Pulley is closing. Your token cap table shouldn't go with it.
Pulley shuts down December 8 and Carta's migration only covers equity. Here is what Pulley's token customers should do with their token cap tables — and Toku's offer to honor your Pulley pricing and handle the migration itself.
Key takeaways
- Pulley shuts down on December 8, 2026; account data stays reachable only in limited form until January 31, 2027.
- Carta's migration covers equity cap tables only — token cap tables are not part of the deal.
- Toku honors your current Pulley pricing for year one, at the same stakeholder count.
- Toku's team rebuilds your token cap table, vesting schedules, and distribution history from your own Pulley export.
- Export your token data from Pulley this week, even before you choose a new provider.
Pulley told its customers on September 15 that it shuts down on December 8. Carta is picking up the equity cap tables, and honestly that is the right place for them. Carta does equity better than anyone.
Here is the part nobody is writing about. A lot of Pulley's customers are crypto companies. For them, Pulley was not the share register. It was the token register. Every grant, every vesting schedule, every unlock, every withholding calculation on distribution day. Carta's migration covers shares. It does not cover tokens. So on December 8 your equity moves house and your token records are left standing in an empty building.
We have spent four years building the house next door.
Toku is token grant administration. We hold the record of who was promised what, when it vests, and what gets withheld in which country when it lands. We connect that to payroll. We never touch your tokens or your keys. We sit outside the flow of funds, which is how your counsel, your auditors, and increasingly your regulators want it. Companies from seed-stage protocols to publicly traded firms run their token distributions on Toku today.
So here is our offer to Pulley's token customers.
We will honor your Pulley pricing. Whatever your token cap table or token distribution plan costs you today, that is your Toku price for year one, same stakeholder count, no games.
We will do the migration ourselves. Pulley has said it cannot help anyone move to a provider other than Carta, so we built this around your own export. You send it. Our team rebuilds your token cap table, vesting schedules, and distribution history. You check it against what you had on Pulley. When you say it matches, you are live.
You keep Carta for equity. This is not a pitch to leave Carta. Equity on Carta, tokens on Toku. Same split you had inside Pulley, now across two companies that each do one thing well.
The clock matters. Pulley's app goes dark on December 8 and your data is only reachable in a limited form until January 31. Export your token data this week. Do that even if you have not decided where it goes. A file on your laptop is worth more than a promise from any vendor, including us.
To Yin and the Pulley team: you saw that tokens needed a real cap table years before most people did, and you built one. Thank you for that.
If you are a Pulley token customer, go to toku.com/get-started. Drop your name and company and one of our team will be on a call with you within one business day to walk your export and scope the move. Or skip the form and write to me directly at ken@toku.com. Either way, you will hear back fast.
Ken O'Friel, CEO, Toku
