I ran clrwrap through gdb. Found out that ilrun (also a part of portable .net) was the problem. Here are some instructions before/after the bus error:
Before:
0x3a50b6: lsls r0, r0, #0
0x3a50b8: andeq r0, r0, r0
0x3a50bc: andeq r0, r0, r0
Error line:
0x3a50c0: mov r0, #3670016 ; 0x380000
After:
0x3a50c4: add r0, r0, #64768 ; 0xfd00
0x3a50c8: add r0, r0, #16 ; 0x10
0x3a50cc: str r0, [r5]
0x3a50d0: add r5, r5, #4 ; 0x4
0x3a50d4: ldr r4, [pc, #0]