TruGolf Holdings closes Polymath Research acquisition to expand into institutional asset tokenization

Nasdaq-listed TruGolf Holdings said it has completed its acquisition of Canada-based Polymath Research Inc., a company focused on institutional asset tokenization. Polymath is also responsible for developing Polymesh, a Layer 1 blockchain built for regulated assets. After the deal, Polymath Research will operate as a wholly owned subsidiary of TruGolf, while TruGolf will continue running its existing golf simulator and E6 platform businesses. The company said the combined structure will leave TruGolf with two business lines: golf technology and blockchain infrastructure. As of Dec. 31, 2025, Polymath Research had issued more than $132 million in tokenized assets for over 65 active issuers and had built an ecosystem of more than 50 partners. The two sides also plan to launch equipment leasing tokenization and a fractional franchise ownership project in the first quarter of 2027. In addition, TruGolf said it received about $2.95 million in net proceeds from the exercise of Series B preferred stock warrants tied to the transaction.