In a large bowl, mix together butter, peanut butter and powdered sugar until a thick dough forms. Fold in the chocolate chips and sprinkles.
Roll the dough into balls and set onto a plate. Place the chocolate chips into a microwave-safe bowl, and heat in the microwave in 30-second intervals, stirring well until it is fully melted and smooth.
Coat each peanut butter ball in the chocolate and set onto a plate. Let sit until it is completely set.