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.
Annual plan: $18,000
$16,500 paid in full at signing.
Or $1,500 per month on a 12-month term, first three months due at signing.
One engagement, one firm, covered for the year.
- Equity 409A with token allocation, refreshed annually or on a material event
- Four quarterly token FMV marks for grants, vesting events, and distributions
- Auditor support, one consolidated comment round per report
- Same signer on every report, so your history stays defensible
Standard turnaround is five business days from a complete document set. Rush under three business days is +25%.
This is what most token companies were already paying in valuation fees. It just used to arrive as four invoices from a software company.
One-time engagements
| Engagement | Fee |
|---|---|
| Equity 409A with token allocation + token FMV, post-TGE, single entity | $12,500 |
| Same, pre-TGE or DevCo/foundation structure | $15,000 to $17,500 |
| Token FMV mark, single date | $3,000 to $4,000 |
| Annual 409A refresh, existing clients | $6,500 |
| Rush, under 3 business days | +25% |
Prices are the price. Complexity we find later lands at the top of the range, never above it.
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.