Preheat your oven to 350°F (175°C). Grease and flour a 9x13 inch baking pan. Set aside.

In a medium bowl, whisk together the sifted flour, baking soda, and salt. Set the dry mixture aside.

Using a stand mixer fitted with the paddle attachment, cream the softened butter and granulated sugar together on medium speed until the mixture is light and fluffy (about 3 to 5 minutes).

Add the eggs one at a time, mixing well after each addition. Scrape down the sides of the bowl as needed. Beat in the vanilla extract.

Reduce the mixer speed to low. Gradually alternate adding the dry flour mixture and the buttermilk to the wet ingredients, beginning and ending with the flour mixture (mix in three stages of flour and two of buttermilk). Mix only until just combined; do not overmix.

Gently fold the 1 cup of sweetened shredded coconut into the cake batter using a spatula. Pour the batter evenly into the prepared 9x13 inch pan.

Bake for 30 to 35 minutes, or until a wooden skewer inserted into the center comes out clean.

Immediately upon removing the hot cake from the oven, use a wooden skewer or fork to poke holes all over the surface of the cake. Ensure the holes penetrate about halfway through the cake depth.

Pour the entire can of Cream of Coconut evenly over the warm, pierced cake. Allow the cake to sit at room temperature for at least 1 hour to absorb the soak completely.

Allow the cake to cool completely before proceeding to the frosting stage (approximately 2 hours).

Make the Frosting Base: In the clean bowl of a stand mixer, beat the softened cream cheese and softened butter together on medium speed until smooth and fully combined, scraping the sides often.

Gradually add the sifted powdered sugar, one cup at a time, mixing on low speed until fully incorporated.

Finish Frosting: Pour in the vanilla extract and 2 tablespoons of coconut milk. Increase the speed to medium-high and beat for 2 minutes until the frosting is light and fluffy. Adjust consistency with a splash more coconut milk if too thick, or a tablespoon more powdered sugar if too thin.

Frost the Cake: Once the cake is fully cooled and the soak is absorbed, spread the cream cheese frosting evenly over the surface.

Garnish and Chill: Sprinkle the lightly toasted sweetened shredded coconut evenly over the frosting. Cover the cake and refrigerate for at least 3 hours before serving to allow the soak and frosting to fully set. Store leftovers in the refrigerator.