Preheat oven to 350 degrees F. Line two 8-inch, light colored round cake pans with nonstick cooking spray and parchment paper. Set aside.
Make cake mix according to package directions. Stir in shredded coconut and coconut extract. Divide evenly between two cake pans and bake 15-20 minutes or until very lightly golden brown around the edges and a toothpick comes out clean or with a few moist crumbs after being inserted.
Set cakes aside to cool completely on cooling racks. After 15 minutes when pans are cool enough to handle, flip out of the cake pans to finish cooling.
Make the Coconut Buttercream
In a large bowl, beat butter and coconut oil together until well combined using the paddle attachment. Add in powdered sugar, salt, vanilla and coconut extract. With the mixer on low speed, slowly stream in milk bit by bit until a thick and creamy buttercream forms. Scrape the sides and bottom of bowl and beat again. Buttercream should hold its shape, but easily spread with a butter knife.
Assemble the Bunnies
Cut any domed tops off the the baked cakes. Remove the parchment paper if stuck to the bottom. Cut each cake in half width-wise and spread one half with buttercream. Stack the other cake on top to create a sandwiched look. Stand it up cut side down onto a plate or serving platter.
Cut a medium sized scoop shape out of one side of the sandwiched cakes to form the back and neck of the bunny. Use this piece of cake (or a part of this cake) to form the tail of the bunny.
Spread the entire cake with coconut buttercream, then cover with more shredded coconut.
Finish the cake with some cardboard ears and a pink jelly bean nose.