Texas Becomes First State to Purchase $5 Million Bitcoin via ETF
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Newsfilter
- Bitcoin Strategic Reserve: Texas has become the first state to purchase approximately $5 million in Bitcoin through the BlackRock Bitcoin Trust ETF, marking a formal recognition of digital assets in state finance and potentially attracting more investor interest in the state's digital economy.
- Legislative Push: New Hampshire passed its crypto strategic reserve law before Texas, allowing the state treasury to invest up to 5% of funds in crypto ETFs, indicating a competitive legislative environment among states that may enhance broader market acceptance.
- Municipal Bond Innovation: New Hampshire plans to issue the first Bitcoin-backed municipal bond worth $100 million, using Bitcoin as collateral to fund economic development projects for smaller governments, showcasing the potential integration of cryptocurrencies into traditional financial structures.
- State Finance Transformation: Several states are now accepting cryptocurrencies for tax payments, reflecting a gradual acceptance of emerging asset classes; while some investors remain cautious about volatility, younger generations view cryptocurrencies as advantageous in terms of transparency and asset integrity.
Analyst Views on BLK
Wall Street analysts forecast BLK stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BLK is 1356 USD with a low forecast of 1244 USD and a high forecast of 1486 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 1156.650
Low
1244
Averages
1356
High
1486
Current: 1156.650
Low
1244
Averages
1356
High
1486
About BLK
BlackRock, Inc. is an investment management company. The Company provides a range of investment management and technology services to institutional and retail clients. Its diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Its product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives, and money market instruments. Its products are offered directly and through intermediaries in a range of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds, separate accounts, collective investment funds and other pooled investment vehicles. It also offers technology services, including the investment and risk management technology platform, Aladdin, Aladdin Wealth, eFront, and Cachematrix, as well as advisory services and solutions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
