Step 1

Preheat the oven to 325F and grease 10 wells of a 12 well donut pan. If you have a smaller pan, you may need to work in batches.

Step 2

In a large bowl, whisk together the almond flour, sweetener, cocoa powder, protein powder, baking powder, and salt. Add the eggs, butter, water, and vanilla extract and stir until well combined. If your batter is overly thick, add a little more water, a few teaspoons at a time. It should be scoopable but not pourable.

Step 3

Spoon the batter into the prepared baking pan, filling the wells about three quarters full. Bake 18 to 23 minutes, or until set and firm to the touch.

Step 4

Remove and let cool completely in the pan before flipping out onto a wire rack.

Step 5

In a microwave safe bowl, melt the peanut butter and butter on high in 30 second increments, stirring until smooth. Alternatively, you can melt them carefully in a small saucepan over very low heat.

Step 6

Whisk in the sweetener, whipping cream, and vanilla. If the glaze is very thick, whisk in the water a few teaspoons at a time until a dippable consistency is achieved.

Step 7

Working quickly, dip the tops of the cooled donuts into the glaze and place on a baking rack to set. If the glaze thickens up too quickly, you also spread it onto the donuts.

Step 8

Sprinkle with the chopped peanuts and let set, about 20 minutes.