In a small pan over low heat, soften the coconut butter and the coconut oil. This can also be done in a microwave in a glass bowl/jar.
Once softened, remove from heat and add the rest of the ingredients and stir until smooth. Add more coconut oil if the glaze is too thick (it should be slightly runny).
Pour the glaze onto a flat plate and then glaze the cooled donuts by dipping the donuts one at a time and turning them as you dip to get rid of any excess glaze and to fill any sparse spots.