Preheat your oven to 350°F (175°C) and grease two 9-inch round cake pans, then line the bottoms with parchment paper.

In a large bowl, whisk together the large egg, egg whites, cream of coconut, water, vanilla extract, and coconut extract until well blended.

In a separate bowl, combine the sifted cake flour, granulated sugar, baking powder, and salt. Add the softened unsalted butter and virgin coconut oil, mixing until crumbly.

Gradually add the wet mixture to the dry mixture and combine until just mixed, avoiding overmixing.

Divide the batter between the prepared pans and smooth the tops. Bake for 25-30 minutes, or until a toothpick inserted into the center comes out clean.

While the cakes cool, spread shredded coconut on a baking sheet and toast in the oven for 5-7 minutes, stirring occasionally, until golden brown.

Beat the softened unsalted butter for the frosting until creamy, then gradually add granulated sugar, cream of coconut, coconut extract, and vanilla extract, mixing until fluffy.

Once the cakes have cooled, place one layer on a serving plate, spread with a layer of frosting, sprinkle with toasted coconut, then add the second layer and frost the top and sides of the cake.