It looks that both .bmp and .bm files are in most cases raster images, so nothing in theory should prevent a potential bmp to bm conversion. You just need to use a converter that supports both of these files types, for example the popular XnView MP.
Home > Search converters: bmp to bm
Conversion of bmp file format to bm file format beta
Search for bmp to bm converter or software able to handle these file types.
Convert Standard Windows bitmap image to X Windows system bitmap image.
We have found one software suitable in our database for this conversion.
Multiplatform software 
- convert bmp to bm on any platform
XnView MP
A popular utility for viewing and converting graphic files
File extension | Convert | Open | Save | Edit | Create | Import | Export | Extract |
|---|---|---|---|---|---|---|---|---|
Convert from bmp file | Yes, XnView MP supports bmp file conversion as a source file type. | Yes | No | No | No | No | No | No |
to bm file | Yes, XnView MP supports bm file conversion as a target file type. | No | No | No | No | No | No | No |
The table with program actions contains information about what each program is capable of doing with their files. This may be a good pointer for further searches for certain file conversions and help you find the converter you are looking for if our search result is insufficient for you. However, it is far from perfect and may sometimes show results which are not really usable because of the nature of the software handles the files. So a conversion that appears as possible, just because of matched actions, may in fact not be possible.
Additional links: Open bmp file, Open bm file
BMP
Files with bmp extension can be commonly found as bitmap images. One of the traditional bitmap formats.
BM
Files with bm extension can be mainly found as bitmap images from the X Windows system images.
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