Measure the powdered sugar into a medium bowl and set aside.
In a microwave safe bowl or measuring cup, combine the peanut butter, chocolate chips, and coconut oil.
Microwave for 1 minute, stirring after 30 seconds. Stir until the mixture is completely smooth. If it’s not smooth after 1 minute, continue microwaving in 10 second intervals stirring in-between each one.
Pour chocolate mixture oven the Chex and carefully mix. I like to use a spatula and fold the cereal from the bottom until all the cereal is covered. Be patient and try not to crush the cereal.
Add the powdered sugar and gently stir again. Continue mixing until all the cereal is covered.
Store in an airtight container at room temperate or in the freezer.