The Treasury said it sold over 88.4 million warrants in an auction at a price of $10.75 each.
The conversion price for the JPMorgan warrants is $42.42 per share. After the bank's stock hits that price, the warrants can be converted into stock worth $3.75 billion.
JPMorgan's share price fell 40 cents to $40.88 in afternoon trading.
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