Preheat the oven to 350 degrees Fahrenheit and grease the bottom and sides of two 9-inch round cake pans with non-stick cooking spray.
In a large bowl combine 1 (13.25-ounce) strawberry cake mix, ½ cup softened unsalted butter, ¾ cup canned coconut milk, ½ cup water, and 3 large eggs until incorporated. Mix on high for 2 minutes using an electric hand mixer then pour the batter into the prepared pans.
Bake for 30-35 minutes or until toothpick inserted in the center comes out clean. Cool completely.
In a large bowl, combine 1 (8-ounce) package cream cheese, and ½ cup unsalted butter. Mix with an electric hand mixer until smooth and creamy. Add 4 cups powdered sugar and mix. Add 1 teaspoon coconut extract and 2-3 tablespoons heavy cream. Mix until combined.