Bring 2 cups of water to a boil in a medium pot. Add the tapioca pearls and cook over medium heat, stirring occasionally, for 10–12 minutes until the pearls become mostly translucent.

Turn off the heat, cover the pot, and let sit for 5 minutes to fully soften. Drain and rinse the pearls under cold water to remove excess starch.

In a blender, combine strawberries and sugar, blending until smooth.

In a large bowl, mix the strawberry puree with coconut milk and condensed milk (if using).

Stir in the cooked tapioca pearls until evenly combined.

Chill in the refrigerator for at least 30 minutes or serve immediately over ice.