TruGolf Holdings (NASDAQ: TRUG), a producer of advanced golf simulation systems for home or entertainment venues, has completed its acquisition of Polymath Research Inc., bringing a blockchain platform designed for regulated financial assets into the publicly traded golf technology company’s business.
Announced October 9, the transaction combines TruGolf’s golf simulation hardware and software operations with Polymath’s infrastructure for issuing and managing tokenized securities. Polymath will operate as a wholly owned subsidiary, while TruGolf continues its existing golf technology business (https://ibn.fm/vnhTg).
The deal marks a strategic expansion beyond TruGolf’s established market. Management intends to build a company with two revenue streams: golf technology and institutional digital-asset infrastructure. The acquisition also gives Polymath access to the public capital markets as it seeks to expand adoption of its blockchain among financial institutions and asset issuers.
“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,” said Brenner Adams, TruGolf’s CEO. “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.”
Founded in 2017, Polymath has developed technology intended to support the issuance, compliance and lifecycle management of regulated digital securities. Its work includes the ST-20 security token standard and contributions to the ERC-1400 security token standard. The company’s principal infrastructure is Polymesh, a public, permissioned Layer-1 blockchain launched in 2021. Unlike general-purpose blockchain networks, Polymesh was designed specifically for regulated assets, incorporating identity verification, compliance controls, and settlement functions at the protocol level.
According to TruGolf’s announcement, Polymath had issued more than $132 million in tokenized assets for over 65 active issuers as of December 31, 2025. Its ecosystem includes more than 50 partners, and Polymesh achieved SOC 2 Type 1 compliance in 2025.
The acquisition comes as financial institutions increasingly explore blockchain-based infrastructure for traditional financial assets. Data cited in TruGolf’s announcement from RWA.xyz indicated that tokenized real-world assets on public blockchains exceeded $38 billion as of October 1, 2026, held by more than five million investors. The announcement also pointed to activity by the Depository Trust & Clearing Corporation, which reported completing initial live production trades involving tokenized U.S. Treasuries, equities and exchange-traded funds in July.
The transaction offers TruGolf exposure to this market without abandoning its existing operations. The company has spent decades developing indoor golf systems and software, including its E6 CONNECT platform. Its established business provides an operating base while the company seeks to develop a second line of activity.
The companies are already pursuing projects that could connect the two businesses through financing arrangements. TruGolf Links and Polymath are developing an equipment-leasing program funded through tokenized securities, alongside opportunities for qualified franchisees to obtain fractional franchise ownership. The initiatives are 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, according to the company. Those commitments could provide a potential use case for leasing and franchise-financing products, although they should not be treated as 100 operating locations or completed financing transactions. Execution will depend on the development of the programs, applicable securities requirements and demand from eligible investors and franchise participants.
Following the acquisition, Natalie Hirsch was appointed TruGolf’s Group CFO and COO. Hirsch led Polymath as CFO and interim CEO through the transaction and will continue as interim CEO of Polymath. David Hackett also joined TruGolf’s board.
“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,” Hirsch said. “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.”
The company additionally reported a warrant exercise agreement dated Oct. 8 that generated $2.95 million in net proceeds, against $3.278 million in stated value. The exercised Series B preferred warrants resulted in the issuance of 3,278 shares of Series B preferred stock, which are convertible into TruGolf Class A common stock subject to applicable beneficial ownership and Nasdaq limitations.
For more information, visit the company’s website at www.TruGolf.com.
NOTE TO INVESTORS: The latest news and updates relating to TRUG are available in the company’s newsroom at https://ibn.fm/TRUG
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