Step 1

Preheat the oven to 325 degrees F.

Step 2

Coat a 12-cup fluted tube pan with nonstick baking spray.

Step 3

Using the extra granulated sugar, dust the greased tube pan.

Step 4

In a medium bowl, add the flour, the baking powder, and 1 teaspoon of the salt and whisk to combine.

Step 5

In a small mixing bowl, add the coconut milk, the buttermilk, and 1 tablespoon of the coconut extract and stir to combine. Set the coconut mixture aside.

Step 6

In the bowl of a stand mixer fitted with the paddle attachment, add 2 sticks of the room temperature butter and 1 3/4 cups of the remaining granulated sugar and beat on medium speed until it is combined, light in color, and fluffy, about 2-3 minutes.

Step 7

Add the melted white chocolate to the butter mixture and stir to combine, while scraping down the sides and the bottom of the bowl.

Step 8

Add the eggs and the egg whites to the butter mixture and stir to combine, while scraping down the sides and the bottom of the bowl.

Step 9

Beat the butter mixture on medium-high speed until it is smooth in texture and slightly larger in volume.

Step 10

Reduce the mixing speed to low.

Step 11

Add 1/3 of the flour mixture to the butter mixture and beat until just combined.

Step 12

Add 1/2 of the coconut mixture to the butter mixture and beat until just combined.

Step 13

Add 1/2 of the remaining flour mixture and the remaining coconut mixture to the butter mixture.

Step 14

Add the remaining flour mixture to the butter mixture and stir until just combined into a batter. Do not overmix.

Step 15

In the prepared fluted tube pan, add the batter and spread it out evenly.

Step 16

Sprinkle batter with the toasted shredded coconut and then the toffee bits. It is essentially to sprinkle the coconut and the toffee bits in this order in order to prevent the coconut from browning too much.

Step 17

Bake until a toothpick inserted into the center of the cake comes out with only a few moist crumbs attached, about 50-55 minutes.

Step 18

Transfer the cake to a cooling rack to cool completely, about 1 hour.

Step 19

Invert the cake onto a cake stand or serving plate.

Step 20

In the clean bowl of a stand mixer fitted with a clean paddle attachment, add the remaining slightly cold butter and the cream cheese and beat until it is combined, lighter in color, and fluffier in texture, about 2 minutes.

Step 21

Reduce the mixing speed to low.

Step 22

Gradually add the sifted powdered sugar to the cream cheese mixture, 1 cup at a time, and mix a little after each addition, until it is all incorporated.

Step 23

Add the remaining coconut extract and the extra salt to the butter mixture and stir until it is combined and a frosting begins to form.

Step 24

Increase the mixing speed to medium-high and beat until the frosting is lighter in color and texture, about 3-5 minutes.

Step 25

Spread or pipe the frosting on top of the cake.

Step 26

Cover the frosting with the sweetened shredded coconut.

Step 27

Serve.