Pulley is shutting down December 8. Your token valuation needs a new home.
Carta is taking the cap tables. The token valuation is a separate question, and it is the harder one.
MELD Valuation handles both halves of the problem: the equity 409A for a company with token rights on its cap table, and the token FMV you need every time you grant, vest, or distribute.
What breaks when a platform closes
A bundled valuation looks like a feature until the bundle goes away. Then you find out what you actually had: a number, or a report with workpapers and a firm behind it.
Before December 8, download every valuation Pulley ever delivered to you. Your next valuation firm, your auditor, and your acquirer's diligence team will want the history. Then decide who does the next one.
MELD Annual Equity and Token Valuation Plan
$18,000 per year. $16,500 paid in full at signing, or $1,500 per month on a 12-month commitment with the first three months ($4,500) due at signing and monthly billing from month four. The monthly option is a full-term commitment, not month to month. ACH is the default. USDC is accepted.
One engagement. The same appraiser signs every report.
Included:
- One annual equity 409A, including token warrants, SAFTs, and the token allocation owed to equity holders.
- One equity refresh during the term, triggered by a priced round, a TGE, or a change of control.
- Four token FMV reports per term. Quarter-end measurement dates by default; set different dates at onboarding to match planned grant, vesting, or distribution activity.
- Onboarding review of prior valuation reports and a reconciliation bridge from the last delivered mark to MELD's first one.
- Auditor support, including one consolidated written comment round per report.
- Documented methodology that stays consistent across the year.
Turnaround: five business days from receipt of a complete document set. Expedited delivery in fewer than three business days is available subject to capacity at a 25% premium on the report's allocated fee. For that purpose the 409A is allocated $6,000 and each token mark $3,000.
Add-ons, priced:
| Item | Price |
|---|---|
| Additional token measurement date | $3,000 |
| Additional token class, four marks per term | $9,000 |
| Second auditor comment round on a report | $1,500 |
Scope:
- The plan covers one operating company and one token class. A DevCo and its affiliated foundation count as one company when the token allocation runs through a single intercompany agreement.
- Re-performing prior-period marks from source documents, material restructurings, and additional entities are scoped separately.
- MELD does not provide tax or accounting advice.
One-time engagements start at $12,500.
How billing works
ACH is the default. Bank debit, no card fees, one authorization for the term.
USDC is accepted. Settled to dollars on receipt. Payments over $10,000 are split into two invoices.
Card is accepted as a fallback.
Reports are released when payment clears. ACH settles in about four business days. If you need the report sooner, the signing payment can go by USDC or card, which clear the same day.
Annual plans renew at the same price unless either side gives 30 days' notice before the term ends. Once work has begun, the remaining months of the term are due.
Who this is for
- Companies that issued tokens alongside equity and need both valued
- Pre-TGE companies with token warrants, SAFTs, or token side letters on the cap table
- DevCo/foundation structures where the equity value depends on the token allocation
- Any company whose last 409A was done by a platform that no longer exists
About MELD
MELD is a boutique valuation firm serving venture funds, private credit funds, and family offices since 2013. 10,000+ reports. Institutional quality without Big Four pricing or turnaround. Every report is signed by a named appraiser who will still be reachable when your auditor asks about it in three years.