Berkshire Hathaway sells $3.8 billion worth of Bank of America in a 12-day selling spree.

Warren Buffett is not done selling .

On Tuesday, Wednesday, and Thursday, Berkshire Hathaway sold 19.2 million BofA shares for approximately $779 million, with an average selling price of $40.52 per share, as stated in a new regulatory filing.

The conglomerate has been selling its bank stock for 12 consecutive days, with total sales now exceeding $3.8 billion. Its remaining 942.4 million shares have a market value of $37.2 billion at Thursday's close of $39.50.

On Thursday, Bank of America dropped to the third spot on Berkshire's list of top holdings, with a value of $37.7 billion, after and , which had previously been valued at $37.7 billion. Prior to the selling spree, BofA had been Berkshire's second largest holding.

Berkshire remains the bank's largest shareholder with a 12.1% stake.

The stock of Bank of America has fallen 5.2% this week, reaching a low of $38.98 on Thursday due to recession concerns. Despite this, BofA has risen more than 17% year to date, surpassing the S&P 500's performance.

In 2011, Buffett bought $5 billion worth of BofA's preferred stock and warrants, boosting confidence in the struggling lender that had losses linked to subprime mortgages. He converted those warrants in 2017, making Berkshire the largest shareholder in BofA, and vowed that it would be a "long, long time" before he would sell.

The Charlotte-based bank was highly valued by the legendary investor for its business, valuation, and management.

Since 2010, Brian Moynihan has led BofA to report impressive second-quarter results, including an increase in investment banking and asset management fees, as well as a positive outlook on net interest income.