Celsius CEO proposes rebuilding Celsius, refocusing on custody and charging fees on some transactions

According to The New York Times, Celsius CEO Alex Masinsky proposed in a staff meeting to rebuild the company, focusing on custody and charging fees for certain types of transactions, a project code-named "Kelvin." Alex Masinsky said Celsius was working with the Unsecured Creditors Committee (U.C.C.), which represents the company's creditors, to develop a plan to restart operations. But after meeting with Celsius representatives, the committee raised concerns about Mr. Mashinsky's continued involvement with the company and cast significant doubts about the viability of Kelvin's proposal, according to a person familiar with the matter. The exact details of the reconstruction plan are still unclear.