Line a rimmed baking sheet with parchment paper; set aside. Melt the chocolate chips, peanut butter, and butter in a large microwave-safe bowl in the microwave on high, stirring every 30 seconds, until melted and smooth, about 1½ minutes. Add the cereals to the bowl and fold in until completely coated.
Spread the mixture on the lined baking sheet. Sprinkle with the peanuts and let cool completely. Break apart.
Dust with the sugar and toss until coated. Refrigerate until set.
Store in an airtight container for up to 5 days.
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