Preheat the oven to 350°F and grease a 9-inch springform pan with nonstick cooking spray.
In a stand mixer, beat together softened butter, both sugars, vanilla extract, and almond extract on medium-high speed for 3 minutes.
On low speed, add eggs one at a time, followed by buttermilk. Mix in flour, baking soda, baking powder, and salt.
Once combined, gently fold in rainbow jimmies using a spatula.
Pour the batter into the prepared pan, sprinkle on the streusel, and bake for 35-45 minutes or until fully baked. If the streusel browns too quickly, cover it with aluminum foil.
After baking, let the cake cool completely.