Polygon Corporate Structure: A Public Evidence Map

Analysis date: September 8, 2026
Evidence cutoff: September 7, 2026
Scope: Polygon Foundation, Polygon Labs, the POL issuer, service and IP entities, founders, Polygon Ventures/P2, acquisitions, spin-outs, and incubations.

This is an independent public-record investigation. It reconstructs the widest corporate perimeter that can be supported by registries, regulatory filings, legal notices, court records, and first-party transaction announcements. It is not a complete private cap table: the Cayman Islands, British Virgin Islands, Delaware, and several other jurisdictions do not publish all shareholder and beneficial-owner information in open databases.

The central conclusion is simple:

The direct chain from Polygon Labs Holdings to the Swiss MiCAR applicant and the BVI POL issuer is public. The current ultimate ownership of Polygon Labs Holdings is not.

Polygon's 2023 corporate announcement said the Polygon Labs group was entirely owned by Polygon Foundation. A US lobbying disclosure from the same period instead reported an indirect split of 77.24% Polygon Foundation / 22.76% Mihailo Bjelic. No later public document located for this investigation resolves that conflict.

For the contract-level control graph, see the separate POL Authority Map.

Executive Findings

1. The MiCAR chain is clear at the operating level. Polygon Labs Holdings (Cayman) Ltd is identified as the parent of Polygon Labs Services (Switzerland) AG, the MiCAR applicant, and Matic Network (BVI) Ltd, the issuer of POL.
2. Ultimate ownership remains unresolved. Polygon's official “100% Foundation” account conflicts with the 2023 LDA disclosure of 77.24% Foundation / 22.76% Mihailo Bjelic.
3. Mihailo Bjelic's 2025 departure does not prove a disposal of his historical interest. Leaving a board and day-to-day operations is not a share transfer, redemption, cancellation, or buyback.
4. Sandeep Nailwal's public “full control” statement describes management and governance, not a personal equity filing. His stated POL holdings are also distinct from shares in the corporate group.
5. The group separates functions by jurisdiction. BVI houses the token issuer, Switzerland the MiCAR applicant, the UAE important trademark rights, Cayman user interfaces, and Delaware/UK/India/Canada/Spain operating and employment functions.
6. Polygon Ventures is no longer best described as a current Polygon Labs division. It was spun out as P2 Ventures. A 2024 SEC Form ADV identifies Shreyansh Singh as the controlling owner of the P2 manager with at least 75%.
7. Acquisitions and incubations require transaction-by-transaction treatment. Sequence appears closed; Coinme still awaited regulatory closing on August 12, 2026. Avail, P2, Polygon ID/Privado/Billions, and Miden were announced as spin-outs, not current subsidiaries by default.
8. The 2022 $450 million financing was a private token sale. Its participants cannot be placed in the Polygon Labs shareholder table without separate equity evidence.

Evidence Standard

Claims on this page use three labels conceptually:

• Fact: supported by a registry, regulator filing, official IP record, court record, or specific primary publication.
• Inference: the best explanation of several facts, but not written as a legal fact in a single registry.
• Party statement: a press release, executive statement, or litigation position that does not by itself prove a cap table or adjudicated fact.

The evidence hierarchy is:

1. government registries, regulator filings, IP records, and court records;
2. the POL MiCAR white paper and entity-specific legal notices;
3. Polygon and counterparty transaction announcements;
4. reporting that identifies an underlying record;
5. corporate-data aggregators used only where the primary record is not freely available.

“Not found” means no supporting document was located in the reviewed public record. It does not mean the document or relationship cannot exist.

Reconstructed Corporate Map

Polygon Foundation — Cayman foundation company
  └─ [Polygon says it owns the group; current percentage is unresolved]
      Polygon Labs Holdings (Cayman) Ltd — reg. 395691
      ├─ Polygon Labs Services (Switzerland) AG
      │    └─ Swiss MiCAR applicant
      └─ Matic Network (BVI) Ltd — reg. 1993457
           └─ POL issuer

Affiliates whose precise ownership path is not public:
  ├─ Polygon Labs Tokens (Cayman) Ltd
  ├─ Polygon Labs UI (Cayman) Ltd
  ├─ Polygon Labs Services (Delaware) Inc
  ├─ PT Services DMCC — UAE trademark holder
  ├─ D.N. Researchers FZE LLC — former trademark holder/applicant
  ├─ Polygon Labs Services (UK) Ltd
  ├─ Catenable AG
  │    └─ 100% Uniclau S.L. — this edge is registry-confirmed
  ├─ PLSI Technology Services (India) LLP
  └─ Polygon Labs Services (Canada) Ltd

Acquired or integrated perimeter with incomplete public ownership chains:
  ├─ Predicate Labs, Inc / Mir → Polygon Zero
  ├─ Decentralized Networks, Inc
  ├─ Toposware, Inc
  ├─ Hermez team and technology → Polygon Hermez / zkEVM
  └─ Sequence Platforms Inc / Sequence

Announced but not closed as of 2026-08-12:
  └─ Coinme

Spun out or presented as separate — excluded from current subsidiaries:
  ├─ P2 Ventures
  ├─ Avail
  ├─ Polygon ID → Privado ID → Billions
  ├─ Miden
  ├─ Zisk / SilentSig
  └─ Katana Foundation / Katana network

Only the Holdings → Swiss applicant + BVI issuer edges form a continuous, directly documented parent chain. An affiliate, joint controller, trademark owner, product, acquisition announcement, or shared executive is not automatically a subsidiary.

The MiCAR Core Chain

Polygon Labs Holdings (Cayman) Ltd

The official POL MiCAR page and its white paper identify Polygon Labs Holdings (Cayman) Ltd, registration number 395691, as the parent of the Swiss applicant and BVI issuer. The GLEIF record, LEI 984500FEC0ADB5Y4A735, records the former name Ptech Holdings (Cayman) Ltd.

GLEIF separates legal-entity status from LEI status. A LAPSED LEI does not mean the company has been dissolved. Its accounting-parent exception is also not a shareholder register.

Polygon Labs Services (Switzerland) AG

Polygon Labs Services (Switzerland) AG, identifier CHE-275.116.509, is the MiCAR applicant seeking admission to trading for POL in the EU. It was formerly Ptech Services (Switzerland) AG; the name history is supported by the Swiss commercial-gazette record.

The Swiss company record shows Marc Palacio Rodriguez in the governing body and Gabriele Pinardi as a signatory. Antoni Martin left the governing perimeter in April 2025. GLEIF provides LEI 9845000C4775C78EDA15, but no public shareholder register.

Matic Network (BVI) Ltd

The MiCAR white paper identifies Matic Network (BVI) Ltd, registration number 1993457, as the POL issuer and a subsidiary of Holdings. It gives an incorporation date of September 26, 2018 and names Claire Abrehart as sole director at the white paper date.

The white paper also states that the issuer holds approximately 2 billion POL in its treasury. That statement does not identify one wallet and does not establish the issuer's ultimate beneficial owner.

The MiCAR Internal Inconsistency

MiCAR sections A.11 and B place Holdings above the Swiss applicant and BVI issuer. Section A.17 instead names Polygon Labs Tokens (Cayman) Ltd as the parent. These are distinct Cayman entities, and the 2023 LDA disclosure separately assigned Tokens Cayman 0% ownership of the Swiss lobbying client.

The most internally consistent reading is that Holdings is the parent and A.17 contains an error or unexplained reference. It would be unsafe to place Tokens Cayman above Holdings without a Cayman shareholder record.

Ultimate Ownership and Mihailo Bjelic

Conflicting Primary Disclosures

Polygon's January 2023 corporate-structure announcement said the Polygon Labs group was “owned entirely by Polygon Foundation.” It described the Foundation as a Cayman foundation company with no members or owners.

The 2023 US Senate LDA registration for Polygon Labs Services (Switzerland) AG disclosed a different structure:

A 2024 LDA filing continued to identify Holdings as the direct owner of the Swiss entity, but did not restate a complete ultimate-owner table. A Q2 2025 report reported no relevant foreign-entity additions or removals. Silence in a later filing cannot prove that ownership percentages remained unchanged.

Departure Is Not Divestment

Mihailo Bjelic left the Polygon Foundation board and day-to-day work at Polygon Labs in May 2025. That establishes an operational departure, not a transfer of the historical 22.76% indirect interest.

A definitive ownership conclusion would require a share transfer, redemption, cancellation, buyback, updated Holdings cap table, amended ownership filing, audited statement, or litigation exhibit. None was located. The supportable conclusion is therefore:

22.76% is a historical regulatory disclosure. Mihailo Bjelic's current economic interest, if any, is unknown.

Both unconditional claims — “he still owns exactly 22.76%” and “he left, so the interest no longer exists” — go beyond the evidence.

Sandeep Nailwal's “Full Control”

In a public statement dated June 11, 2025, Sandeep Nailwal said he had become CEO and taken “full control” of Polygon Foundation. The available copy also says the Foundation owns and oversees multiple entities, including Polygon Labs. Polygon's current About page lists him as co-founder and CEO of Polygon Foundation.

This supports operational and governance control. It does not prove personal equity ownership:

• a CEO or board mandate is not a shareholding;
• holding POL is not holding shares in Holdings;
• a memberless foundation company can control subsidiaries without a conventional ultimate shareholder;
• control may arise through director appointment rights, reserved matters, charter provisions, treasury authority, or private agreements.

The current ultimate economic ownership of Holdings remains unverified.

Operating, Employment, and IP Entities

The Polygon candidate privacy notice is an unusually useful perimeter source. Depending on candidate location, it identifies Delaware, UAE, UK, Swiss, Spanish, Canadian, and Indian entities as affiliates or joint controllers. The notice was last updated in 2023 and is a privacy/employment document, not a current group cap table.

United Kingdom

Polygon Labs Services (UK) Ltd, company number 14444411, is active, incorporated on October 26, 2022, and was formerly Ptech Group Services UK Ltd. Its officer register lists Sandeep Nailwal as a current director from December 21, 2022. Ryan Wyatt was a director from incorporation until that date.

The PSC page contains an active no-registrable-PSC statement. This does not prove an absence of control; a foreign foundation or company can sit outside the information conveyed by that statement.

The incorporation document in the filing history shows PTECH FOUNDATION subscribing for all 100 initial shares. Polygon's restructuring announcement describes the Ptech-to-Polygon naming transition, but no open Cayman document was found that conclusively links that exact subscriber identity to the current Foundation and all later transfers.

Switzerland and Spain: Catenable to Uniclau

Catenable AG, CHE-414.037.572, is an active Swiss company formed in 2018 with CHF 100,000 share capital. Marc Palacio Rodriguez is shown as sole board member. Polygon's candidate notice places it in the affiliate perimeter.

Spain's official corporate gazette supplies the strongest non-core ownership edge in the investigation:

• the 2012 formation record named Jordi Baylina sole administrator of Uniclau S.L.;
• a 2020 record appointed Catenable AG sole administrator, represented by Marc Palacio;
• a 2024 record made Catenable AG the sole shareholder of Uniclau;
• later 2025 and 2026 records document authority and address changes.

Catenable AG → 100% Uniclau S.L. is therefore confirmed. Polygon Foundation/Holdings → Catenable AG is not: affiliate wording and shared managers do not replace Catenable's shareholder register.

UAE Trademark and IP Control

A Canadian trademark record shows Polygon trademark rights moving from D.N. Researchers FZE LLC to PT Services DMCC on May 25, 2023. A later Hong Kong IP publication also identifies PT Services DMCC as owner.

PT Services DMCC is therefore a documented brand/IP holder, not merely a payroll affiliate. A US trademark litigation docket also shows the Delaware company and PT Services DMCC acting in the same dispute. Trademark ownership does not reveal the shareholder of the DMCC entity or the terms of intra-group IP licences.

Delaware and the Polygon Studios Lineage

A public California business-record mirror records the September 20, 2023 name change from Polygon Studios Labs Inc to Polygon Labs Services (Delaware) Inc. Marc Boiron is listed as CEO, secretary, and director; Joe Hamade as CFO.

A 2022 federal litigation record reported P.S. Labs FZE LLC as the parent of Polygon Studios Labs Inc. P.S. Labs FZE is absent from the later candidate notice; its current status and transition into the reorganized structure were not established.

A public copy of a 2026 Delaware Chancery pleading places Matic Network BVI, Decentralized Networks, Predicate Labs, Polygon Labs Services Delaware, Sandeep Nailwal, Marc Boiron, Daniel Lubarov, and Brendan Farmer in the same dispute. It describes Decentralized Networks as a wholly owned acquisition vehicle and Predicate Labs as a wholly owned acquired subsidiary. Those descriptions are party allegations, not adjudicated findings. The pleading is useful for entity identification, but its management, treasury, Katana, and conduct allegations are not treated as established facts here.

Legacy Matic Entities

Matic Network Pte Ltd

The Singapore company record shows Matic Network Pte Ltd, UEN 201825664W, incorporated July 27, 2018, as a live exempt private company limited by shares with SGD 100 paid-up capital.

Some historical investment materials called this entity “Matic Foundation” or a non-profit. Its registered legal form is a private company limited by shares. The public record does not explain how its shares or assets moved into the later Cayman/BVI structure.

Matic Network India LLP

Indian corporate-data mirrors Zauba and Tofler show Matic Network India LLP, LLPIN AAM-7783, incorporated June 5, 2018, as active. They list Sandeep Nailwal, Jaynti Kanani, Anurag Arjun, and Sangeeta Tripathi as designated partners.

This illustrates the difference between public narrative and legal residue: founders can leave day-to-day Polygon work while remaining on an older LLP record. Paid official MCA forms and the LLP agreement were not obtained, so third-party profit-sharing percentages are not used as findings.

PLSI Technology Services (India) LLP, LLPIN ACC-8216, is a separate, newer Indian entity formed in 2023. Its GLEIF record and Polygon's candidate notice support its existence and operational relationship, but not its economics.

Founders and Current Leadership

Original and Expanded “Co-Founder” Definitions

The original Matic Network founding team was Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Mihailo Bjelic joined later and became the fourth widely recognized Polygon co-founder. Contemporary accounts document the early Matic founding history.

After Hermez, Mir/Polygon Zero, Polygon ID, and Miden were integrated, Polygon used a broader product/technology co-founder category. Sandeep said in 2023 that Polygon had “like 10 co-founders,” as reported in an account of the technical leadership transition.

A reconstructable expanded roster is Sandeep Nailwal, Jaynti Kanani, Anurag Arjun, Mihailo Bjelic, Jordi Baylina, Antoni Martin, David Schwartz, Brendan Farmer, Daniel Lubarov, and Bobbin Threadbare. It is not a list of incorporators or shareholders of one company. The later names reflect product and acquired-team history.

Polygon's current About page lists Sandeep Nailwal as CEO of Polygon Foundation, Marc Boiron as CEO of Polygon Labs, Mudit Gupta as CTO, Jake Werrett as chief legal officer, Joe Hamade as CFO, John Egan as chief product officer, Andie Keister as head of people, Diana Chimes as VP marketing, and Aishwary Gupta as head of business development.

These are public management roles, not the board register of every entity.

Founder-Linked Organizations Outside the Proven Group

Separate activities include Sandeep Nailwal's Symbolic Capital, Beacon, Nailwal Fellowship, and Sentient Foundation; Jaynti Kanani's Morphic; and Anurag Arjun's Avail. ScopeWeaver Private Limited is another founder-linked Indian entity in corporate-data records.

These relationships matter for related-party analysis, but a common founder does not make them Polygon subsidiaries.

Polygon Ventures to P2 Ventures

The Historical Polygon Ventures Program

Polygon's 2023 Ventures profile described a multichain, pre-seed/seed investor grown from an ecosystem fund. It claimed more than $50 million deployed and named examples including LayerZero, Midnight Society, TinyTap, The Sandbox, EigenLayer, Safe, Magic Eden, Laguna Games, Polymarket, and Horizon/Sequence.

That page presents examples, not an audited or complete portfolio. It also does not identify a standalone legal company named Polygon Ventures or the exact entity that funded every investment.

The Spin-Out and Manager Ownership

In a February 1, 2024 update, Polygon said the ten-person Ventures team had been spun out at the end of 2023, rebranded as P2 Ventures, become standalone, and begun raising a new fund.

The strongest ownership evidence is P2 Ventures LLC's SEC Form ADV, filed October 11, 2024:

• Delaware LLC and exempt reporting adviser;
• CRD 329541, SEC file 802-131460;
• principal office at 23 Marina Tower 4203, Dubai;
• Shreyansh Singh listed as manager/member, controlling person, and the only disclosed direct owner;
• ownership code E, meaning 75% or more;
• no indirect owner listed.

This establishes that the P2 manager was not a Polygon-controlled subsidiary at that filing date. It does not disclose investors in the funds.

Fund Vehicles and Polygon Lineage

P2 Ventures LLC — investment manager
  └─ P2 Ventures Fund 1 Master Fund LP — BVI
      ├─ P2 Ventures Fund 1 Non-US feeder — BVI
      └─ P2 Ventures Fund 1 US feeder — Delaware
  └─ P2 Ventures Fund 1 GP Ltd — BVI general partner

Form ADV reported $103,222,321 in private-fund gross asset value. The BVI Financial Services Commission continued to list the master fund as a regulated private investment fund as of August 31, 2026.

BVI company records preserve the lineage:

• P2 Ventures Fund 1 Master Fund LP was formerly Polygon Ecosystem Master Fund LP;
• P2 Ventures Fund 1 GP Ltd used several Polygon Ecosystem Fund names.

This proves institutional continuity from Polygon Ventures to P2. It does not reveal limited partners. Polygon or the Foundation could retain an LP, side-letter, token, or economic interest that is not shown in Form ADV; the public record can neither confirm nor exclude it.

Acquisitions

Polygon's current About timeline compresses both 2026 transactions into “acquisitions.” For a legal perimeter, the later and more specific Coinme disclosure controls.

Spin-Outs and Incubations

Avail

Polygon announced a complete spin-out of Avail in March 2023. Anurag Arjun left Polygon Labs/Foundation and became steward of a separate, standalone, self-funded entity. Avail describes itself as independent and credibly neutral.

The Block reported, citing an Avail spokesperson, that a corporate entity wholly owned by Anurag acquired Avail. The later Avail Foundation announcement described its initial council and planned IP transfer. No residual Polygon equity, token, or control right was located.

Polygon ID to Privado ID to Billions

Polygon's February 2024 update also announced the spin-out of the 33-person Polygon ID team. The successor describes its path as Polygon ID → Privado ID → Billions.

Current Billions terms name Billions Network S.A. as operator under Spanish law. Billions leadership includes Evin McMullen and David Schwartz as co-founders. Other legal materials identify ZK ID Labs A.G, CHE-182.634.424. The exact relationship between those entities and any residual Polygon interest is not public.

Miden

In April 2025 Polygon announced that Miden had spun out and raised a $25 million seed round led by a16z crypto, 1kx, and Hack VC, with P2 among other participants. The announcement described an expected allocation of approximately 10% of the future token to POL stakers.

Separate financing and a stated spin-out make Miden an independent business for this map. Polygon's residual equity, board rights, and final token allocation were not disclosed.

Zisk and SilentSig

Polygon's About page labels Zisk an incubation. The Swiss record for SilentSig Switzerland GmbH, CHE-332.503.790, shows incorporation on May 9, 2025 with CHF 20,000 capital. At formation, Jordi Baylina held all 1,000 stated shares and Marc Palacio was a manager.

This supports a separate founder-led entity. “Incubated by Polygon” does not prove Polygon equity in SilentSig, and later transfers were not visible in the assembled evidence.

Katana

The Katana announcement says the network was incubated by Polygon Labs and GSR and led by the non-profit Katana Foundation. Katana's security documentation names Katana Services (Cayman) Ltd; its governance documentation describes a 3-of-5 arrangement involving network partners including Katana Foundation, GSR, and Polygon.

Shared multisig governance is not share ownership. Katana is classified here as an incubation/shared-control relationship, not a proven Polygon subsidiary.

Investors and Corporate Value Capture

Polygon's 2022 $450 million raise was a private sale of MATIC tokens. Sequoia Capital India, SoftBank Vision Fund 2, Galaxy, Tiger Global, Republic Capital, and other participants are confirmed token-round backers, not confirmed shareholders of Holdings.

Polygon Labs can also invest independently after the P2 spin-out. Its Boys Club investment announcement expressly said Boys Club would remain independent. A 2024 Fabric announcement described $5 million to acquire VPU-based server systems; “investment” there is a commercial hardware commitment, not evidence of Fabric equity.

The Sequence/Coinme announcement says Polygon Labs intends to become a revenue-generating payments company and reduce dependence on Polygon Foundation token grants. That is evidence of an important Foundation-to-Labs funding relationship, but it does not resolve the Foundation's exact equity percentage in Holdings.

This distinction matters to POL holders. Corporate revenue from private operating companies does not automatically accrue to POL. A value-transfer mechanism would need to be demonstrated through reduced treasury sales, token purchases, staking demand, fees, burns, contractual distributions, or another explicit channel.

Consolidated Entity Index

Polygon PoS, Polygon zkEVM, Agglayer, Polygon CDK, POL, Community Treasury, Protocol Council, Polygon Studios, Polygon Zero, and Open Money Stack are not added as companies without a distinct legal name. They are networks, products, governance bodies, business units, or brands.

What Remains Unresolved

The following documents would materially change the confidence level:

1. the current Cayman register of members and beneficial-owner record for Holdings;
2. Polygon Foundation's charter, governing register, and appointment powers;
3. a transfer, redemption, cancellation, or buyback record for Mihailo Bjelic's historical interest;
4. current shareholder/director extracts for Tokens Cayman, UI Cayman, PT Services DMCC, D.N. Researchers, Catenable, and the Delaware company;
5. consolidated audited financial statements and intercompany IP/grant agreements;
6. closing certificates and purchaser schedules for Sequence, Toposware, Hermez/Mir vehicles, and Coinme;
7. P2 limited-partner schedules, GP shareholder records, and side letters;
8. equity, token-warrant, board-right, and IP-transfer documents for Avail, Billions, Miden, SilentSig/Zisk, and Katana.

Until those records are available, Polygon should be modeled as several overlapping graphs rather than one simple pyramid:

• a confirmed ownership graph;
• an operating-affiliate graph;
• an IP graph;
• an acquisition graph;
• a spin-out graph;
• a founder-related-party graph;
• a separate on-chain authority graph.

Combining those graphs without evidentiary boundaries is the main source of inaccurate claims about who “owns Polygon.”