TruGolf Holdings, Inc. (NASDAQ: TRUG) has completed its acquisition of Polymath Research Inc., a Canadian company known for creating the security token category and developing Polymesh, a Layer-1 blockchain designed for regulated assets. The deal brings Polymath's institutional tokenization expertise into a Nasdaq-listed company, as financial institutions increasingly explore blockchain applications for real-world assets.
The acquisition combines TruGolf's golf simulation and software business with Polymath's institutional tokenization infrastructure. Polymath has already issued over $132 million in tokenized assets for more than 65 active issuers, supported by over 50 ecosystem partners. The two companies are collaborating on an equipment leasing program funded through tokenized securities and fractional franchise ownership opportunities, targeting the first quarter of 2027.
As part of the transaction, Natalie Hirsch, who led Polymath as CFO and interim CEO, was appointed as Chief Financial Officer and Chief Operating Officer of TruGolf. The deal also included a $2.95 million warrant exercise, strengthening TruGolf's cash position. According to Brenner Adams, TruGolf’s interim CEO, the acquisition aligns with the company's mission to make capital markets more accessible, similar to how TruGolf has made golf more approachable through technology.
Polymath's Polymesh blockchain, which achieved SOC 2 Type 1 compliance in 2025, is designed for institutional, compliance-first issuance. The acquisition provides Polymath with access to public capital markets to fund the next stage of Polymesh adoption among financial institutions and issuers. Hirsch emphasized that tokenization is moving beyond the pilot stage, and institutions need trusted infrastructure for regulated assets.