Put the instant espresso powder in a small bowl with 1/2 cup of hot water. Stir and let the espresso dissolve completely, then allow to cool completely. Pour into an ice cube tray and freeze until completely set, at least 2 hours and up to overnight.
Put the coconut ice cream and sweetened condensed milk in the blender, then add the espresso ice cubes. Blend until the mixture is completely combined and smooth, about 2 minutes. (Stop the blender as needed and use a spoon to help evenly disperse the ingredients as they blend.) Pour into a tall glass and top with whipped cream and toasted shredded coconut if using.
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