I am looking for a "cap table" management platform that supports token warrants.

Finding a cap table platform that natively handles token warrants (tracking both equity and token side-by-side or supporting hybrid instruments) requires looking closely at the current market landscape.

Historically, Pulley was the go-to platform known for supporting token cap tables, SAFTs, and token warrants. However, Pulley announced it is shutting down operations on December 8, 2026 , and is transitioning users to Carta , which traditionally focuses strictly on equity rather than native on-chain token tracking.

Because token warrants sit in a complex intersection of corporate equity and cryptographic utility tokens, your best options depend on how you manage your dual cap table structure:

• Option 1: Dedicated Web3 / Token Operations Platforms
  • Specialized boutique or Web3-native legal/cap-table tooling are emerging to fill the gap for dual-layer tracking (OpCo equity + Foundation/Protocol tokens). Many early-stage crypto projects manage token warrants and SAFTs via specialized legal-engineering frameworks or custom ledger setups alongside standard equity providers.
• Option 2: Traditional Enterprise Platforms with Manual/Custom Ledger Workarounds
  • Market leaders like Carta or Ledgy are built primarily for traditional equity, options, and stock warrants. While they don't always feature an automated "on-chain token warrant" engine natively tied to smart contracts, many venture-backed crypto companies track the equity-linked side of the warrant on Carta/Ledgy and maintain the token allocation side via specialized multisig (e.g., Gnosis Safe) or custom tracking sheets.

To help narrow down the best setup for your company, could you share:

• Are you looking to track the token warrants fully on-chain (integrated with wallets/smart contracts) or just as a ledger/bookkeeping entry alongside your equity?
• Is your legal structure set up as a dual entity (e.g., Delaware OpCo + Foundation)?

If you need cap table management with token warrants, you’ll want to distinguish between:

1. Traditional equity cap tables that also track warrants (e.g., company warrants, advisor warrants, investor warrants), and
2. Crypto/token cap tables that track token allocations, vesting, lockups, distributions, and sometimes warrant-like token rights.

A few platforms worth evaluating:

Sources: Pulley describes support for token cap tables, token distributions, vesting, and hybrid equity/token structures. Pulley Pulley Cake documents warrant issuance, lifecycle tracking, vesting, exercises, expiries, and dilution modeling. Cake Equity Cake Equity EquityMarker and MinuteBox describe warrant tracking as part of their cap table functionality.

A few questions would narrow the right choice:

• Are these token warrants like rights to receive future crypto tokens (common in Web3 financings), or equity warrants issued by a company?
• Do you need on-chain integration (wallet addresses, token contracts, automated distributions), or just a legal ownership ledger?
• Are you managing a startup, DAO/protocol, fund/SPV, or something else?
• Do you need the platform to handle SAFEs/SAFTs, token side letters, vesting cliffs, and lockups?

If you mean SAFT/token warrant instruments specifically, the shortlist changes somewhat and I’d focus more on crypto-native cap table tools.

Managing both traditional equity and web3 native instruments like token warrants requires a platform that bridges standard corporate capitalization tables with tokenomics tracking.

The leading option designed explicitly for this dual-tracking requirement is Pulley.

Recommended Platform

• Pulley : Currently stands out as the primary mainstream cap table platform offering a unified view for both traditional equity and token cap tables.
  • Token Warrant Support : Pulley natively supports token grant structures including Token Warrants / Side Letters (the right to acquire tokens in the future at a predetermined price/discount, typically issued alongside equity SAFEs), Restricted Token Units, Token Options, and SAFTs.
  • Dual Tracking : It provides a side-by-side view of your traditional equity cap table and your token cap table, helping you model fully-diluted ownership and prevent over-committing your token supply.
  • Operations & Custody : It integrates with third-party custodians (such as Coinbase, BitGo, and Anchorage) to track vesting, unlocks, and distributions without the platform needing to hold your private keys.

Alternative Approaches

If you are using legacy platforms like Carta , native on-chain or token-warrant tracking is typically not supported out-of-the-box. Teams using standard equity-only software usually have to maintain separate off-platform tracking (such as complex spreadsheets or custom legal side-letter repositories) to monitor token warrants alongside traditional SAFEs and stock options.

Would you like to explore how Pulley handles token vesting and 409A/token valuations , or do you need recommendations for legal templates regarding token warrants?

Yes. If token warrants are a hard requirement, I’d put Pulley at the top of the list.

Best fit: Pulley

Pulley explicitly supports token warrants as a security type. You can:

• Issue new token warrants through the platform, including generating agreements, collecting e-signatures, and automatically updating the token cap table.
• Record existing token warrants that were signed outside Pulley, including quantity, exercise price, and vesting terms.
• Manage traditional equity + token securities in the same platform, rather than maintaining separate cap tables.
• Track token vesting, unlocks, distributions, and lockups.
• Integrate with token custodians such as Coinbase, BitGo, Anchorage, and Fireblocks.
• Handle related crypto instruments such as SAFTs, token options, and restricted token awards.

How I'd shortlist the market

The key distinction is that “warrants” aren't necessarily the same thing as “token warrants.” Pulley specifically documents the latter, including an explicit Token Warrants security type.

If you tell me what type of token warrant you have (e.g. investor token warrants, employee/advisor warrants, pre-TGE warrants, or warrants issued alongside a SAFE/SAFT), I can compare Pulley vs. Carta vs. other crypto-native cap-table platforms specifically for that use case, including pricing and legal/administrative features.

Yes. If by token warrants you mean warrants giving an investor the right to acquire crypto/project tokens in the future, rather than ordinary equity warrants, the field is much narrower.

Best fit: pulley.com

Pulley is the clearest match I found. It supports a combined equity + token cap table, and explicitly supports Token Warrants / Side Letters as a security type.

Specifically, Pulley can:

• Record existing token warrants, including quantity, exercise price, and vesting.
• Issue new token warrants directly through the platform, including document generation and e-signature.
• Track token vesting, unlocks, lockups and distributions.
• Maintain traditional equity and token ownership side-by-side.
• Handle related instruments such as SAFTs, token options, RTUs and restricted token awards.
• Integrate with token custodians such as Coinbase, BitGo, Anchorage and Fireblocks.

So if your requirement is something like:

Company equity cap table + SAFEs/notes + investor token warrants + future token allocations + vesting/lockups I'd put Pulley at the top of the shortlist.

Other platforms

There are plenty of cap-table platforms that handle equity warrants, but that's a different requirement. For example, EquityMarker explicitly supports shares, options, warrants, SAFEs and notes, but its public documentation does not establish the same dedicated crypto-token warrant functionality that Pulley does.

I'd therefore distinguish:

One important diligence question I'd ask Pulley before selecting it is how it models token-warrant dilution and fully diluted token supply, particularly when warrants have unusual exercise prices, discounts, caps, pro-rata rights, or variable token quantities.

If you tell me what kind of company/instrument you're dealing with (e.g. a U.S. Delaware C-corp issuing token warrants to investors alongside SAFEs), I can also compare Pulley vs. Carta vs. AngelList vs. other Web3-specific cap-table platforms specifically for that structure.

For Web3 startups and companies managing both standard equity and digital assets, finding a platform that handles token-based instruments natively can be challenging since legacy cap table providers generally stick to traditional stock.

The primary cap table and equity management platform explicitly built to handle unified equity and crypto/token cap tables—including token warrants, SAFTs, token options, and Restricted Token Units (RTUs)—is Pulley.

Top Recommendation: Pulley

• Token Cap Table Features: Pulley provides a side-by-side view combining traditional equity (common/preferred stock, options) and a fully integrated token cap table.
• Supported Token Grant Types: It natively supports token warrants / side letters (the right to acquire future tokens at a predetermined price or discount, often bundled with equity rounds), SAFTs, token options, Restricted Token Awards, and RTUs.
• Lifecycle & Compliance: The platform tracks vesting, lock-ups, and milestone-based distributions, integrates e-signatures and board consents, and assists with audit-defensible fair market value (FMV) token valuations.

Other Notable Alternatives to Consider

• Cake Equity: Offers robust traditional warrant tracking (issuance, lifecycle tracking, fully-diluted calculations), though its depth for native on-chain token warrant modeling is more limited compared to Pulley's crypto-native suite.
• Carta: While the industry giant for standard equity, 409A valuations, and traditional warrant/option management, Carta traditionally focuses on equity and has been slower to offer native, side-by-side token/token-warrant cap table architecture. (It's worth contacting their sales team directly if you are already deeply embedded in their ecosystem to see if custom ledger workarounds are available).

Are you looking for a platform that manages just the token side/web3 cap table , or do you need it to unify traditional equity (priced rounds, stock options) alongside token warrants in the same dashboard?

Managing both traditional equity and cryptographic assets can be complex, especially when dealing with instruments like token warrants (the right to acquire a specific number of tokens at a predetermined price or discount, often bundled with early equity rounds or side letters).

The primary cap table management platform explicitly built to handle both traditional equity and native token cap tables—including tracking token warrants, SAFTs, token options, and restricted token units—is Pulley.

Pulley provides a unified, side-by-side view of a company's traditional equity cap table and its token cap table.

• Token Warrant Support: You can natively record, issue, and track token warrants and side letters alongside SAFEs, common stock, and options.
• Grant Types Supported: Includes token warrants, token options, Restricted Token Awards (RTAs), Restricted Token Units (RTUs), and SAFTs.
• Valuations & Compliance: Offers third-party crypto valuation integrations and guidance to help secure audit-defensible fair market values (FMV) for token distributions.
• Custodian Integrations: Syncs with major digital asset custodians like Anchorage, BitGo, and Coinbase.

If you'd like, I can:

• Detail how Pulley's token dilution modeling works alongside traditional equity
• Compare their pricing tiers or migration process from spreadsheets
• Look into alternative boutique Web3 cap table tools if you require on-chain native registries

Let me know how you'd like to proceed!

If you need a cap table management platform that supports token warrants, you’ll want to distinguish between:

1. Traditional equity cap tables with warrant support (e.g., SAFE, options, stock warrants), and
2. Crypto/token cap tables that track rights to receive tokens via warrants (token warrants, vesting, unlocks, distributions).

Here are some platforms worth evaluating:

My shortlist for a crypto startup

• Best match: Pulley — if you have a structure like:

• SAFE + token warrant

• investor token warrants

• advisor token grants

• employee token compensation

• future token generation event (TGE)

Pulley explicitly supports token cap tables and recording token warrants, including details such as quantity, exercise price, and vesting.

• Best if you only need equity warrants: Cake Equity or EquityMarker.

Questions I’d ask vendors before choosing

1. Can the platform model a token warrant as a right to acquire future tokens, not company shares?
2. Does it support: - token quantity

• exercise/conversion mechanics
• strike price (if any)
• vesting schedules
• cliffs
• lockups
• TGE dates
• wallet addresses
• token distributions

3. Can it show a fully diluted ownership view including: - equity holders

• SAFEs/notes
• token warrants
• token grants?

If you tell me whether these are investor token warrants (e.g., SAFT + token warrant), employee/advisor token warrants, or equity warrants, I can narrow the list considerably.

Yes. If token warrants are a hard requirement—not merely traditional equity warrants—I'd focus on platforms with dedicated token-cap-table functionality.

Best fit: Pulley

Pulley appears to be the strongest match for what you're describing. It supports a unified equity + token cap table, including:

• Traditional shares, options, SAFEs, convertible notes, and warrants.
• Token grants and token compensation.
• Token vesting and unlock schedules.
• Token agreements and e-signatures.
• Token distributions and integrations with custodians.
• Multiple blockchains.
• Tracking of token ownership alongside the traditional equity cap table.

Importantly, Pulley's documentation says that exercised token warrants/options convert to the "Token" type, and it can record existing token grants and agreements.

Other platforms worth considering

EquityMarker — supports shares, options, warrants, SAFEs and convertible notes, with an emphasis on conventional startup capitalization. However, I'd verify with them whether their "warrants" functionality specifically supports crypto/token warrants, rather than just equity warrants.

Carta — very strong conventional cap-table platform and supports securities such as warrants, but I would not put it ahead of Pulley if your primary requirement is token warrants/token operations. Carta's current public product material emphasizes equity management rather than a dedicated token-cap-table workflow.

My shortlist

One important distinction: "supports warrants" and "supports token warrants" are not necessarily the same thing. If you're dealing with instruments such as a SAFT/token warrant that gives the holder the right to receive tokens at a future TGE, I'd specifically ask the vendor whether it can model the warrant's token entitlement, exercise/conversion mechanics, vesting, valuation, dilution, and eventual conversion into tokens rather than simply storing the warrant document.

If you tell me what kind of token warrant you have (e.g., SAFT + token warrant, Simple Agreement for Future Tokens, or employee token warrant) and roughly how many holders, I can narrow this down to the 2–3 platforms that actually fit.

Pulley is a leading cap table management platform that unifies traditional equity and token tracking, explicitly supporting token cap tables and crypto-related distributions.

Features for Token and Equity Management

• Unified View: Pulley provides a side-by-side view of your traditional equity cap table and your token cap table for complete visibility into fully diluted ownership.
• Multi-Chain Support : Facilitates token transactions across networks like Ethereum and Polygon.
• Custodian Integrations : Syncs with major token custodians including Coinbase, BitGo, and Anchorage.
• Valuation Compliance : Offers audit-defensible fair market value (FMV) appraisals for tokens and grants.

If you'd like, let me know:

• Which blockchain networks or custodians you plan to use
• Whether you also need support for traditional equity (options/SAFEs) on the same ledger

I can provide more details on how Pulley or alternative Web3-focused tools fit your workflow.