Preheat the oven to 325 degrees F. Grease a bundt pan with butter and coat with flour (or use nonstick baking spray).
Open the canned coconut milk, then use a fork or small whisk to stir it until the thick cream and liquid are fully combined and smooth. Measure out 1 1/4 cups of the coconut milk and pour into a small bowl and add in coconut emulsion and vanilla extract. Save the remaining milk for the glaze. Set aside. 1 1/4 cups Canned Coconut Milk1 tbsp Coconut Emulsion1 1/2 tsp Vanilla Extract
In a large bowl, whisk together cake flour, baking powder, nutmeg, and kosher salt. Set aside. 2 3/4 cups Cake Flour1 tsp Baking Powder1/8 tsp Nutmeg1/2 tsp Kosher Salt
Add room temperature salted butter, vegetable oil, and sugar to the bowl of a stand mixer fitted with the paddle attachment. Mix on medium speed for 5-6 minutes, until light and fluffy, scraping down the sides of the bowl with a rubber spatula half way through. 1 cup Salted Butter2 tbsp Vegetable Oil 2 1/4 cups Sugar
Reduce mixer speed to low and begin adding eggs and egg yolk, one at a time, ensuring each egg is fully incorporated prior to adding the next. Scrape down the sides of the bowl as needed, ensuring the batter is smooth. 4 large Eggs1 Egg Yolk
Add half of the dry ingredients and mix until just combined, about 15 seconds. Then pour in the coconut milk mixture and mix until combined, about 10-15 seconds. Then add the remaining dry ingredients and mix until smooth, about another 10-20 seconds. Scrape the bottom and sides of the bowl one last time, then remove the bowl from the stand mixer and add the shredded coconut and fold into the batter. 1 cup Sweetened Shredded Coconut
Pour the cake batter into the prepared pan and bake for 1 hour and 20-25 minutes, until a wooden skewer inserted into the center of the cake comes out with just a few moist crumbs. Allow the cake to cool in the pan for 10 minutes, then turn over onto a wire rack to cool completely.
Once the cake is cooled, make the coconut crunch glaze. Add room temperature cream cheese to a bowl and use a hand mixer to mix together until smooth, about 30 seconds. Then add the room temperature butter and continue to mix for about 1 minute. Add powdered sugar and 3 tbsp of the remaining canned coconut milk. If you want a looser texture, add the additional tbsp. Once combined, add chopped almonds and coconut shreds. 8 oz Cream Cheese1/2 cups Salted Butter3 cup Powdered Sugar3-4 tbsp Canned Coconut Milk1/2 cup Almonds1/2 cup Sweetened Shredded Coconut
Add half of the glaze on top of the cake. Let it set for about 5 minutes, then add the remainder of the glaze. Top with more coconut shreds for garnish.