Add yeast, coconut milk and sugar into your mixing bowl and stir until yeast and sugar are completely dissolved. Using stand mixer on low speed with a dough hook attachment slowly add 3-1/2 c of bread flour. Be sure to scrap down the sides being sure all of the ingredients are being dispersed evenly through the dough.
Touch the dough ball after it forms (approximately after 2 minutes of mixing on medium speed. Dough should be tacky, not sticky. Depending on how humid your enviorment is, you may need to add a bit more flour if your dough is sticking to your fingers after a gentle touch. Utilize some of the reserved flour for this.
Once the correct dough texture is achieved, cover the bowl of dough with a kitchen towel and allow it to rest for approximately 10-15 minutes. Once rested portion the dough according to how many doughnuts you desire to make. 1/3 of your dough will make 5 doughnuts & 5 doughnut holes.