In a medium saucepan, heat maple syrup and butter until it just comes to a boil. Boil syrup 1 minute. Remove from heat and add powdered sugar and stir to dissolve; set aside to cool slightly. If necessary, add milk, 1 teaspoon at a time, until it reaches spreading consistency.
Place chopped peanuts and crumbled bacon in a shallow plate. Working one at a time, spread doughnut holes with glaze, then sprinkle with peanut and bacon mixture.