Global X Uranium ETF, page-6

I dont think they are reducing holdings because they dont have confidence in the project.
They, like Moga stated, are holding a porfolio of shares that track the Solactive Index.
If the Solactive Index dont have GGG anymore then neither will Global X. So Global X, having to track, also must sell out its stake regardless of how the share is performing.
I think I have understood this correctly and it would make sense as to whats happening with the share price. As theres not many shares around these days you can buy for a lower value then the value of the cash it holds in their bank.