In a microwave safe bowl, add the white chocolate chips and butter. Melt in 30 second intervals until completely melted, making sure not to overcook (alternatively you can use a double broiler).
Place the cereal into a large bowl. Pour the white chocolate mixture over the cereal.
Mix completely so that all cereal pieces are covered.
Fold in the sprinkles (don’t mix too much as the sprinkles could melt).
In a large plastic bag, add the cake mix and powdered sugar. Pour in the cereal mixture.
Zip the bag tightly and shake until every piece is covered.
Pour into a container, top with extra sprinkles, and enjoy!!