Melt butter, chocolate chips, and peanut butter together in a saucepan over medium-low heat, stirring until smooth, 5 to 10 minutes.
Mix peanuts, cereal, and raisins together in a large bowl. Pour chocolate mixture over peanut-cereal mixture; toss to coat.
Place 2 cups confectioners' sugar in a large covered container; add coated cereal mixture and remaining 2 cups confectioners' sugar. Cover the container and shake until cereal mixture is well coated with confectioners' sugar.
Tips & Tricks
Creamy Peanut Butter Fudge
This smooth fudge combines the flavors of peanut and marshmallow. Delicious!
Peanut Butter Kiss Cookies
See how to make an incredibly easy peanut butter and chocolate cookie.