In a large bowl, mix the butter with powdered sugar and vanilla extract until combined. Fold in the chocolate chips.
Roll the mixture into balls, and place onto a large plate. Freeze for at least 20 minutes. Place the chocolate chips into a microwave-safe bowl. Heat in the microwave in 30-second intervals, stirring well until it is fully melted and smooth.
Fully coat each truffle into the melted chocolate. Set onto a large plate, and let sit until the chocolate has completely set.