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Preheat the oven to 325ºF and grease a 10x15 inch rimmed sheet pan well. You can use 11x17 but your cake will be thinner and will bake through much faster.
In a large bowl, beat together the peanut butter and butter until well combined. Beat in the sweetener, and then beat in eggs and vanilla extract.
All at once, add the almond flour, coconut flour, protein powder, baking powder and salt. Beat until combined.
Beat in water a little at a time until the batter is a spreadable consistency.
Spread the batter in the prepared pan and smooth the top. Bake for 18 to 22 minutes, until edges are golden brown and cake is set. Remove and let cool in pan.
In a large bowl, beat the cream cheese, butter and peanut butter until well combined. Beat in the sweetener, cream and vanilla extract until mixture is smooth.
Spread the frosting evenly over cooled cake. Sprinkle with chopped peanuts.