Grayscale GLNK Trust

So I been looking at recent crypto ETFs and was curious about Grayscales Chainlink trust as it will just be converted into a spot ETF. When you look at the NAV and Market Price for GLNK you can see on Nov 5, 2025 the NAV was $13.53 while Market Price was $23.11, showing that the trust is at a very high premium to the NAV. But im surprised by this cuz when the trust converts to spot etf the people holding GLNK will have to watch the price get almost dropped in half to be near the NAV price.

I was just curious to see if my thought process was correct over here with thinking that once the GLNK Trust converts to Spot ETF its price will drop to be trading essentially at its NAV price.