Pre-heat oven to 350 degrees. Spray a 6 donut pan with non-stick cooking spray and set aside.
Mix dry donut ingredients, then add wet ingredients and mix until just combined.
Spoon donut batter into prepared donut pan, leveling out the batter with the back of the spoon. (Alternatively, you could pipe the batter into the pan for a smoother, more even texture.)
Bake at 350 degrees for 18-20 minutes or until a toothpick inserted into the thickest part of a donut comes out clean. Transfer donuts to a cooling rack.
While donuts cool, melt chocolate chips and coconut oil in the microwave in 30 second increments, stirring after every 30 seconds until the chocolate is completely melted.
Dip donuts in melted chocolate and top with sprinkles if desired. Allow chocolate to harden before serving. Store in non-airtight container in the refrigerator for 5-7 days or on the counter for 3-4 days.