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They are testing

EDIT by Artemis (July 2019):

As we know, in the past BMW released the M235i Racing (see here and here) and last year the M240i Racing (340hp & 460Nm - see here, here and here). Track-only BMW 2-Series racecars.

Looks like - apart from 450hp M2 CS test sessions (street legal car) - BMW is also testing a 470hp "M2 Racing" track-only prototype (Portimão Circuit - Portugal).

Excerpt from a BMW press release of June 24, 2019 (see here):

"BMW sets course for a successful Customer Racing future – New entry-level model based on the BMW M2 for grassroots and club racing.
Munich. Next year is set to be a good year for private BMW drivers and teams who battle for race wins and titles around the world. BMW is offering customers with a passion for grassroots motorsport and club racing a global service and technical support. Furthermore, the model range is being successively renewed. Leading the way in 2020 is a new entry-level race car, based on the BMW M2 Competition (combined fuel consumption in l/100 km: 10.0–9.8; combined CO2 emissions in g/km: 227–224), which is equally suited to racing at club and professional levels.
The successor to the BMW M240i Racing, is currently being developed and tested. The focus is on easy handling – with the highest technical quality and maximum safety. The first cars are to be delivered at the start of the second quarter of 2020. A maiden test under race conditions is planned for round five of the VLN Endurance Championship at the Nürburgring (GER) on 3rd August 2019.
The BMW M2 Competition is setting fresh benchmarks in the compact high-performance sports car segment. It’s powered by a six-cylinder in-line engine with M TwinPower Turbo Technology, based on the power unit from the BMW M3/M4, with three-litre cubic capacity, delivering 410 bhp with a peak torque of 550 Nm. Creating a race version of this model was a logical step.
Furthermore, the Customer Racing service concept is to be expanded by building and developing competence centres in the USA and Asia. To achieve this, experienced partners will be commissioned to support teams at a local level with a high degree of motorsport expertise.
On the distribution and service side, dealers with a focus on motorsport will be established around the world. They will offer optimal customer care, in line with BMW’s high standards, thanks to special training. This new area offers the ideal entry opportunity for BMW drivers who have, for example, fallen in love with motor racing whilst on BMW Driving Experience training courses."

Repost (March 2019):

Originally Posted by Artemis

Already in July 2018 ynguldyn reported in the model pipeline preview thread about signs of an "M2 Racing".
And on Feb 25, 2019 forum fellow Ibiza reported about a 470hp track-only M2 in the works (information reported to be obtained from the BMW Group testing centre in Arjeplog, located in northern Sweden some 55 km from the Arctic Circle):

Originally Posted by Ibiza

BMWBlog reached out to their source to confirm what I reported. The M2 Track Cup would be built similar to the M4 GT4, meaning that BMW Motorsports outsources to Holzer Motorsport a stripper from the production line.