In a medium size, microwave safe bowl, add white chocolate morsels, coconut oil, peanut butter and butter. Microwave on high for 1 minute. Stir and then microwave for 30 seconds longer. Stir until smooth.
Pour the white chocolate mixture into a large bowl and add the cereal. Stir until well coated.
Add the powdered sugar and continue to stir until sugar is well coated. Stir in spring colored M&Ms.