TruGolf Holdings, Inc. ("TruGolf") (NASDAQ:TRUG) closed its acquisition (the "Transaction") of Polymath Research Inc. ("Polymath"), the Canadian company that was involved in the creation of the security token category and built Polymesh, a Layer-1 blockchain designed from the ground up for regulated assets. The Transaction brings a team experienced in institutional tokenization into a Nasdaq-listed company as banks, asset managers and issuers increasingly explore blockchain-based applications for real-world assets.
The acquisition creates a single digitization company with two complementary revenue streams: TruGolf's established golf simulation and software business and Polymath's institutional tokenization infrastructure. 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.
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.
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. Wall Street's core infrastructure is moving with it: 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 built for exactly this kind of institutional, compliance-first issuance.
With the Transaction now complete, TruGolf will continue to run its golf technology business, including its simulators and the E6 platform, while Polymath operates as a wholly owned subsidiary. As part of a public company, Polymath gains access to the public capital markets to fund the next stage of Polymesh adoption among financial institutions, issuers, and other market participants. According to Brenner Adams, TruGolf’s interim CEO and Chairman of the Board:
Upon closing of the Transaction, Natalie Hirsch, who led Polymath as CFO and interim CEO through the Transaction, was appointed as Chief Financial Officer and Chief Operating Officer of TruGolf, and David Hackett joined TruGolf's Board. According to Natalie Hirsch, Chief Financial Officer and Chief Operating Officer of TruGolf and Interim CEO & CFO of Polymath:
Founded in 2017, Polymath introduced the ST-20 security token standard and has spent over nine years building the issuance, compliance, and lifecycle tools that regulated securities need on a blockchain. In 2021, it launched Polymesh, its public, permissioned Layer-1 blockchain where identity, compliance, and settlement are built into the chain itself. Polymath contributed the ERC-1400 security token standard and has supported issuers and institutions across private equity, credit, real estate, funds, and other asset classes. Polymesh, which achieved SOC 2 Type 1 compliance in 2025, is secured by licensed financial institutions acting as node operators and supported by an ecosystem of more than 50 companies, including AlphaPoint, Dfns, and Zodia. In connection with the Transaction, former shareholders of Polymath received shares of TruGolf Class A common stock and non-voting Series C preferred stock.
As previously disclosed, TruGolf exchanged its outstanding Series A preferred warrants for Series B preferred warrants in connection with the completion of the Transaction. The Series B preferred warrants are exercisable for Series B preferred stock, which is convertible into shares of TruGolf’s Class A common stock subject to applicable beneficial ownership and Nasdaq limitations. On October 7, 2026, TruGolf entered into a Third Amendment, Waiver and Exercise Agreement, pursuant to 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).