In a 1-gallon resealable plastic bag, mix together confectioners’ sugar and cocoa powder. Set aside.
In a medium-sized bowl, measure 3 cups of Chex mix. Set aside.
In a small bowl, microwave chocolate chips, peanut butter, and coconut oil for 30 seconds or until melted. Stir together until smooth. Pour mixture over prepared Chex cereal and stir until evenly coated.
Pour coated cereal into the bag with confectioners’ sugar and cocoa powder. Seal bag and shake until well coated. Spread out on baking sheet to cool, about 20 minutes.
In a large bowl, mix together coated Chex cereal, the other 3 cups of Chex cereal, and peanut butter cups. Store in airtight container.
