Bank of America said that 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.

According to Bank of America’s press release, that Warren Buffett’s company bought 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.”