Melt chocolate chips, peanut butter, and butter together in the microwave for around 45 seconds or until warm and liquid.
Combine cereal and white chocolate mixture in a large mixing bowl, and turn gently until evenly coated.
Put half of your snack mix in a large zip top bag with powdered sugar, seal, and shake. Set aside. With the remaining half, mix in M&M’s and sprinkles. Pour both halves together onto a large baking sheet or in a large bowl, toss slightly to blend, and serve as desired.