BRK has had an interest in BAC dating back to the financial meltdown and crises in 2008 - 2010, when BRK injected a huge amount of capital into BAC, getting convertible preferred shares paying a significant rate of return of around 10% in the interim on the preferred convertible shares. BRK's block of preferred shares could be converted into BAC common shares, which did happen when BAC's share price reached a level that made it profitable for BRK to convert and take all of the common shares with the lesser dividend. It has been a great investment holding for BRK. As of 12/31/19 BRK held 250,866,566 BAC shares worth $33.38 Billion at the time.
Since then, and more recently BRK applied for and received a waiver in order to be permitted to own more than 10% of BAC's outstanding shares without being designated a bank holding company, which requires much more complicated compliance and regulatory issues, laws and filings. As a result, BRK has been acquiring more BAC shares.
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