Image Courtesy of TruGolf and Polymath
The transaction combines TruGolf‘s established golf simulation and software operations with Polymath’s blockchain technology for issuing, managing and transferring tokenized financial assets. Polymath will operate as a wholly owned subsidiary of TruGolf, while the company continues operating its existing golf technology business, including its simulators and E6 software platform.
The acquisition establishes two distinct business segments within TruGolf: golf simulation technology and blockchain-based financial infrastructure.
Polymath developed Polymesh, a Layer-1 blockchain designed specifically for regulated financial assets, with identity verification, compliance controls and settlement capabilities incorporated into its underlying architecture.
As of December 31, 2025, Polymath had supported the issuance of more than $132 million in tokenized assets across more than 65 active issuers. Its ecosystem includes more than 50 technology and financial services partners.
The acquisition brings Polymath’s institutional tokenization capabilities into a Nasdaq-listed company as financial institutions increasingly explore blockchain infrastructure for securities, investment funds, real estate and other real-world assets.
Founded in 2017, Polymath helped develop the security token market through the introduction of the ST-20 standard and contributed to the ERC-1400 security token standard.
The company launched Polymesh in 2021 as a public, permissioned blockchain designed to support regulated financial instruments.
Unlike general-purpose blockchain networks, Polymesh incorporates identity verification, regulatory compliance and settlement functionality directly into its protocol.
Its infrastructure is intended to help financial institutions and asset issuers manage investor eligibility, ownership restrictions, transaction compliance and ongoing administration of tokenized securities.
Polymesh achieved SOC 2 Type 1 compliance in 2025 and uses licensed financial institutions as node operators. Its technology ecosystem includes AlphaPoint, Dfns and Zodia.
The platform supports applications across private equity, private credit, real estate, investment funds and structured financial products.
For TruGolf, the acquisition provides entry into a financial technology market distinct from its traditional golf equipment and software operations.
The companies have also begun developing applications that connect their respective businesses.
TruGolf Links and Polymath are working on an equipment leasing program financed through tokenized securities, along with fractional franchise ownership opportunities for qualified franchisees.
Both initiatives are targeted for the first quarter of 2027.
The proposed programs would use blockchain-based financial instruments to support equipment financing and franchise investment structures within TruGolf’s golf entertainment business.
TruGolf Links has regional developers in New Jersey, New York and Illinois representing commitments for more than 100 future locations, providing a potential market for the planned financing arrangements.
The company has not disclosed the expected financing volume, participation requirements or specific regulatory structures for the programs.
The acquisition comes amid growing institutional interest in tokenizing traditional financial assets.
According to RWA.xyz data cited by TruGolf, more than $38 billion in tokenized real-world assets were recorded on public blockchains as of October 1, 2026, with more than five million investors holding such assets.
The company also cited developments involving the Depository Trust & Clearing Corporation, which completed initial live production transactions involving tokenized U.S. Treasuries, equities and exchange-traded funds with approximately 40 participating firms in July.
These developments provide context for Polymath’s focus on blockchain infrastructure designed for regulated securities and institutional market participants.
Brenner Adams, TruGolf’s Interim CEO and Chairman of the Board, said the transaction brings Polymath’s financial technology capabilities into a publicly traded corporate structure.
“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,” Adams said.
He added that the acquisition provides Polymath with access to public capital markets as institutional interest in tokenization continues to develop.
The transaction also includes changes to TruGolf’s executive leadership and board.
Natalie Hirsch, who served as Polymath’s Chief Financial Officer and Interim CEO during the transaction, has been appointed Chief Financial Officer and Chief Operating Officer of TruGolf.
David Hackett has also joined TruGolf’s Board of Directors.
Hirsch said the company’s near-term focus will be expanding institutional adoption of Polymesh and attracting additional issuers and assets to the platform.
“Joining a Nasdaq-listed company gives us the capital access and public-market discipline to scale with our clients,” Hirsch said. “My focus now is execution: bringing more issuers and more assets onto Polymesh.”
Under the acquisition terms, former Polymath shareholders received TruGolf Class A common stock and non-voting Series C preferred stock. The company did not disclose the total transaction valuation in its announcement.
TruGolf also completed a related financing transaction involving its preferred warrants.
As previously disclosed, the company exchanged outstanding Series A preferred warrants for Series B preferred warrants in connection with the acquisition.
The Series B preferred warrants are exercisable for Series B preferred stock, which can subsequently be converted into TruGolf Class A common shares, subject to applicable beneficial ownership restrictions and Nasdaq limitations.
On October 7, 2026, TruGolf entered into a Third Amendment, Waiver and Exercise Agreement under which warrant holders exercised Series B preferred warrants for 3,278 shares of Series B preferred stock.
The exercises generated approximately $2.95 million in aggregate net proceeds for TruGolf, representing $3.278 million in stated value.
Additional transaction details, including the warrant agreement, are expected to be disclosed in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission.
Founded in 1983 and headquartered in Centerville, Utah, TruGolf develops golf simulation hardware, software and interactive entertainment products, including its E6 CONNECT platform.
The company will continue operating those businesses while integrating Polymath as a separate subsidiary focused on blockchain-based capital markets infrastructure.
The completed acquisition represents a significant diversification of TruGolf’s business model, adding institutional financial technology to its established golf simulation operations.
With Polymath now under public-company ownership, TruGolf plans to pursue growth in regulated asset tokenization while exploring applications that connect blockchain-based financing with its golf technology and franchise development activities.