In a large bowl, whisk together the coconut flour, sweetener, whey protein powder, baking powder and salt, breaking up any clumps with the back of a fork.
Stir in the eggs, coconut oil, almond milk and vanilla extract until well combined and batter is smooth.
Fill the wells of the donut pan 2/3 full and bake 12 to 15 minutes, or until set and edges are just golden brown. Remove from oven and let cool 5 minutes in pan, then flip out onto a wire rack to cool completely. Depending on the size of your pan, you will get 12 to 15 donuts and will need to work in batches.
In a medium skill over medium heat, spread shredded coconut and toast, stirring frequently, until golden brown. Remove from heat and let cool.
Meanwhile, in a large saucepan over medium heat, combine butter, Swerve Brown, and BochaSweet. Stir until butter is melted and sweetener is dissolved. Bring to a boil and cook 3 to 5 minutes, watching carefully so it doesn't burn.
Remove from heat and add cream. Mixture will bubble vigorously. Sprinkle with xanthan gum and whisk well to combine. Add salt and stir.
Add toasted coconut and stir well to combine. Let mixture come to room temperature so it is spreadable and not too goopy. Spread the top of each donut with coconut caramel mixture and let set.
In a heatproof bowl set over a pan of barely simmering water, melted coconut oil and chocolate together until smooth. Drizzle over cooled donuts.