Preheat oven to 350°F and prepare a 9x13-inch baking dish with non-stick baking spray.
In a medium saucepan, simmer both cans of Coca-Cola over medium heat until it reduced to about 1 cup. Measure out ½ cup and set aside for the frosting.
Add the butter and cocoa powder to the other ½ cup of reduced cola in the pan over medium heat and whisk until the butter is melted and the cocoa is completely dissolved. Remove from heat and cool for 5 minutes.
In a large bowl, whisk together the flour, sugar, baking soda, and salt until fully incorporated.
Once cooled, add the Coca-Cola mixture to the flour mixture. Add the eggs, buttermilk and vanilla and use an electric mixer on medium speed to blend until well combined. The batter will be thin.
Pour the cake batter into the prepared pan. Bake for 28-30 minutes or until a toothpick or knife inserted in the center comes out clean.
While the cake is baking, prepare the frosting. Return the reserved ½ cup of reduced cola to the saucepan along with the butter, cocoa powder, and vanilla. Set it over medium heat and whisk until the butter is fully melted and mixture is smooth. Remove from heat.
Add the powdered sugar ½ cup at a time, whisking together until dissolved. Repeat until all four cups are incorporated.
Pour the frosting over the baked cake while both are still warm. Allow the cake to cool and the icing to set up before slicing and serving serving.
Optional: Serve with ice cream, whipped cream, chocolate syrup or cherries.