19 launch monitors and delivers courses without requiring extensive local downloads.
TruGolf Links opened its first flagship location in Cherry Hill, New Jersey, in July 2026, establishing a model combining indoor golf, dining, entertainment and hospitality. In October 2026, TruGolf Links entered into an intercompany agreement with Polymath to migrate its equity records onto Polymath’s regulated digital securities infrastructure. The initiative represents the first Polymath engagement following the acquisition and supports the development of tokenized equipment leasing and fractional franchise ownership opportunities for qualified franchisees, with an initial rollout targeted for the first quarter of 2027.
Market Opportunity
Tokenization is designed to bring programmable compliance, digital settlement and continuous-market capabilities to traditionally administered financial assets. TruGolf and Polymath identify more than $400 trillion in global financial assets as the addressable base for tokenization, with real estate, private funds, and credit among the principal near-term real-world asset categories.
The companies’ investor presentation notes that tokenized real-world assets could grow from approximately $0.6 trillion in 2025 to $1.6 trillion in 2027, $4.6 trillion in 2029, $9.4 trillion in 2031 and $18.9 trillion in 2033.
TruGolf also participates in the expanding off-course golf market. Company-provided market data shows U.S. golf participation increased from 30.1 million in 2014 to 47.2 million in 2024, while off-course-only participation grew 93% from 2019 to 2024. The U.S. driving-range market totaled $23.3 billion in 2024.
Leadership Team
Brenner Adams, Chief Executive Officer, previously served as TruGolf’s Chief Growth Officer and has held leadership roles with The Food Truck League, Med USA and LINK Group. His professional experience also includes work with Burton Snowboards, Xbox and Take-Two Interactive. Adams holds a bachelor’s degree in economics and an MBA from the University of Utah.
Natalie Hirsch, Chief Financial Officer and Chief Operating Officer of TruGolf and CEO and CFO of Polymath Research, has more than 15 years of experience across public and private companies in fintech, enterprise software and e-commerce. Previously, she served as Interim CEO and COO of AnalytixInsight Inc. and spent more than four years at Coinsquare, helping establish and scale regulated digital asset trading infrastructure. A CPA, CA and PMP, Hirsch holds an MBA with honors from Tel Aviv University and a master’s in management and professional accounting from the University of Toronto.
David Hackett, Chairman of the Board, has served as CFO of numerous public and private companies and currently provides board and advisory counsel to high-growth businesses. His previous CFO roles include Woke Network Inc., 48North Cannabis Corp., Mavencare, Coupgon, Diversinet Corp. and Aucxis Corp. He has also held senior financial management positions at EveryWare Development, Alliance Atlantis Communications and Entertainment Information Services Ltd. A CPA, CA, Hackett holds an MBA from the Ivey Business School at the University of Western Ontario.
For investor inquiries, please contact investors@trugolf.com. For media inquiries, please contact press@polymath.network.