Preheat your oven to 350°F and grease three 9-inch round cake pans, then line the bottoms with parchment paper for easy removal. Sift together the cake flour, baking powder, baking soda, and salt in a medium bowl—sifting removes lumps and aerates the flour, which is crucial for a tender crumb in delicate cakes like this one. Measure out the cream of coconut, buttermilk, and vanilla, and have all your ingredients within arm's reach before you start mixing the batter.

In a large mixing bowl, beat the room-temperature butter and sugar together for 2 minutes until the mixture is light and fluffy—this incorporates air, which helps the cake rise. Add the 1 cup of cream of coconut and beat for 1 minute to combine. Separate your eggs, adding the yolks and vanilla to the butter mixture and beating until smooth. Now alternate adding the dry flour mixture from Step 1 and the buttermilk, starting and ending with the flour—this prevents overmixing and ensures even hydration. Fold in the 2 cups of shredded sweetened coconut gently with a spatula, being careful not to deflate the batter.

In a separate, very clean bowl, beat the 4 egg whites for 3 to 4 minutes until stiff peaks form—this creates structure and lift in the cake. Gently fold the whipped egg whites into the batter from Step 2 in two additions, using a spatula and being very careful to maintain the airiness; this technique is what gives coconut cake its tender, almost cloud-like texture. Divide the batter evenly among the three prepared pans.

Place the three pans in the preheated 350°F oven and bake for 15 to 20 minutes, until a toothpick inserted in the center comes out clean and the tops are golden brown. The cakes should spring back lightly when touched. Remove from the oven and let the cakes cool in their pans for 10 minutes—this helps them set and prevents them from falling apart. Turn the cakes out onto wire cooling racks and let them cool completely, about 1 hour, before frosting.

While the cakes cool, prepare the frosting by whipping the room-temperature cream cheese, 1/4 cup cream of coconut, and 2 tablespoons butter together for 2 minutes until smooth and combined. I prefer Philadelphia brand cream cheese because it's less likely to curdle and gives you a more stable frosting. Gradually add the sifted powdered sugar and beat for 3 minutes until the frosting is light and fluffy, then gently fold in the toasted, chopped macadamia nuts. Set the frosting aside while you prepare the chocolate glaze.

In a small saucepan, combine the heavy cream and corn syrup, then bring to a gentle simmer over medium heat—do not boil, as this can cause the glaze to become too thick or break. Remove from heat and immediately add the bittersweet chocolate chips and 1/4 teaspoon salt, then let sit for 1 minute without stirring to allow the residual heat to soften the chocolate. Stir gently until the mixture is smooth and glossy—this creates a silky, pourable glaze perfect for coating the cake.

Place the first cake layer on a serving plate or cake stand and spread a layer of the coconut cream cheese frosting from Step 5 on top. Stack the second cake layer and repeat with frosting, then top with the final cake layer. Pour about 1 cup of the warm chocolate glaze from Step 6 over the top and sides of the cake, allowing it to drip naturally. Freeze the cake for 5 minutes to set the first layer of glaze, then pour the remaining glaze over the top and sides for complete coverage. Sprinkle the 1/4 cup shredded coconut over the top while the glaze is still slightly warm so it adheres. Chill the finished cake for 30 to 60 minutes before serving to allow the frosting and glaze to set completely.