Rinse the white basmati rice very well and add to the instant pot.
Add water, coconut milk and salt, mix well to combine.
Also add the butter, close the instant pot with lid in sealing position and cook in high pressure cooker for 5 minutes.
Once the cooking is done, press "keep warm/cancel' button and wait for a natural pressure release for about 10 minutes.
After 10 minutes of natural pressure release, carefully do a gradual manual pressure to release the remaining pressure.
Once the pressure is all released, carefully open the lid, fluff the coconut rice with a fork.
Serve the delicious coconut rice hot with any curry or side dishes as you like! You may serve coconut rice with thai dishes like thai green curry, red curry etc or with veggies. You may also serve coconut rice with Indian curry like chana masala, rajma masala, cauliflower curry, potato curry etc.