Preheat the oven to 350°F, and grease a donut pan.
Start by melting the coconut oil, and while it returns to room temp you can mix together the rest of the ingredients.
In a large bowl, mix together the flour, baking powder, salt, and granulated sugar. Then add in the coconut milk, coconut oil, soda water, and vanilla extract and mix with a spoon or spatula until combined. If you are looking to substitute any ingredients, see either Ingredients Needed or How To Make Them sections above.
Spoon or pipe the batter evenly into each donut tin, and bake for 15 minutes. Let them sit in the pan for 5-10 minutes before removing.
If you choose to make a glaze, simply mix the powdered sugar, coconut milk, and salt in a small bowl. This amount of coconut milk will give you a very thick glaze, as you see in the photos. If you want to fully coat the donuts or use a lighter glaze, add more milk to your desired consistency.
Lastly, if you want to add unsweetened shredded coconut flakes on top of your glaze, my personal recommendation is do mostly untoasted but mix in a bit of toasted flakes as well. Put in the oven on a parchment paper lined pan for just a few minutes – they brown quickly! – then sprinkle over the top.
Eat and enjoy!