Set instant pot to sauté mode. Preheat to "high" and add in coconut oil.
Place 2-3 kernels in the pot while the coconut oil is melting.
Once one of the kernels pops, toss in the 1/3 cup of kernels and place a glass lid over the top.
Once about 2/3 of the popcorn is popped, turn off the instant pot. If you get a burn notice, it will be ok. The instant pot will shut itself off, but the kernels will continue to pop using the residual heat without burning.
Shake gently to ensure all kernels are popped. Pour into a bowl, top with your favorite toppings (melted butter, seasoned salt, Mrs. Dash), and enjoy!