Pour tapioca pearls into a bowl and cover with warm water. Soak for 30 minutes; stirring occasionally. Pour tapioca pearls into a strainer and rinse. Fill the bottom of each glass with 1/4 cup of the tapioca pearls.
In a separate 16 oz. container, with a tightly sealed lid, pour in cold water. Add Matcha green tea powder, sugar and coconut milk. Shake until fully mixed. Pour 6 ounces through strainer atop each glass.