Prepare the Cake: Preheat oven to 350°F. Grease 9x13-inch pan with cooking spray. Set aside.
Turn your attention back to the stove. Add cocoa powder to melted butter. Whisk to combine. Bring mixture to a boil. Add Coca-cola; swirl pan to combine and remove pan from heat. In small bowl, whisk together buttermilk, eggs, and vanilla. Mixture might be lumpy.
Add buttermilk mixture to dry ingredients. Whisk. Batter will be thick. Add cooled butter/Coca-Cola mixture. Whisk until batter is smooth. Pour batter into prepared pan.
Prepare the Frosting: In small saucepan, combine butter and cocoa powder. Heat over medium heat until butter melts and mixture beings to bubble. Add Coca-Cola. Bring to boil. Add confectioners' sugar and, if using, nuts. Stir until smooth. If cake is not done baking, reduce heat to low. Stir icing occasionally.
Remove cake from oven. Pour warm icing evenly over cake. Cool cake; cut into slices and serve.