Cap tables
should be
free
Pulley is shutting down. The vendors lining up to replace it sell the same spreadsheet with a new invoice attached, $5,000 to $10,000 a year and up.
Fairmint is an SEC-registered transfer agent operating the shareholder record onchain. The cap table is free. The register underneath is the real one, and it stays yours.
A standard, not a vendor
The Open Cap Table Format is an open standard for cap table data, backed since 2021 by Cooley, Fenwick, Goodwin Procter, Gunderson Dettmer, LTSE, Morgan Stanley, Orrick, Wilson Sonsini and dozens more law firms and equity providers. Fairmint is a member, and publishes the Open Cap Table Protocol that runs the register onchain.
The point of the standard is portability. Your cap table is a corporate record, not a vendor's database. When a vendor raises its price or shuts down, an OCF record leaves with you instead of dying with the account.
Registration as a transfer agent is not an endorsement of Fairmint by the Commission. Pricing figures refer to publicly advertised annual plan ranges of other vendors.