TruGolf Finalizes Acquisition of Blockchain Firm Polymath Research

TruGolf Holdings, Inc. (NASDAQ: TRUG) has finalized its acquisition of Polymath Research Inc. The firm is now a wholly owned subsidiary, and TruGolf intends to use this integration to expand into institutional asset tokenization. The company plans to use Polymath’s existing infrastructure for regulated financial assets within the public-market framework of a Nasdaq-listed entity.

"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 interim CEO and Chairman of the Board, in a statement.

Strategic Shift Toward Tokenization

Polymath has experience in the blockchain sector. It issued more than $132 million in tokenized assets for over 65 distinct issuers as of December 31, 2025, according to a company press release. TruGolf expects the acquisition to provide new revenue streams by targeting equipment leasing and franchise ownership through tokenized financial instruments.

Following the acquisition, leadership changes have been implemented to align the two organizations. Natalie Hirsch, who previously served as Polymath's CFO and interim CEO, has been appointed as the CFO and COO of TruGolf.

"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," said Natalie Hirsch, Chief Financial Officer of TruGolf.

Capital Structure and Market Context

To support its ongoing operations and integration efforts, TruGolf reported generating $2.95 million in net proceeds through the exercise of Series B preferred warrants on October 8, 2026. This infusion of capital coincides with the company’s transition toward institutional blockchain services.

As of October 16, 2026, at 18:40 UTC, TruGolf (TRUG) stock was trading at $1.17 per share. The acquisition reflects an industry trend where technology firms anchor specialized blockchain protocols, such as Polymath’s Polymesh, within publicly traded companies to meet the transparency and regulatory requirements demanded by institutional clients.