FOR THE CAKE:
Whisk together the egg whites and ¼ cup of the buttermilk in a small bowl until slightly combined. Set aside.
In a mixing bowl, beat butter, sugar, vanilla and almond extracts for 2 minutes on medium speed, scraping down the sides of the bowl as needed. Add in dry ingredients and mix until combined. Beat in egg white mixture until fully blended. Add in remaining milk and beat for 3-4 minutes, scraping down the sides of the bowl. Fold in coconut.
Spray two 9-inch cake pans with baking spray. Pour batter into pans and bake in a 350 degree oven for 26-28 minutes. Remove and cool completely on wire rack.
FOR THE FROSTING:
Beat butter and cream cheese for 3 minutes using whisk attachment on an electric mixer. Add in powdered sugar and heavy cream. Beat an additional 4-5 minutes, scraping down the sides of the bowl as needed.
To assemble, place one layer of cake on a cake stand. Add a large amount of frosting to top and smooth with an offset spatula. Top with second layer of cake. Apply frosting to entire cake. To add the coconut to the top and sides of cake, place cake stand on a baking sheet (to help catch excess coconut). Fill hand with coconut and press gently into sides of cake. Repeat until desired amount of coconut applied. ENJOY