Mix together the first five ingredients in a large bowl.
Add white chocolate and butter to a microwave safe bowl and heat on high for 45 seconds.
Stir and if not smooth and melted heat for an additional 15 seconds. Do not let it clump up.
Pour chocolate on to the Chex Mix. It will be thick. Stir to coat.
Scoop all the cereal in a couple gallon size ziptop bags.
Top with sprinkles.
Pour 1/2 cup powdered sugar in each bag, seal, and shake, shake, shake to coat the mix.
Optional: after mixing you can pour onto a lined sheet pan to make sure if it all fully coated and cooled. Add more sprinkles if needed.
Serve in bowls or snack bags and enjoy!