Heat oven to 425 degrees F. Coat 6-cavity donut pan with no-stick cooking spray. Combine cake mix, milk, eggs and butter in large bowl. Beat with electric mixer on medium speed until combined. Fill cavities 2/3 full. Wipe away excess batter.
Bake 9 to 11 minutes or until toothpick inserted in center comes out clean. Cool 3 minutes in pan. Remove to wire rack to cool completely. Repeat to bake remaining donuts.
Microwave hazelnut spread in small microwave-safe bowl on HIGH 20 seconds; stir. Dip top of donut into frosting to coat halfway. Sprinkle with nuts. Reheat hazelnut spread as needed.