.sparsebundle to .backupbundle (for TimeMachine macOS 10.15)
While both sparse images and sparse bundles contain a file system, a sparse bundle is bundle-backed, meaning that it employs a specialized, hierarchical directory structure for grouping related resources. Within a sparse bundle, the bands subdirectory contains the actual data saved within the disk image.
hdiutil convert -format UDSB -imagekey sparse-band-size=262144 -o new.sparsebundle old.sparsebundle
# Will take lot of time ~ hours
The sparse-band-size parameter is the number of 512-byte sectors (chunks), not the number of bytes. Since 512 is 1/2 1,024, then 262,144 B / 2 = 128 KiB.