In the top of a double-boiler (or in a microwave-safe bowl), melt the chocolate chips, peanut butter, and butter. If using the microwave, microwave in 30-second increments just until the mixture melts. Do not cook it for too long, or the chocolate may break.
Add the Crispix to the melted chocolate mixture; gently combine.
Place the powdered sugar in a large paper bag. Add the Crispix mixture to the bag. Close the bag; shake until the cereal is completely coated in the powdered sugar.
Enjoy immediately, or spread on a large rimmed baking sheet to let the mixture cool completely before storing.
Store in an airtight container at room temperature for up to 1 week.
Notes
Use a processed peanut butter, such as Jif or Skippy brands, instead of an all-natural peanut butter.
Melt the chocolate mixture slowly, in increments, stirring between each. This will ensure that the chocolate doesn't seize or separate from over-cooking.
The large paper bag is convenient because you can add all of the mix at once (no need to work in batches). I recommend shaking the bag outside or over the sink, however, since puffs of the powdered sugar may sneak out!
Spread the sugar-coated mixture on a baking sheet to cool completely before storing in an airtight container.
Use any variety of chocolate chips that you enjoy. We like semi-sweet chocolate chips, but milk chocolate chips or even white chocolate chips will work!
Add a dash of vanilla extract to the chocolate mixture once it's melted. This just gives the dessert a little bit more flavor.
If you don't have a large paper bag, use a gallon size Ziploc plastic bag to shake the mixture in powdered sugar. You will need to work in batches since you can't fit all of the cereal in the bag at once.
Add extra mix-ins like roasted, salted peanuts, mini pretzels, sprinkles, M&M's candies, Reese's pieces candies, or candy corn.
Christmas puppy chow recipe: add red and green sprinkles and red and green M&Ms or other holiday candy for a festive touch.