Apex Treasury Corporation is a special purpose acquisition company (SPAC) — a shell company with no operations whose sole purpose is to identify and acquire a private company in the blockchain infrastructure space, taking it public through a merger. Apex raised $345M in its December 2025 IPO, with proceeds held in a Trust Account while management searches for a target. Apex has 24 months to complete a deal, or it must return trust funds to shareholders. Apex's stated focus is on companies operating at the infrastructure layer of the blockchain and digital asset ecosystem, including validator software and staking infrastructure, zero-knowledge frameworks, Web3 middleware, and asset tokenization platforms. Apex targets companies with enterprise values above $1B, preferring targets with fee-based revenue models (e.g., staking margins, protocol fees, or infrastructure-as-a-service contracts). Apex does not generate revenue — its business model is purely transactional, using trust proceeds plus any additional financing to acquire a target and merge it into a public entity. Public shareholders hold a $10.00/share claim on the Trust Account with upside optionality if Apex completes a deal. The Sponsor, Meshflow Acquisition Sponsor LLC, received 8,625,000 Founder Shares for a nominal $25,000 investment, which convert to Class A shares upon deal completion and expire worthless if no deal is done. CEO Bartosz Lipinski previously led NFT standard development at Solana Labs, co-founded Metaplex, and co-founded Cube Exchange, an institutional crypto trading platform.