Pulley is shutting down December 8. Your token valuation needs a new home.
Pulley is shutting down. Your token valuation does not move with your cap table.
Pulley has arranged a transition for 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
Annual plans and one-time engagements. Scope and fee are confirmed on a 20-minute call.
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.
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.
Pulley shutdown: questions token companies are asking
Is Pulley shutting down?
Yes. Pulley stops operating on December 8, 2026. The deadline to opt into its arranged cap table transition is November 30, 2026, and limited data access ends January 31, 2027.
Does my token valuation transfer with my cap table?
No. The announced transition covers equity cap tables. Token ledgers and the token valuations Pulley delivered are not part of it. The December 31 token mark will not be produced unless you engage a valuation firm.
What happens to the token valuations Pulley already delivered?
They remain the reports of record for their dates, but the signer no longer exists. Your auditor will still ask for each report and its workpapers at year-end, and an acquirer will ask for the full history in diligence. Download every report and workpaper before December 8.
Who produces my December 31 token mark?
No one, until you engage a firm. If you grant, vest, or distribute tokens in Q4, you need a token FMV as of December 31, 2026. That mark goes on the W-2 for distributions and in the financial statements.
What does a defensible token mark need?
A named venue and cut-off for the observable price, restriction discounts measured per unlock tranche, launch scenarios with weights for pre-TGE tokens, consistency with the equity 409A, and a named signer with workpapers the auditor can re-perform. MELD's article on the five questions auditors ask covers each one.
Do I need a new equity 409A as well?
If an equity entity holds the token allocation, through token warrants, SAFTs, or an intercompany agreement with a foundation, the 409A has to value that allocation and agree with the token mark. One firm doing both keeps the assumptions consistent.
What should I download before December 8?
Every 409A and token FMV report with workpapers, board consents, cap table exports at each round, grant and vesting records, token warrants and SAFTs, distribution records with the FMV used for withholding, and any intercompany agreement. The full list is in MELD's Pulley shutdown checklist (PDF).
What does MELD do for Pulley token customers?
The equity 409A with token allocation and the token FMV mark under one engagement, with the same appraiser signing every report, an onboarding review of the Pulley history, and a reconciliation bridge from Pulley's last mark. The fee is fixed before work starts and confirmed on a 20-minute call.
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.
Card is accepted as a fallback.
Reports are released when payment clears. If you need the report before an ACH debit settles, 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. 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.