You can run PHP inside the blade tags, so;
<a class="accordion-toggle" data-toggle="collapse"
data-parent="#accordion2" href="#collapseOne">
{{ substr($artist->description,0,30).'...' }}
</a>
The final substr parameter being the number of characters to include
To change the link text, you will need to write some jquery to catch the show.bs.collapse callback and replace the innerhtml of the link.
This Twitter bootstrap 3.0 icon change on collapse is similar but is changing an icon.