Add the cold brew concentrate, orange juice, syrup, bitters, heavy cream, malted milk powder, and egg white into a cocktail shaker.
Dry shake vigorously for 30-45 seconds or use a handheld milk frother to aerate the mixture until it has doubled in size and the egg white is emulsified.
Add one ounce of the club soda to the bottom of a chilled straight-walled glass.
Pour the contents of the shaker into the club soda and let it sit for one minute so the foam solidifies.
Insert a bar spoon or straw into the center of the foam and pour the remaining club soda down it slowly, causing the foam to raise above the lip of the glass.
Garnish with an orange peel and use a Microplane to grate chocolate shavings over the top of the foam.