Preheat the oven to 350ºF. Grease and flour a 12-cup bundt pan.

Combine the butter and sugar in the bowl of a stand mixer and beat until light and fluffy, 3-5 minutes.

In a medium bowl, whisk together the flour, cornstarch, baking powder and salt.

With the mixer on low, add in the vanilla and the eggs, one at a time. Scrape down the sides of the bowl, and with the mixer still on low, add in the coconut milk and flour mixture.

Scrape the bowl again and mix until smooth. Stir in the shredded coconut. Pour the batter into the prepared bundt pan.

Bake the cake until a tester inserted in the middle comes out clean, 55-65 minutes. Cool the cake for 30 minutes, then turn out onto a cooling rack and cool until room temperature.

To make the glaze, whisk the coconut milk and powdered sugar until smooth. Drizzle the glaze over the cooled cake and immediately garnish with toasted coconut.