01 - Preheat oven to 350°F. Grease and line a 9x13-inch baking pan with parchment paper.
02 - Combine cake mix, eggs, oil, and water in a large bowl. Beat until smooth, about 2 minutes. Pour batter into prepared pan.
03 - Bake according to package directions, typically 25-30 minutes, until a toothpick inserted in the center comes out clean. Cool completely on a wire rack.
04 - Break the cooled cake into small pieces. Transfer to a large bowl and crumble into fine crumbs using your hands or a fork.
05 - Beat softened cream cheese and powdered sugar (if using) in a separate bowl until smooth and creamy.
06 - Add cream cheese mixture to cake crumbs. Mix thoroughly with a spoon or hands until well combined and holds together like dough.
07 - Scoop tablespoon-sized portions and roll into smooth balls. Place on a parchment-lined baking sheet.
08 - Freeze the shaped balls for 20-30 minutes until firm and easy to handle.
09 - Place white chocolate chips and coconut oil in a microwave-safe bowl. Microwave in 20-second intervals, stirring between each, until completely smooth.
10 - Using a fork, dip each chilled ball into melted chocolate, allowing excess to drip off. Return to clean parchment-lined sheet.
11 - Immediately top with sprinkles while chocolate coating is still wet.
12 - Refrigerate for at least 30 minutes until coating is firm. Store in an airtight container in the refrigerator.