Texas Becomes First State to Purchase Bitcoin, Allocating $5 Million to Strategic Reserve
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: CNBC
- Bitcoin Strategic Reserve: Texas has become the first state to purchase Bitcoin, legislatively authorizing the state comptroller to hold Bitcoin and investing $5 million in BlackRock's Bitcoin ETF, marking a proactive approach by state government in the digital asset space.
- Legislative Push: New Hampshire passed its crypto strategic reserve law before Texas, allowing the state treasurer to invest up to 5% of state funds in crypto ETFs, highlighting a competitive legislative environment among states regarding cryptocurrency.
- Market Impact: Texas's investment in the Bitcoin ETF was made when Bitcoin was priced at $91,336, which has since risen to $95,000, reflecting the state government's confidence in crypto assets and recognition of market potential.
- Financial Innovation: New Hampshire plans to issue the first Bitcoin-backed municipal bond worth $100 million, using Bitcoin as collateral to fund economic development projects within the state, showcasing a novel application of cryptocurrency in public finance.
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.
