Berkshire Hathaway exercised its warrants to purchase 700 million shares of Bank of America common stock using the Series T preferred shares Berkshire Hathaway acquired through its investment in Bank of America in 2011.

Bank of America confirmed in a press release that Warren Buffett’s Berkshire Hathaway had exercised its warrants to buy 700 million of the bank’s common stock at $7.14 per share, a deep discount to the bank’s closing price on Thursday of $23.89.

Brian Moynihan, Bank of America chief executive, said, “In 2011, we welcomed Berkshire Hathaway as a shareholder, and we appreciate their continued support now as our largest common stock holder.”