Preheat oven to 350°F (175°C). Grease two 9-inch round cake pans and line the bottoms with parchment paper. Grease and flour the pans, tapping out excess flour.

In a small bowl, whisk together the egg whites and ¼ cup of the buttermilk until slightly combined. Set aside.

In a mixing bowl, beat the softened butter, granulated sugar, vanilla extract, and almond extract for 2 minutes on medium speed, scraping down the sides of the bowl as needed.

In a separate bowl, sift together the cake flour, baking powder, and kosher salt. Add this dry mixture to the butter mixture and mix until combined.

Add the egg white mixture to the batter and beat until fully blended. Then, add the remaining ½ cup of buttermilk and beat for 3-4 minutes, scraping down the sides of the bowl as needed. Fold in the shredded coconut.

Divide the batter evenly between the prepared cake pans. Bake for 26-28 minutes, or until a toothpick inserted into the center comes out clean. Remove from the oven and let the cakes cool completely on a wire rack.

For the frosting, beat the softened butter and cream cheese together for 3 minutes using the whisk attachment of an electric mixer. Add the powdered sugar and heavy cream, and beat for an additional 4-5 minutes, scraping down the sides of the bowl as needed.

To assemble the cake, place one layer on a cake stand. Spread a generous amount of frosting on top and smooth with an offset spatula. Place the second cake layer on top and apply frosting to the entire cake.

To add the shredded coconut to the top and sides of the cake, place the cake stand on a baking sheet to catch excess coconut. Fill your hand with coconut and gently press it into the sides of the cake. Repeat until the desired amount of coconut is applied. Enjoy!