Turn on a multi-functional pressure cooker (such as Instant Pot) and select Sauté function. When the display indicates the pot is hot, add coconut oil and let it melt.

Add popcorn and stir with a rubber spatula until kernels are coated. Wait 30 seconds and stir again; kernels should be making a sizzling sound at this point.

Cover pot with the glass lid and cook for 5 minutes.

Cancel Sauté mode and let sit until kernels have completely stopped popping, about 1 minute.