Pulley Token Customers: What Happens to Your Token Valuations After December 8
Author: Redwood Valuation Content Team
Published: September 24, 2026
Pulley marketed itself as a platform that handled tokens alongside equity, including token cap tables, token distribution, and token valuations from what it called "a dedicated team of crypto valuation experts who provide audit-defensible FMVs" (fair market values). When Pulley ceases operations and services on December 8, 2026, its normal platform and support for those token functions end. An existing token valuation report still documents the conclusion reached for its stated valuation date and purpose. Most public guidance about the shutdown, including Pulley's own FAQ, focuses on moving the equity cap table to Carta. Token customers therefore need a separate plan for preserving prior valuation work, maintaining token records, and arranging any future valuations.
What Pulley's Shutdown FAQ Does and Does Not Cover for Token Companies
Pulley's shutdown FAQ explains what moves to Carta on the equity side: cap-table data, documents, transaction history, and equity records. It also says Carta can accept existing Pulley 409A valuations as-is and will support the defense of Pulley's prior 409A work after the transition. The FAQ makes no comparable statement about prior token valuations and does not address token cap tables or token distributions. Pulley also says it cannot assist a migration to another provider. The normal Pulley app experience and support end on December 8, while data remains accessible in a limited format through the app until January 31, 2027.
If your company used Pulley for both equity and tokens, the token side presents three separate transition questions: what to preserve from prior valuation work, who will administer the token records, and who will perform any future valuations. A prior report remains a record of the valuation conclusion as of its original date and for its original purpose. Whether it answers a later tax, accounting, or compensation question depends on the question being asked and the report's scope. Before assuming that token records or prior valuation materials will follow the equity migration, confirm in writing which token records and prior valuation materials Carta—or whichever platform you choose—will accept. Also confirm what token administration it will provide.
Why Token Valuations Need Their Own Plan
Token valuations serve different purposes from a 409A valuation and should not be assumed to follow an equity migration. Your company may need a token valuation for tax, financial-reporting, or compensation purposes, but the relevant standard and measurement date depend on the asset, instrument, and event. For example, U.S. tax rules generally use fair market value for digital assets received for services when income is recognized. Financial reporting is a separate inquiry. ASC 350-60 applies to qualifying crypto assets an entity holds but excludes assets created or issued by the reporting entity or its related parties. Because of that exclusion, ASC 350-60 should not be treated as the accounting model for a company's own token grants. Token grants, SAFTs (simple agreements for future tokens), and other token-related instruments can raise different valuation questions based on their specific terms.
Token valuation also depends on facts that change quickly: supply and unlock schedules, whether the token has listed, the depth of trading markets, and any restrictions on the tokens being valued. That means a replacement valuation provider needs to understand those token-specific mechanics, not just your equity cap table. We cover how a token generation event changes the analysis in “Token Valuation Before and After a TGE.” For tax reporting, see our token valuation tax reporting guide.
Token Records to Save While Full Access Remains
The equity checklist in our Pulley shutdown checklist applies to your shares and options. For tokens, save the following:
every token valuation report, including any appendices and its valuation date
the token cap table or allocation ledger as of each valuation date, plus a current export
token grant agreements, SAFTs, token warrants, and similar instruments
vesting and unlock schedules and the distribution history recorded in Pulley
the inputs behind each valuation, including tokenomics, supply schedules, and any market data you provided
correspondence with Pulley's valuation team, auditors, or other advisors about prior token valuations
engagement letters or service terms covering valuation or audit support, if available
Store these records somewhere your company controls. If you are moving token administration to a new platform, use the complete export to check that the rebuilt records reconcile.
Choosing a Provider for Future Token Valuations
Pulley combined token management and token valuation on one platform. After the shutdown, keep three issues separate: prior valuation support, ongoing token administration, and future valuation work. When choosing a future valuation provider, focus on two questions. Does it regularly value tokens at your stage, including pre-listing tokens with limited trading? Who prepares and signs the analysis, and what support is available if an auditor or tax authority asks about that provider's work later?
Token and Equity Valuations From One Independent Firm
Redwood is an independent valuation firm that performs 409A and crypto/token valuations, including work involving token grants and related instruments such as SAFTs. If you used Pulley for token valuations, 409A valuations, or both, Redwood can perform new valuation work after the shutdown.