Circle Internet Financial's privately held stock is trading between $5 billion and $5.25 billion in value in the secondary market, reports CoinDesk citing several people familiar with the matter.

Circle has allowed some of its shares to trade only in certain, limited circumstances, CoinDesk continued, adding that the sellers are likely early-stage investors or Circle employees cashing in their options before the firm goes public.

Circle submitted a confidential S-1 form to the Securities and Exchange Commission in January to take its equity services public.

The Block reached out to Circle for comment.

Circle's previous IPO attempt

In July 2021, Circle announced plans to go public by merging with Concord Acquisition Corp., a special purpose acquisition company, in …